Dublin-based CR2 has won its first order for the CardWorld Acquirer processing system from Luottokunta of Finland.
Luottokunta, a co-operative institution jointly owned by merchants and banks, says it will implement CardWorld Acquirer to accept and process multi-currency cross-border and Internet payment transactions from member merchants. Luottokunta is to use the system for its back office merchant management requirements, which include merchant accounting and operational functions, such as exchange rate management, negative card management, reconciliation and MIS, in addition to clearing and settlement processing associated with international card organisations.
Panu Laine, director of IT at Luottokunta says the CR2 product was selected becaused it combined cross-border and multi-currency functionality with minimum changes to back-office systems.
"Merchants who operate international trade agreements such as airlines, hotel chains or online retailers, will gain optimum return on investment as the software eliminates the need to deal with third party foreign exchange bureaus; thereby eliminating exorbitant commission charges," he adds.