CTL wins processing contract for Trade Bank of Iraq (30/04/05)

Card Tech Limited (CTL), the UK-based card management systems' provider and processor has signed a strategic agreement with the Trade Bank of Iraq, to provide card issuing and acquiring processing services for the bank's planned range of Visa card products.

Products include the Visa Classic Card

Trade Bank of Iraq's suite of products will include a Visa Classic Card targeted for travel and entertainment usage and a Visa Electron salary card. Following the launch of its card portfolio, the bank will immediately deploy 10 Automatic Teller Machines in Baghdad.

This constitutes the initial stages of the bank's long term strategy to introduce modern, mass financial delivery systems into Iraq.

Since its inception in 2003, the Trade Bank of Iraq has succeeded in modernising Iraq's trading financial systems beyond all expectations - it has issued a remarkable 1482 Letters of Credit to over 64 countries to date.

It became a principal member of Visa in 2004 and has consistently demonstrated its strong commitment towards the reconstruction of Iraq, through a continued development of its financial services and infrastructure.

Source: Card Tech Ltd