Prague-based Muzo, Global Payments' recently acquired majority-owned subsidiary, has won a contract to provide card issuing and processing services to Russia's Home Credit & Finance Bank (HCFB).
Under the contract Muzo will provide HCFB with services including: card personalisation, management and distribution of MasterCard Maestro cards, as well as authorisation for ATM and point-of-sale (POS) transactions.
Andrey Lykov, chairman of the board, HCFB, says: "We anticipate this association will also support HCFB in expanding the scope of our innovative consumer credit programme throughout Russia."
In May of this year, US-based Global Payments acquired 52.6% of the outstanding shares of Czech payments processing firm Muzo from Komercni Banka for $34.7 million in cash. Muzo claims to be the largest indirect payment processor in the Czech Republic with a 50% market share.