Home > Business & Strategy, Electronic Funds Transfer (EFT) > Alaric and Oracle work on consumer payments services hub

Alaric and Oracle work on consumer payments services hub

December 11, 2009 Leave a comment Go to comments

Alaric International, headquartered in London, UK today announced it is teaming with Oracle to combine its state-of-the-art financial solutions to create a new comprehensive offering for the consumer payments market.

The product package-the Consumer Payments Services Hub-will enable retail banks and service providers to progressively modernize aging ATM and POS legacy systems while delivering increased profitability, reducing operational costs and expanding existing customer relationships.

Alaric’s Authentic system offers the multi-channel payment switching and authentication capability in the Consumer Payments Services Hub solution that enables banks and service providers to transition from their incumbent aging/legacy ATM and POS systems while Alaric’s Fractals solution provides comprehensive, multi-instrument fraud detection and prevention capability. The other solution components include Oracle® Business Activity Monitoring, Oracle’s Demantra, Oracle Business Intelligence Enterprise Edition Plus (OBIEE) and Oracle Adaptive Access Manager from the Oracle Fusion Middleware suite, as well as high availability and disaster tolerant solutions recently acquired from Golden Gate Software. The new Consumer Payments Services Hub builds on Authentic’s core strengths of security, scalability and configurability to deliver new functionality, including the following:

· Comprehensive real time analytics;
· Real time status of the entire network on configurable dashboards;
· Cash supply optimisation and analytics for maximizing Net Interest Margin;
· Integrated fraud detection and monitoring capability.

The Consumer Payments Services Hub helps deliver functionality beyond what is available in existing payments infrastructures and also addresses essential security requirements including conformance with PA DSS and providing continuous availability and disaster recovery, not only in production, but also during the important transition from the original legacy environment.

“Many banks and service providers today do not have a business case for like-for-like swapping of systems in the critical business function of servicing customers. The Consumer Payments Services Hub offering is expected to deliver great and immediate value to the payments business function. The combination of Alaric’s Authentic and Fractals with Oracle’s technology and application components for cash optimisation at ATMs and branches, real time analytics of payment network and comprehensive control and reporting, allows Alaric to deliver sophisticated payment solutions specifically tailored to a bank’s needs,” said Andrea Klein, Vice President, Oracle Financial Services Global Business Unit. “This solution offering demonstrates a real change in thinking to address the diversity and choices that are emerging for consumer payments and delivery channels in the market place.”

“Alaric has been working extensively with Oracle’s product suite for many years and is excited to be an integral part of the Consumer Payments Services Hub. This approach will enable banks and service providers to safely transition from their existing legacy environments to a modern solution stack which combines breadth of functionality with security, scalability and configurability,” said Mike Alford, CEO of Alaric.

Alaric is a member of the Oracle PartnerNetwork, and is working with Oracle to deliver the highly configurable Consumer Payments Services Hub to the financial community through a network of strategic systems integrators complementing the existing Alaric delivery and support network.

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