Under the terms of the agreement, Channel Group will resell Alaric's acclaimed Authentic payment and Fractals fraud prevention systems to its client base in the banking sector. Partnering with Channel Group further strengthens Alaric's continued growth in APAC.

Commenting on the news Channel Group's Managing Director Wally Sandoval said, "We have chosen Alaric, as the performance, flexibility and agility of their systems is far superior to anything else available in this sector. The time is right to introduce this new generation of switching and fraud detection products to the market here. This doesn't just give the Philippines a chance to move away from aging legacy systems but rather to leap forwards technologically, by offering standards-based solutions with an extremely modern feature set.

"We are aware that several banks in the region are poised to make decisions on a major technology refresh in the next couple of years. With our extremely close relationship with these institutions we are confident that there will be strong demand for Alaric's products."

For his part Alaric International Director Paul Griffin added, "The Philippines has some highly innovative ideas, particularly in the convergence of banking and mobile technology. However, the region suffers from an ageing infrastructure which is in desperate need of replacement. Overall the Philippines has had a poor experience of 'low cost' solutions and many banks have moved to outsourced alternatives simply out of frustration.

"Channel Group has built an excellent reputation in the sector but were keen to be able to recommend modern payment and fraud prevention solutions. By partnering with Alaric, they are confident that they can now take a message to these banks that running your own switch can be cost-effective. It is also the only route to establishing differentiation and for keeping up with the constant churn of innovations in retail banking. We look forward to workinng closely with them as they educate their clients further."