Today, Telered hosted representatives from Discover Global Network to mark the beginning of their work together. Telered, through the Sistema Clave system, is integrating with the Discover Global Network.

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 Panama.

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 Panama Metro.

For merchants in Panama, the agreement represents the opening of a new universe of opportunities by allowing transactions from more than 345 million cardholders2 from Discover Network, Diners Club®, PULSE® and more than 25 strategic alliances from around the world, expanding their potential market. Additionally, the alliance with Discover will provide issuing and acquiring financial institutions with a more robust infrastructure, new security capabilities, will allow the issuance of cards with an international profile, and access to new global alliances.

"We are pleased to formalize common interests with Discover to continue expanding electronic payment possibilities in Panama," commented Alexander Acosta, Executive Vice President and General Manager of Telered. "This alliance not only strengthens our position as industry leaders but also contributes to improving the payment experience for both residents and visitors, generates new business opportunities, and strengthens the digital payment platform both inside and outside the country."

“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 Panama, the Panama Banking Association, the Chamber of Commerce, Industries, and Agriculture, local financial institutions and credit unions, among others.

About Telered

TELERED, S.A, is the main processor of electronic transactions and payment methods in Panama, contributing to the country's economic development through its technological platforms ACH Directo, ACH Xpress, Mis Pagos Hoy, and the Clave System. Telered manages the Clave System, the largest interbank network of ATMs and points of sale in Panama. Clave has over 30 years of operations, 2.4 million debit cards issued, more than 2,000 ATMs, and 32 Financial Institutions affiliated with the network.

About Discover

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover® card, America's cash rewards pioneer, and offers personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation's leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.

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.

Katie Gaynor katiegaynor@discover.com

Katerina Duarte kduarte@telered.com.pa

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