CYPRUS: RCB Bank enters credit card clearing sector

RCB Bank announced Tuesday it has expanded its list of payment solutions offered to customers to include card clearing operations, as it takes on board some of the island’s biggest commercial businesses such as IKEA.

Head of RCB’s Card Acceptance and Digital Payments Services Department, Harry Xenophontos said the bank’s market share of the credit card clearing operations sector is growing at a monthly rate of 20%.

Talking to the Financial Mirror Xenophontos said that the bank took the strategic decision to enter the card clearing sector in Cyprus, aiming primarily at improving their status as a business partner for their clients who are looking for quality payment solutions which will facilitate their growth.

“RCB Bank is the only banking institution in Cyprus that offers integrated card acceptance services through its own platform, providing additional benefits to businesses, such as reliable transaction processing, clearing and availability of money within the day, transparency in pricing, clear explanation, as well as integrated services and benefits. Through its unique business model, the RCB Card Acceptance Service pushes the limits of the Digital Payments landscape to make it convenient, competitive and fast,” said Xenophontos.

Commenting on the latest development with IKEA Cyprus, a company spokesman said: “We appreciate our cooperation with RCB, and we are pleased to extend our partnership to include Card Acceptance and Digital Payments solutions.”

Xenophontos said the bank has been testing out its POS terminals over the past year with success, allowing key names in the market to accept transactions carried out with all types of card payments.

He said that by card payments, the bank means all kinds of electronic payments such as electronic wallets installed on mobile phones.

RCB’s latest terminal models include features such as automatic timing synchronization with cash registers, outdoor terminal solutions, secure ecommerce options, currency conversion, and more choices in consumer rewards programmes.

Our aim is not just to provide clients with clearing services, but to offer them a complete package of banking services and solutions, said Xenophontos.

Source: The Financial Mirror