Business
Alaric Technology Underpins Jamaica Mobile Money Launch
“Mobile phones have reached such a high level of penetration in Jamaica (115 percent) that they provide the perfect vehicle to gain access to financial services.
The initiative, started by the Development Bank of Jamaica and Transcel, incorporates learnings from other mobile money projects and has been very carefully planned to meet any possible demand,” said Mike Alford, CEO at Alaric.
“Transcel is committed to delivering a future-ready mobile transaction hub that meets the security and interoperability requirements of the entire multiplicity of actors in the mobile money eco-system – financial institutions, mobile operators, retailers, and payment networks,” said Hugo Daley, Transcel’s CEO. “The partnership with Alaric takes us a long way towards a robust, zero-tolerance, fraud prevention platform that serves the needs of emerging e-payments service providers in Jamaica.”
Authentic is a modern, ultra high-performance EFT authorization and routing system managing transactions from all channels across the enterprise from ATM and POS to ecommerce and mobile. Unlike conventional payments processing software, Authentic absorbs change with ease. It combines unrivalled flexibility of deployment with efficiency of processing. Providing the payments engine for global networks and large processors, Authentic has achieved in excess of ten thousand transactions per second in recent benchmark tests.
Fractals is an intelligent fraud detection and prevention framework suitable for PSPs, online merchants, card issuers, acquirers and payments processors. When used ‘in-flight’, illegal transactions can be detected and stopped before a transaction is completed. Proprietary mathematical models incorporate self-learning allowing the model to automatically adapt to new fraud trends and retain its effectiveness. The Fractals Rules Engine enables fraud analysts to create and deploy powerful fraud detection rules within minutes, delivering substantial reductions in fraud losses. In the rapidly evolving world of electronic payments, Fractals benefits from continuous investment and research and development, ensuring that it remains at the forefront of fraud detection.
About Alaric: Alaric is a global supplier of fraud prevention and payments processing products. Alaric’s products allow financial institutions, processors and retailers to manage ATM, POS, ecommerce and mobile payment or banking transactions, deliver complex multi-channel payments integration and carry out enterprise fraud and risk management.
Alaric’s focus is on customer empowerment ensuring its users can stay ahead of the market. Alaric’s products are designed to be rapidly customisable by customers allowing them to take strategic control of their system investments. Alaric’s customers get the best of both worlds: an unprecedented degree of control over their solutions while retaining all the benefits and economies of using product-based solutions. The Alaric product line up comprises ‘Fractals’ fraud prevention and ‘Authentic’ payments technology
