China Bank to upgrade payment processing software
MANILA, Philippines – China Banking Corporation (China Bank) aims to upgrade its IT platform as it acquired the payment processing software of Alaric, a UK-based provider of payment and enterprise fraud detection systems.
China Bank chose Alaric’s Authentic as its new automated teller machine (ATM) and payment switch to issue ATM cards, process ATM card-related payments and connect into the local payments ecosystems.
Authentic, an electronic funds transfer (EFT) authorization and routing system, will also drive China Bank’s network of over 500 ATMs in the country.
Authentic can handle over 10,000 transactions per second and will boost China Bank’s switching system capability for real-time transmission of ATM, POS, mobile, and internet transactions in between issuing and acquiring banks, and deployment of value-added services across all channels.
“As more and more transactions are now carried out on electronic banking channels like ATMs, we need a powerful transaction routing platform that can process higher volumes, and provide our customers with fast, secure, and reliable service across all channels,” said China Bank’s senior executive vice president and chief operating officer Ricardo Chua.
With the acquisition, China Bank becomes Alaric’s first customer in the Philippines.
“We are delighted to be working with a major bank in such a key market. 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,” said Alaric’s director of Asia and the Pacific Paul Griffin.