Path Solutions announces partnership agreement with Universal Payment Services

June 2, 2011 – Path Solutions, the global provider of software solutions for the Islamic banking market, today announces that it has entered into a partnership agreement with Universal Payment Services (“UPS”) Kuwait, one of the leading firms in transaction processing and electronic payments.

The move allows Path Solutions to offer a wide range of card management applications that enhances and diversifies its services offering to the Islamic banking marketplace.

Founded as a Kuwaiti-Saudi company with a capital of 50 million USD, Universal Payment Services is the first Sharia outsourcing company that offers international, superior electronic transaction processing services through high-speed robust, electronic information network.

“We are delighted to be joining forces with Path Solutions, a recognized player in the Islamic banking software segment”, commented Entisar Al Suwaidi, UPS Vice Chairman & Managing Director. “With an extensive portfolio and in-depth experience in managing and processing card payment solutions, UPS will enable Path Solutions’ current and future clients to benefit from a comprehensive line of innovative and cost effective transaction processing solutions. This strategic partnership will help us combine our focus in developing Sharia-compliant products to meet rising demand efficiently”.

Under the terms of the agreement, UPS will be complementing iMAL with transaction processing solutions for Debit and Credit Cards, industry-leading POS applications with market specific features, ATM sharing and driving services and Credit Cards management solutions.

Path Solutions’ Group Chairman & CEO, Mohammed Kateeb added: “Our goal is to strengthen our product portfolio and complement our expertise by partnering with UPS to deliver state-of-the-art, end-to-end solutions to Islamic financial institutions. We are pleased to team up with UPS and are confident that this agreement will bring great value to our customers”.

About Universal Payment Services

Universal Payment Services (“UPS”) is a Kuwaiti-Saudi partnership with a capital of 50 million USD. It is one of the leaders in transaction processing and offers international, top-notch electronic transaction processing services through high speed, robust electronic information network. UPS serves up an ever-growing variety of consumers, businesses, associations and organizations with a complete line of transaction processing solutions that include:

• Processing services for all debit, credit, charge, payroll, gift, co-branded, loyalty, purchasing cards and brands
• Industry-leading POS applications with market-specific features
• EMV/Magnetic Stripe Card Personalization
• EMV Issuing & Acquiring services
• ATM Sharing & driving Services
• Terminal management and merchant Point-of-Sale support services
• E-commerce & Payment Gateway Services
• Business-to-business payment card services
• Comprehensive connectivity options with all international Payment Card providers  
• Advanced merchant accounting
• Fraud monitoring and chargeback protection
• Mobile Payment Services
• Sponsorship of Card Payment organization membership
• Training, consultancy & Card Center reengineering process.

Find out more about UPS by visiting: www.upskwt.com