LONDON - Alaric International, supplier of solutions for the card-payments industry, has signed a contract with Barbados Public Workers' Co-operative Credit Union Ltd. to supply its Authentic EFT authorization and switching system to link the credit union's ATMs into the Caribbean Integrated Financial Services network.
The CIFS network is run by the islands' major banks and is the main network in the Caribbean.
According to a news release, BPWCCUL is the first credit union to link directly with the network. By doing so, the credit union expects to enhance its debit services.
BPWCCUL is one of 37 credit unions on the island, with assets exceeding $240 million.
The project with Alaric is estimated to take three years to complete and implement. The first phase of the project will see Alaric's Authentic EFT authorization used to authorize the credit union's ATM transactions. Under phase two, 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 BPWCCUL's members access to funds from anywhere in the world.
Alaric's Authentic EFT authorization is written in Java and is designed with future business needs in mind, emphasizing configuration rather than programming.
"Alaric has been strengthening its presence in the international arena over the last 12 months," said 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."
