Caribbean Integrated Financial Services (CarIFS), Barbados’ national debit network, has upgraded to the latest version of POSH, a flexible switch solution for payment transactions developed by Fiserv.
CarIFS has been using POSH since 2008 and decided to upgrade to the latest version to offer better functionality and more secure processing services to its connecting members.
CarIFS offers its services to five commercial banks and three credit unions in the region, and processes more than eight million transactions a year.
The adoption of latest version of POSH is part of CarIFS’s long-term plan to support EMV chip card issuing and acquiring for its members, as well as to enable new payment technologies, especially mobile payments.
POSH has obtained PCI Payment Application Data Security Standard (PA-DSS) certification that gives CarIFS with advanced security standards.
Fiserv said that the latest version of POSH includes full-featured EMV support, remote key injection handling, mPOS support and robust integration capabilities that will support the multi-channel transactions for merchants.
The new POSH, which operates on a cost-effective, easy-to-maintain Windows-based server platform, can enable clients to reduce investment risk and improve operating efficiency.
Tony Del Castilho, general manager of Prism Financial Processing Services, operator of CarIFS, said, “Providing secure, compliant and reliable payments processing services to our connecting members and achieving PCI PA-DSS certification is of critical importance to us.
“By enhancing our existing Fiserv payments platform, we have full confidence that we will be supported in our objectives by a proven and reliable vendor who will continue to offer the highest standards of technology, service and support.”