Australia's Bendigo Bank launches card program with GFG's support
In 2003, the bank made a rapid leap into the credit-card business, with GFG's help on the back-end.
February 25, 2008
In 2003, Bendigo Bank was set to become a full participant in the credit-card business. The Bank had grown rapidly from around 5000 merchants to 7500, and needed a merchant-acquiring system that could support further growth in the marketplace.
"In the card division, which looks after the card-issuing business, merchant acquiring business and the ATM network, there's only 40 people, but we look after a business that includes over half a million cards on issue," said Greg Devlin, formerly of MasterCard International and now Bendigo Bank's chief manager of the cards division.
Bendigo needed a merchant-acquiring system to support its rapid growth in the marketplace without requiring it to ramp up its internal expertise.
Bendigo ultimately selected Cadencie, a full-function, real-time credit and debit management system provided by Auckland, New Zealand-based GFG Group Ltd.GFG in 2003 launched Bendigo's back-office credit-card clearing and settlement.Cadencie, essentially an off-the-shelf solution, enabled the bank to kick off a card program without incurring additional expense.
Using Cadencie's merchant subsystem, Bendigo also brought in-house its extensive and growing merchant-settlement system.
Editor's Note: This case study was provided by GFG Group. Statements made in the text reflect the views and/or opinions only of the sponsor.
