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 Alaricâs Authentic used to authorise the credit unionâs 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 Visaâs international banking networks, giving the BPWCCULâs members access to their funds from anywhere in the world.
Alaricâs 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.
Alaric was awarded the contract with the credit union following a rigorous selection process. Alaricâs success is attributed to the flexibility and configurability of Authentic, ensuring that the business and technical requirements of the credit unionâs project are fully met in every phase.
âWe have found Alaric to be highly dependable and thorough throughout the implementation process,â says Susan Dyall, Business Development Project Officer at the BPWCCUL. âWe selected Alaric because of the quality and performance of their solution and the flexibility of their system and approach, and they have delivered in every respect.â
âAlaric has been strengthening its presence in the international arena over the last twelve months,â commented Martin Hewgill, Head of Marketing at Alaric. âWeâre delighted to have been successful with our bid for this project which reflects our ability to provide world-class solutions to the global marketplace.â