Alaric was chosen, as a strategic partner, because of its global track record in developing and delivering high performance payment engines and fraud prevention products. In addition, the unique flexibility of Alaric's open technology platform ensures that it delivers a next-generation alternative to aging and outmoded legacy payment systems. Authentic is internationally recognised as a modern and highly configurable EFT authorisation and routing system, specifically designed for the card payments market. Fractals too is established globally as a class-leading fraud detection and prevention framework which can operate in real time, close to real time and batch detection modes.

By utilising such class-leading technology coupled with a highly experienced team of high calibre payments professionals, INSS believes that it can accelerate its penetration of the Greek market. Commenting on the agreement INSS founder and Managing Director Leonidas Patrikios said, "Against such an adverse economic backdrop banks, retailers and processors require innovative and sophisticated payment switching and fraud detection services. With a global reputation for first rate customer service combined with an in-depth knowledge of our market and class leading products, Alaric is the perfect strategic partner for INSS. It is an ideal combination that delivers real and substantive value for our customers by enabling them to manage their electronic payment systems in a secure, flexible and effective environment. As a result we are confident that demand for this combined offering will prove to be extremely strong."

For his part Alaric Director Peter Parke welcomed these comments adding, "Naturally I am delighted that INSS has chosen Alaric to deliver payment and fraud prevention systems to drive its high quality service delivery. It is refreshing to see an organisation at the heart of the Greek market with such a dynamic vision focussed on delivering innovative and high quality solutions both for now and for the future when the economic conditions have improved. We are confident that this unique approach will be extremely well received.

"INSS is one of a number of organisations globally that has now recognised the positive impact of using Alaric's unique technology for delivering next-generation solutions. From Australia to the Far East and from Europe to the US, Alaric Systems is proving to be the payment and fraud prevention solutions company of choice for successful, forward-thinking institutions and service providers."