CTL brings Interest-Free Instalment Schemes to Cyprus

Card Tech Limited (CTL), a UK-based bankcard systems provider, uses its leading technology to introduce Interest-Free Instalment Payment Schemes to Cyprus. Empowered by CTL’s PRIME Instalment solution, Bank of Cyprus and Hellenic Bank have just rolled out a new instalment program to provide credit card holders with an attractive alternative payment option at Point of Sale (POS). Another participant in the scheme, Laiki Bank, is also deploying CTL Instalment technology.

(PRWEB) December 26, 2005 -- Card Tech Limited (CTL), a UK-based bankcard systems provider, uses its leading technology to introduce Interest-Free Instalment Payment Schemes to Cyprus.

Empowered by CTL’s PRIME Instalment solution, Bank of Cyprus and Hellenic Bank have just rolled out a new instalment program to provide credit card holders with an attractive alternative payment option at Point of Sale (POS). Another participant in the scheme, Laiki Bank, is also deploying CTL Instalment technology.

The scheme, which runs in conjunction with JCC's electronic terminals, enables merchants with accounts at either bank, to offer their clients the option of paying for goods through interest-free instalments. Instead of an immediate transaction for the total cost of purchase, the amount is simply split into equal monthly instalments without incurring additional interest charges that are traditionally built into loan or higher purchase payments.

Mr Eric Boutros, Head of Information Technology at Hellenic Bank in Cyprus, added “With CTL's highly parameterized technology, our clients can dictate the details of their interest-free instalment repayments; they can choose from a number of instalment schemes that suit their needs, and can even specify the date of their first instalment.”

The scheme, which is rich in benefits for both merchants and cardholders, has experienced great success in Greece over the past 2 years. Coupled with the launch of the Banks’ aggressive marketing campaigns and complementary Points Schemes, offering added incentives, the initial results from the Cyprus market are equally encouraging.

Petros Petrou, General Manager at Laiki Bank in Cyprus, said "Interest-free monthly instalments present customers with a whole new way of using their cards by extending their buying power. In cooperation with CTL, Laiki Group intends to further develop its instalment options to the Cyprus market."

“CTL’s reputation as a leading global solution provider in the card payments industry derives from 15 years of delivering cutting-edge technology to the banking sector; CTL’s PRIME Instalments product is just another example of how our innovative technology can leverage new business for our clients,” said Edith Kessler-Charalambous, General Manager Business Expansion at CTL.

About Card Tech Limited

More than 190 banks from 70 countries use CTL solutions. Our software and processing service addresses every aspect of the card management business cycle. They include card issuance, merchant acquiring, authorisation, message switching, encryption key and PIN management, e-commerce and fraud management, and are developed and supported by a dedicated team of over 300 CTL specialists.
We have an exceptional record of delivering payment association-compliant solutions on budget and on time; we back up every implementation with a 24x7 global support service.

About Laiki Group
Founded in 1901, Laiki Group is today one of the leading financial institutions in Cyprus, offering a wide range of financial services.

Laiki Group attaches strategic importance to the internationalisation of its activities giving special emphasis on the expansion into the Greek market and countries where the Greek element is strong. Today, the Group’s branch network includes 114 branches in Cyprus, 48 in Greece, 6 in the UK and 8 in Australia and representative offices in S. Africa, Canada, the USA, Moscow and Belgrade. It has also introduced Laiki eBank, the first electronic bank in Cyprus and Greece, offering full electronic banking services.
Laiki Bank was declared Bank of the Year 2004 by the prestigious banking magazine The Banker Financial Times. This award was the crowning of the many distinctions achieved by the Group in the previous months; including the international distinction for the electronic banking services (Laiki eBank) by the Institute of Financial Services and the award for the Technology and Information Service by the European Foundation for Quality Management.

About Hellenic Bank Group
Hellenic Bank Group commenced operations in 1976, and in a relatively short period of time managed to establish itself as one of the biggest banking and financial institutions in Cyprus.
The success of the Group, in the context of an intensely competitive market, is based on exemplary customer service, a wide range of products and services and implementation of the latest technology.
In March 1996, the Group acquired the onshore operations of Barclays Bank in Cyprus. The enlarged Hellenic Bank Group now employs over 1,700 employees. This expansion enabled the dissemination of a broader range of products and services across a wider branch network. Alongside the traditional banking operations, the Group also provides a wide range of financial services.

CTL Contact:
Edith Kessler-Charalambous
General Manager Business Expansion
+44 20 7761 7800
www.ctl.com