Payment Exchange is pleased to announce the closing of a deal with Bank One: both parties have jointly signed an Agreement which officially designates Payment Exchange as the bank’s Processor. Bank One is slowly but surely marking the banking space in Mauritius. Acknowledging that today banks have to provide significant value add in order to maintain a competitive edge, the bank plans to issue credit cards to its customers in the third quarter of 2009. To achieve this, Bank One has made the smart move of outsourcing its card operations to Payment Exchange. Bank One was represented by Raj Dussoye, Chief Executive Officer and Dhinoo Veerasawmy, Chief Operating Officer, whereas on PEX side Dhaneshwar Damry, Chairman, and Sailesh Sewpaul, Chief Executive, signed the contract. Formerly known as First City Bank Ltd, the bank changed hands on the 22nd February 2008, when CIEL Investments Limited (one of the leading financial groups in Mauritius) and I&M Bank Limited (one of the leading banking institutions from Kenya) jointly acquired the First City Bank Ltd on a 50-50 shareholding basis. Bank One has a clientele base of over 37,000. The bank presently offers International Cirrus/Maestro Debit cards and has a local network of 14 ATMs, which it plans to increase. Payment Exchange has, in order to deliver a premium level of service and support for payments processing, purchased a complete, packaged solution from ACI Worldwide, a leading provider of application software for electronic payments. The service will include card issuing and management, card acquiring (including device driving and switching), card issuing, clearing and settlement. Mr. Raj Dussoye, Director and Chief Executive Officer of the Bank, has a broad based experience of over 25 years in the banking industry and has witnessed the quality, availability and reliability of ACI solutions. Mr Raj Dussoye is confident that Payment Exchange, a domestic entity where expertise is readily available, backed by state-of-the-art technology from ACI Worldwide, is the right choice.