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Alaric wins bid to replace China Bank ATM switch
October 4, 2013
Payments solutions provider Alaric has announced that China Banking Corp., one of the 10 largest FIs in the Philippines, has selected its Authentic platform as a payment switch to issue cards, process card-related payments, connect to the local payments ecosystems, and drive the bank's network of almost 500 ATMs. The project coincides with a core banking system update.
The bank's team needed a solution that would gave it the choice to manage change internally or to use local delivery partners, Alaric said in a news release. Authentic offered the flexibility the bank needed to grow without having to lock into a long-term vendor contract, the company said.
"China Bank is Alaric's first customer in the Philippines, and we are delighted to be working with a major bank in such a key market," said Paul Griffin, director of Asia/Pacific at Alaric. "At Alaric, we have always been very transparent about our belief that our customers shouldn't be tied in to paying us for every change they need to make — we build systems that they can configure themselves — and this project reiterates just how important that is to our customers."
Authentic is an ultra high-performance EFT authorization and routing system that manages transactions from all channels across the enterprise — from ATM and POS to ecommerce and mobile. The solution has achieved in excess of 10,000 transactions per second in recent benchmark tests, Alaric said.
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