GLASTONBURY, Conn. - Infolink Services Ltd. has implemented Open Solutions Canada's POSH switch, a secure switching solution for processing ATM and point-of-sale transactions.
Open Solutions Canada is part of Open Solutions Inc., which provides integrated enabling technologies for financial institutions in the United States, Canada and other international markets.
ISL is equally owned by four major commercial banks in Trinidad and Tobago. It functions as a private clearinghouse and was established to enable FIs to enhance their self-service banking products through the implementation of financial-transaction-switching technology. The technology will help the four institutions process, settle and reconcile electronic funds transfers.
"We installed POSH back-end this year, which will drive the ATMs we've introduced to the Caribbean market," said Helen Llanos, assistant general manager of ISL. "POSH will help us exceed the growing market demand for self-service transactions and allow us to help our member banks stand out amongst other financial institutions in Trinidad and Tobago."
POSH ensures a transaction is delivered successfully to the issuer or network with full compliance, meeting all security standards. It provides real-time authorization and is designed to provide availability during planned and unscheduled downtime. The solution also features encryption technology that protects transaction data and uses firewalls and SSL to further ensure data security.
"We are looking at developing a full payment gateway to connect other financial institutions and credit unions to our switch as well as execute other forms of payments," said Llanos. "Currently, we process approximately 1.3 million transactions per month."
