Alaric announces deal with China Bank over Authentic payment switch system

Alaric, a UK fraud prevention and payments software supplier, has announced that Manila-based China Bank has opted for its payment switch software.

Authentic, Alaric’s electronic funds transfer (EFT) authorisation and routing system, handles transactions from all channels across the enterprise. It is designed to allow financial institutions such as China Bank to manage cross-channel payments.

The technology is set to be implemented in card-related processes, including card issuance and card payment processing. It will also aid the Philippine bank in managing its ATM network and connecting with local payment ecosystems.

Timed to coincide with its core banking system update, China Bank said it is confident that the new partnership will help it achieve its long-term objective of managing change internally or using local delivery partners to ensure its customers’ needs are met.

In a recent statement, the bank claimed to have been impressed by the speed and ease of application with which Authentic was configured to interface with its systems.

It also revealed that in the future its strategy will involve making most business changes itself, within timeframes it claims will be much shorter than those the company and the industry are accustomed to.