Date: 25th October 2007
London, England –October 25th, 2007 - Alaric International, a leading supplier of advanced technology solutions for the card payments industry, today announced that it has won a major contract with Barbados Public Workers’ Co-operative Credit Union Ltd (BPWCCUL). Under the contract, Alaric will supply its Authentic EFT authorization and switching system to link BPWCCUL’s ATMs into the main Caribbean Integrated Financial Services (CarIFS) network, run by the islands’ major banks. The first credit union to do this, the BPWCCUL’s aim is to offer its members enhanced debit card services.
The BPWCCUL is the largest of the 37 credit unions on the island, with assets of over $240m. A not-for-profit organisation which provides savings & investment products, loans and mortgages to its members, the credit union also offers internet banking facilities in addition to its enhanced ATM services.
The credit union anticipates that the whole project with Alaric will take up to three years to implement, encompassing three phases. The first phase will see Alaric’s Authentic used to authorise the credit union’s ATM transactions. The later phases of the scheme will prove a significant development for the other smaller credit unions on the island. Under phase two of the project, these smaller credit unions will also be given access to the CarIFS ATM network. Phase three will deliver interfaces to MasterCard and Visa’s international banking networks, giving the BPWCCUL’s members access to their funds from anywhere in the world.
Alaric’s Authentic is a modern EFT authorization and routing system for issuers and acquirers of credit, debit, charge and prepaid cards. Authentic addresses the needs of banks, retailers and processors. Written in Java, Authentic is truly platform independent. Authentic is designed with future business needs in mind, with an emphasis on user configuration rather than programming.
Alaric was awarded the contract with the credit union following a rigorous selection process. Alaric’s success is attributed to the flexibility and configurability of Authentic, ensuring that the business and technical requirements of the credit union’s project are fully met in every phase.
“We have found Alaric to be highly dependable and thorough throughout the implementation process,” says Susan Dyall, Business Development Project Officer at the BPWCCUL. “We selected Alaric because of the quality and performance of their solution and the flexibility of their system and approach, and they have delivered in every respect.”
“Alaric has been strengthening its presence in the international arena over the last twelve months,” commented Martin Hewgill, Head of Marketing at Alaric. “We’re delighted to have been successful with our bid for this project which reflects our ability to provide world-class solutions to the global marketplace.”
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Headquartered in London, Alaric is a leading supplier of advanced technology solutions for the card payments industry. Alaric offers java based solutions for card payments authorization and switching, fraud detection and prevention, risk management and payment systems integration. Alaric’s customers include First Data International, Swisscard, Cornèr Banca and Yorkshire Building Society. Alaric's product set was launched in 2001. Being written in Java, the solutions are fully portable while scalable to meet the needs of the smallest through the largest institution. Alaric's success is a result of its dedicated focus on the payments industry together with a clear recognition of the need to collaborate with partners.
For further information, please visit us at www.alaric.com
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