Open Solutions Inc., announced that Infolink Services Ltd. (ISL) implemented Open Solutions Canada's POSH switch, a secure switching solution for processing ATM and Point of Sale (POS) transactions. ISL is joint venture corporation equally owned by four major commercial banks in Trinidad and Tobago. It functions as a private clearinghouse and was established to enable these financial institutions to enhance their self-service banking products through the implementation of financial transaction switching technology. The technology will help the four institutions efficiently process, settle and reconcile electronic funds transfers (EFT). Open Solutions is a provider of integrated enabling technologies for financial institutions in the United States, Canada and other international markets.
"We installed POSH back-end this year, which will drive the ATMs we've introduced to the Caribbean market,"Â said Helen Llanos, assistant general manager of ISL. "POSH will help us exceed the growing market demand for self-service transactions and allow us to help our member banks to stand out amongst other financial institutions in Trinidad and Tobago. It was important for us to have an efficient, reliable and easily maintainable ATM switching solution, and I am confident we've found these needs in POSH."Â
POSH provides dependable operation of complex transaction processing through a fully-integrated, end-to-end product suite with the entire range of services needed to complete the transaction lifecycle. POSH ensures a transaction is delivered successfully to the issuer or network with full compliance, meeting all security standards. It provides real-time authorization and, through its stand-in processing module, is designed to provide availability during both planned and unscheduled downtime. The solution also features encryption technology that protects the confidential nature of transaction data and uses firewalls and SSL to further ensure the security of that data.
"We are looking at developing a full payment gateway to connect other financial institutions and credit unions to our switch as well as execute other forms of payments,"Â said Llanos. "Currently, we process approximately 1.3 million transactions per month. POSH will allow ISL to offer a wider variety of products to our customers - which will translate to more transactions and certainly more stability. Another great thing about POSH is the ability to connect with other financial institutions without heavy additional expenses. We hope to help them afford more efficiency by connecting with the POSH switch."Â
Open Solutions' POSHnet Processing Centre drives Canada's largest ATM network and a large and growing POS environment. POSHnet can be implemented as a regional, national and/or international processing and switching center.
POSH supports multiple currencies, making it adaptable and available for worldwide use for institutions of all sizes. It also supports more than 50 types of ATMs (including dial-up and state table-driven) and a wide variety of POS devices and communications protocols. Additional ATMs or POS terminals can be added with no downtime.
"Open Solutions' technical expertise is outstanding,"Â said Llanos. "We receive immediate assistance 24/7 - whenever we need it. I continue to be impressed with the professionalism that comes from the Open Solutions Canada team and I'm looking forward to a long partnership."Â
"Open Solutions has successfully developed the largest white label ATM and POS payment switch in Canada, and we can replicate it through establishing processing centers anywhere in the world,"Â said Blair Goulet, president of Open Solutions Canada. "Open Solutions has a long history of serving international markets - since 1990 - and we believe there are strong growth opportunities in emerging markets. Currently, our POSH software runs the national switches in Caribbean countries such as Trinidad and Tobago, Jamaica and Barbados. We are pleased to be the switching software solution of Infolink Services Ltd."Â
By Open Solutions
Posted January 2nd, 2007 by Nymphadora
