The Philippines' top bank has recently completed the installation of a card management solution that will add China UnionPay (CUP) transactions to their list of services.
New Zealand-based GFG Group said it has successfully installed its Cadencie solution in the Philippines' Banco de Oro UniBank Inc. (BDO) for the bank to be able to include CUP transactions in its network of credit card transactions.
The Cadencie solution is running BDO's issuing and acquiring transactions for major credit cards such as MasterCard, VISA, JCB and American Express, in addition to CUP, which is China's bank card organisation.
"The addition of CUP to BDO's Cadencie platform will ensure that China UnionPay customers can pay for goods and services, receive information about their card account balance, and withdraw cash in ATMs (automated teller machines) through BDO's payment network in the Philippines," said Miguel Warren, vice president for Southeast Asia sales, GFG Group.
"This cooperation between BDO and China UnionPay will provide more convenience to businessmen and tourists travelling between the Philippines and China," said Rolando Tanchanco, executive vice president, BDO consumer banking group. "Furthermore, the addition of CUP to the bank's installation of Cadencie will create new business growth areas for BDO and provide new payment options to our Philippine cardholders."
Banco de Oro has agreed to open 10,000 POS terminals for CUP within a year.
The implementation of the Cadencie project follows BDO's recent announcement of a dual-currency CUP credit card. Last year, BDO announced a new CUP credit card, which is widely used in China.
GFG Group, which is a payment software and service company, said it has had a working relationship with BDO since 2002. It has sales, consulting and support staff operating in the Philippines, aside from Melbourne Australia; Singapore and Dubai, UAE.
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