Alaric, a global supplier of fraud prevention and payments solutions, today announced that China Bank, one of the top 10 banks in the Philippines, has selected Authentic from Alaric.
Authentic will be used as a payment switch to issue cards, process all card related payments, connect into the local payments ecosystems, and drive the bank's network of almost 500 ATMs.
China Bank initiated the project to coincide with its strategic core banking system update. The team was committed to staying at the forefront of its customers' needs, and needed a solution which gave it the option to manage change internally or to use local delivery partners. In the long term China Bank expects to make the majority of business changes itself, in much shorter timeframes than the company and the industry are used to, and this technology gives the team the freedom to do just that without being locked in to paying a vendor to make every change. The selection panel was impressed with the speed and simplicity with which Authentic was configured to interface to the bank's systems during the proof of concept, taking just days rather than weeks. China Bank knows that Authentic is a system to take it into the future - whatever the future may bring.
China Bank selected Authentic from Alaric because the team had every confidence that the system would provide the flexibility the bank wanted to grow and change in the future, without being locked into long, costly vendor contracts. In the Philippines, Alaric works with Channel Solution Inc. (CSI), a well-known and experienced payments/ATM solution provider. CSI complements Alaric in providing local implementation and post-sale support.
Paul Griffin, Director of Asia/Pacific at Alaric said, "China Bank is Alaric's first customer in the Philippines, and we are delighted to be working with a major bank in such a key market. At Alaric, we have always been very transparent about our belief that our customers shouldn't be tied in to paying us for every change they need to make - we build systems that they can configure themselves - and this project reiterates just how important that is to ouur customers."
Authentic is a modern, ultra high-performance EFT authorisation and routing system managing transactions from all channels across the enterprise from ATM and POS to ecommerce and mobile. Unlike conventional payments processing software, Authentic absorbs change with ease. It combines unrivalled flexibility of deployment with efficiency of processing. Providing the payments engine for global networks, banks and large processors, Authentic has achieved in excess of ten thousand transactions per second in recent benchmark tests.