REPENTIGNY, Que. - Telus Corp. (TSX:T) has sold its Assure card processing business, which handles credit and debit transactions between merchants and financial institutions, to CT-Payment Inc. of Repentigny, Que.
CT-Payment, a subsidiary of Central Tax Inc., said Thursday that its volume will rise above 110 million transactions annually with the addition of the Telus business unit.
The business supports transactions from all major credit cards as well as private-label and other types of payment cards, and it will support government agencies, large merchants and other companies, CT-Payment said.
Telus and CT-Payment will work together for at least five years in order to maintain a high level of service for all customers, the companies said.
"Both CT-Payment and Telus are committed to ensuring the integration is operationally seamless and transparent for our customers." said Keith Nugara, senior vice-president, Telus Financial Services.
Telus Financial is part of Telus Corp. of Vancouver, the country's second-largest telecommunications company after BCE Inc. (TSX:BCE).
Financial terms of the deal weren't disclosed.
The companies said the deal received financial contributions from three Quebec-based organizations, the Solidarity Fund QFL, the province's Investissement Quebec and National Bank of Canada (TSX:NA).
CT-Payment adds Telus business unit to its growing credit, debit processing business
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Published on
January 7, 2010
- Published on February 24, 2010
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The Canadian Press ~ The News
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