Apr 11, 2010
Credit Union improves transaction analysis with Inetco
VANCOUVER--BC-based North Shore Credit Union (NSCU) is getting a unified view of its ATM and POS payment transactions with the help of Insight software from Inteco Systems, another Vancouver-based company.
In 2008, NSCU, which operates 11 branches in and around Vancouver, started the process of moving its transaction processing in-house. Previously, the credit union had outsourced its transaction processing and consequently had no need to set up its own transaction monitoring system.
Event though NSCU has moved its transaction processing in-house, it still relies on vendor partnerships to manage its payment and network data center and its switch technology. However, the credit union is still accountable for the overall integration of all the components, and realized that it had to set up its own transaction monitoring system. One reason for setting up the monitoring systems was in order to comply with the mandates of the Interac system.
“We were called in at the end of 2009, when the change process was nearly complete,” says Marc Borbas, vice president of marketing at Inetco. “We were chosen because setting up Insight at NSCU would not interfere with the new systems and because we could complete the work in a week without affecting the timeline for the migration.”
“We couldn't have migrated to our new banking platform unless we could prove we were able to manage the operational and service disruption risks associated with new technology roll-outs,” says Fred Cook, CIO of NSCU.
Inetco, now in operation for 25 years, was started in order to provide software for migrating legacy financial applications to TCP/IP networks, says Borbas. As legacy systems are sold on to developing countries in South East Asia, Africa and Latin America, Inetco is finding that there is still a demand for its older migration products, BankLink and POSway, Borbas says.
Inetco’s older products come with features that allowed companies to monitor transactions across legacy systems. “We came across customers in North America who were still using these products for their monitoring capacity, even they did not have legacy systems,” Borbas says. “We realized that the software still had use and developed it as a separate product called Insight, first released in 2007.”
The latest release of the software, Insight 4.6, has just been released. It is designed to work with new channels such as mobile and to help with the integration needs of payment companies growing through merger and acquisitions, Borbas says.