Telered and Discover® Global Network Sign Strategic Alliance, Increasing Acceptance for Cardholders
With this agreement, Sistema Clave users will be able to make purchases and payments at more than 70 million global acceptance locations1, as well as on frequently used online merchants and streaming platforms; and withdraw cash at more than 1.8 million ATMs worldwide across Discover’s network. Additionally, Discover Global Network cardholders will be able to transact at Telered merchants in
For local users, the traditional advantages of the Sistema Clave card, such as low cost and PIN security for transactions, will be maintained, and Discover Global Network will help add contactless technology for quick payments and integration with digital wallets and transportation systems like the
For merchants in
"We are pleased to formalize common interests with Discover to continue expanding electronic payment possibilities in
“This alliance provides benefits across the entire payments ecosystem and builds a more robust and secure payments experience,” said Alejandro Orestano, Vice President of International Markets at Discover. “Discover Global Network is bringing wide global acceptance, increased security and technology to Sistema Clave while gaining acceptance access to Panama’s full network of merchants for our own global cardholders.”
Referring to the technological challenges posed by the implementation of this strategic alliance, Acosta explained that Proyecto Clave 2.0 encompasses three parallel fronts before its completion, which will be developed over the course of one year. The first consists of a processing stage to make adaptations to Telered's infrastructure and interconnection with Discover Global Network. The second stage involves the issuance and migration to the new Clave Global Card, and finally, the enablement at Merchants and ATMs.
The launch of Project Clave 2.0 was attended by officials from, the Superintendency of Banks of
About Telered
TELERED, S.A, is the main processor of electronic transactions and payment methods in
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in
1 Based on data provided to Discover by merchants, acquiring institutions and other third parties as of December 31, 2023
2 Based on data provided to Discover by Network Alliances participants and other third-party sources as of 31 December 2023.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241115054640/en/
Katie Gaynor
katiegaynor@discover.com
Katerina Duarte
kduarte@telered.com.pa
Source: Discover Financial Services