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July 16, 2010

  • News:  Airdrie Savings Announces New Partner

    Britain's Airdrie Savings Bank recently signed a five year contract with FIS to manage its debit card processing business. FIS debit and credit card management system, Cortex, will go live with the bank during the third quarter 2010. Cortex software is a multi step application that processes debit and credit card payment at every level of the electronic processing system. That means that Airdrie Savings will have the capabilities to process debit, prepaid, and credit card payments using the same platform. According to Stuart Waterson, Senior Manager, Operations for Airdrie Savings Bank, the change was necessary because the company's existing provider announced that it would be ending its non-Payment Card Industry (PCI) compliant solution.

    Waterson said to avoid any disruption in its debit and credit card payment processing they made strategic decision to make the switch as soon as possible. He also noted that Cortex has an additional advantage in that the system has the capabilities of easily integrating data from a previous system. This feature will reduce any affect on its customer base since new cards and personal identification numbers (PIN) will not need to be re-issued. Furthermore, the added benefit that the system can process debit, pre-payment, and credit card all on the same system makes the Cortex a perfect match for the bank's customers.

    With many consumers cutting up their credit cards, it has become even more important that banks seek out systems that can handle debit and prepayment cards. Additionally, Cortex solves the bank's problem with PCI compliance in the processing system. According to John Yeomans, General Manager of Cards for FIS said accomplishing PCI compliance is a major challenge for banks as well as being very costly. Airdrie Savings Bank has seven branches covering North Lanarkshire and services over 60,000 customers. The bank offers a variety of personal and commercial financial services including savings and current accounts, overdrafts, personal loans and mortgages, business term loans and money market based investment accounts.

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