Public Sector lender Corporation Bank has informed that it has signed agreements with Prizm Payments Services Pvt. Ltd and MRL Posnet Pvt. Ltd for an end-to-end POS deployment engagement.

Under the agreement, the bank will act as a sponsor and settlement bank for the settlement of the card transaction amounts with the merchants relating to the card transactions done on the POS network deployed by the partners.

On the other side, Prizm Payments would provide the technology and transaction processing platforms whereas MRL Posnet will provide the front end activities of merchant sourcing, sign-up and merchant management.

Yesterday, Corporation Bank has proposed to issue upper Tier-II bonds for Rs 500 crore on private placement basis. The bank plans to raise the amount through issue of unsecured redeemable non-convertible subordinated upper Tier-II bonds in the nature of promissory notes with a tenor of 15 years.