MISSISSAUGA, Ontario - Threshold Financial Technologies Inc., owner and operator of an independent Canadian ATM network branded "Laser Cash" and provider of outsourced and fully managed ATM services across Canada, has secured a six-year ATM services contract with Ottawa-based Civil Service Co-operative Credit Society Limited (CS CO-OP), a credit union with more than 149,000 members.
Threshold has assumed the complete management of the CS CO-OP's 75 ATMs. Over the next six months, Threshold will upgrade the network with Personas ATMs and APTRA software provided by NCR Corporation. The products are Triple DES compliant, according to a news release.
Services provided by Threshold include first- and second-line maintenance and armored carrier and treasury management, as well as incident management services.
By having Threshold operate its ATM network, CS CO-OP will benefit from substantial cost savings, according to the release.
"Working with a forward-thinking organization such as CS CO-OP has allowed us to explore a myriad of possibilities and come up with a solution that is beneficial for all parties," said Matthew McIver, Threshold's president.
Threshold has been providing financial transaction switching and ATM services to CS CO-OP since April 2002. This includes providing shared cash and POS switching services for CS CO-OP members, as well as driving and managing the its 107-machine ATM network. (See related story Canadian CU outsources its ATM program to Threshold Electronics)
Last October, 32 of the ATMs were converted to Laser Cash machines; they still provide surcharge-free access to CS CO-OP cardholders.
Tom Gregoriades, senior vice president of Service Delivery and Operations at CS CO-OP, called the new partnership with Threshold "a natural evolution." He said, "In the past year and a half, Threshold has proven to be an outstanding business partner, and the commitment and professionalism of their team has led us to expand and further develop our relationship. It was a very sound business decision to contract Threshold to operate the network."
According to the release, membership in CS CO-OP, Ontario's first credit union, is now open to virtually all Ontario residents. CS Alterna Bank, a wholly owned subsidiary of CS CO-OP, has branches in Quebec and Ontario.
Threshold, a wholly owned subsidiary of Versent Corporation, provides fully-managed POS and ATM network administration, switching and monitoring solutions to Canadian financial institutions, corporate retailers and ATM deployers.
Threshold currently drives more than 1,200 ATMs, making it one of Canada's largest ATM operators. Its clients include Costco Canada, Shoppers Drug Mart, Toronto Transit Commission, Cineplex Odeon, ING Bank, Intesa Bank, All Trans Credit Union and Amex Bank of Canada.
In late 2002 and early 2003, Threshold installed ATMs at some 800 Shoppers Drug Mart and Pharmaprix retail drug stores, the single largest private deployment in Canada. (See related story Threshold Electronics to deploy 800 ATMs at Canadian drug stores)
