Alaric International, a provider of fraud prevention and payment systems, and Channel Group, a provider of third party maintenance services for ATMs and other banking equipment, have signed a partnership agreement that will make Channel Group an authorized reseller of Alaric Authentic Payment and Fractals fraud prevention systems.
In an announcement of the deal, Channel Group managing director Wally Sandoval said the agreement presented the opportunity for the Philippines financial sector to move away from aging fraud systems to new technology that offers standards-based solutions and a modern feature set.
"We are aware that several banks in the region are poised to make decisions on a major technology refresh in the next couple of years," Sandoval said. "With our extremely close relationship with these institutions we are confident that there will be strong demand for Alaric's products."
"The Philippines has some highly innovative ideas, particularly in the convergence of banking and mobile technology," said Alaric international director Paul Griffin. But, he said, "[o]verall the Philippines has had a poor experience of 'low cost' solutions and many banks have moved to outsourced alternatives simply out of frustration … By partnering with Alaric, [Channel Group] are confident that they can now take a message to these banks that running your own switch can be cost-effective."
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