News release

Date: 19th February 2008

Alaric’s Authentic system links Barbados Credit Union to Caribbean Integrated Financial Services network in impressive time

Alaric completes key authorisation and switching project for largest island credit union from specification to go-live in just two months


London, England – February 19th, 2008 - Alaric International, a leading supplier of advanced technology solutions for the card payments industry, today announced that Barbados Public Workers’ Co-operative Credit Union Ltd (BPWCCUL), the largest island credit union, has gone live with the first phase of a major programme to provide enhanced customer debit card facilities. Alaric’s Authentic EFT authorisation and switching system was implemented by BPWCCUL to provide an online interface into the National Debit Switch, known as the CarIFS (Caribbean Integrated Financial Services) network, run by the islands’ major banks. CarIFS was initially instituted to facilitate debit switching capability among the commercial banks on the island, but has recently invited the Credit Unions to join the network. The entire project phase, from functional specification in September to certification and completion of the live production system in November, took just two months. The physical implementation and testing was achieved in under four weeks.

Following a rigorous selection process, Authentic was chosen to link BPWCCUL’s ATMs into the CarIFS network and support the authorisation and switching of both issuing and acquiring transactions, interfacing to BPWCCUL’s Symitar host system. This successful initial implementation marks the first part of a three-phase project which will also see further credit unions on the island being given access to the CarIFS ATM network.

“The speed and ease of this implementation is a tribute to the flexibility and performance of Alaric’s Authentic system, as well as the quality of the entire Alaric project team,” comments Irwin Gibson, Head of IT for BPWCCUL. “Alaric has proved itself to be a great business and technical fit for the needs of our organisation, and we are looking forward to the next phases of the project, which will deliver considerable benefits for our members and customers.”

Prism Services Inc, project Managers for CarIFS, was full of praise for the ease and professionalism with which the project was completed, and CarIFS commended BPWCCUL on their choice of Alaric International.
PRISM Services Inc, which has gone through this exercise numerous times before with different service providers, remarked that “Alaric’s personnel were proactive, thorough, and demonstrated due diligence in ensuring that each step was correct on the first try, and that the project was completed on time. Alaric’s personnel queried all uncertainties in the project plan and scripts beforehand, so that once a certification window was provided, all systems were go.”

Poul Laursen, Head of Professional Services for Alaric International said, “As a solution provider, we set ourselves extremely high standards and we are delighted to have delivered phase one of this major implementation in just two months. Our aim is to continue to exceed expectations in the levels of our service and support as we move to the next stages of this milestone project for BPWCCUL.”

The BPWCCUL is the largest of the 37 credit unions on the island, with assets of over $240m. A not-for-profit financial co-operative which provides savings & investment products, loans and mortgages to its members, the credit union also offers internet banking facilities in addition to its enhanced debit services.
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 entirely in Java and using open, relational databases, Authentic is truly platform independent. Authentic is designed with future business needs in mind, with an emphasis on user configuration rather than programming.

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About Alaric
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
Press contact:
Nicky Davis
EvokedSet PR for Alaric International
Tel: +44 7747 017654
Email: alaric@evokedset.com

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