Alaric International Wins Major Contract with Barbados Credit Union

Alaric International has won a major contract with Barbados Public Workers' Co-operative Credit Union Ltd (BPWCCUL). Under the contract, Alaric will supply its Authentic EFT authorization and switching system to link BPWCCUL's ATMs into the main Caribbean Integrated Financial Services (CarIFS) network, run by the islands' major banks. The first credit union to do this, the BPWCCUL's aim is to offer its members enhanced debit card services.

The BPWCCUL is the largest of the 37 credit unions on the island, with assets of over $240m. A not-for-profit organisation which provides savings & investment products, loans and mortgages to its members, the credit union also offers internet banking facilities in addition to its enhanced ATM services.

The credit union anticipates that the whole project with Alaric will take up to three years to implement, encompassing three phases. The first phase will see Alaric's Authentic used to authorise the credit union's ATM transactions. The later phases of the scheme will prove a significant development for the other smaller credit unions on the island. Under phase two of the project, these smaller credit unions will also be given access to the CarIFS ATM network. Phase three will deliver interfaces to MasterCard and Visa's international banking networks, giving the BPWCCUL's members access to their funds from anywhere in the world.

Alaric's Authentic is a modern EFT authorization and routing system for issuers and acquirers of credit, debit, charge and prepaid cards. Authentic addresses the needs of banks, retailers and processors. Written in Java, Authentic is truly platform independent. Authentic is designed with future business needs in mind, with an emphasis on user configuration rather than programming.

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