CardSystems and Maverick International Processing Services Merge to Form Next-Generation Application Service Provider.FAIRFAX, Va.--(BUSINESS WIRE)--Oct. 5, 1999-- CardSystems Inc., a provider of electronic payment solutions for the electronic commerce industry, and Maverick International Processing Services Inc., a provider of financial transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. services, have agreed to engage in a strategic merger to create a formidable new competitor in the global electronic payment processing marketplace. The combined company, which will operate under the CardSystems name, will offer end-to-end processing services to help banks, independent sales organizations This article or section deals primarily with the English-speaking world and does not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and other transaction-oriented companies employ next-generation intelligent solutions to meet their customers' needs. Utilizing an Application Service Provider (ASP) model and the combined strengths of the two companies, CardSystems will offer affordable, scalable solutions to the electronic payment processing industry. "Combining outstanding technology, extensive industry experience and advanced data services, the synergies created by the merger of Maverick and CardSystems will enable our new company to offer complete electronic payment solutions to the card industry," said John S. Cramp cramp, painful uncontrollable contraction of a muscle or group of muscles. The type that results from cold, strain, or disturbance of circulation (as experienced by swimmers) is eased by massage and the application of heat. , chief executive officer of CardSystems. "Each company's strengths complement the other, and our ability to adapt to the changing e-commerce needs of our banking customers will create significant value as they use new card applications to better serve their customers." "The explosion of the Internet and the ever-expanding use of cards is driving a revolution in electronic transaction processing," said John Hunnicutt, chief executive officer of Maverick. "Utilizing Maverick's core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
The combined company has established the industry's first Application Service Provider (ASP) in the electronic payment industry. ASPs are businesses that provide service outsourcing - or software rental - to a broad range of business clients, permitting companies to eliminate the burden of buying and running expensive, hard-to-maintain computer systems. These outsourced services are increasingly delivered to customers through a web-based application See Web application. . Leveraging the company's existing data center, CardSystems' suite of eCardSMART(R) applications will be hosted on servers that can be accessed by card issuers, acquirers and processors via a web-based user interface. These eCardSMART application solutions use an expert system inference engine The processing program in an expert system. It derives a conclusion from the facts and rules contained in the knowledge base using various artificial intelligence techniques. inference engine - A program that infers new facts from known facts using inference rules. , an artificial neural network (artificial intelligence) artificial neural network - (ANN, commonly just "neural network" or "neural net") A network of many very simple processors ("units" or "neurons"), each possibly having a (small amount of) local memory. and data analytics capabilities to deliver value-added services, including advanced risk management capabilities, real-time access to data via the web and intuitive customer relationship management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) technology designed to help banks serve their customers. Reinforcing CardSystems' strategy of providing the electronic payment processing industry with solutions that focus on areas with the most customer contact, CardSystems will offer this web-based access to data and the eCardSMART applications without requiring the infrastructure historically needed to deliver customer-centric services. Additionally, CardSystems will offer traditional electronic transaction processing solutions through existing delivery systems. The merger of CardSystems and Maverick was completed Oct. 1. Corporate headquarters will remain in Fairfax. John Cramp will assume the role of chairman and chief executive officer of the combined entity. John Hunnicutt will serve as president, Electronic Delivery Services, leading the company's global processing expansion. As of Sept. 30, CardSystems also announced the successful closing of a private round of capital committing significant funding to the company for future growth. "With the additional capital and strategic merger with Maverick, CardSystems is very well positioned to realize the business opportunity the explosive e-commerce market presents today," said John S. Cramp. About CardSystems Inc. CardSystems Inc. is a leading provider of applications to the global transaction processing industry. CardSystems has evolved its proprietary eCardSMART(R) card processing methodology into a solutions framework that can be utilized across a wide spectrum of applications. Additionally, CardSystems has developed intelligent enabling technologies that include an expert system, neural network neural network or neural computing, computer architecture modeled upon the human brain's interconnected system of neurons. Neural networks imitate the brain's ability to sort out patterns and learn from trial and error, discerning and extracting and software applications optimized for the card processing industry. The eCardSMART suite of intelligent products and Internet solutions give clients control over their proprietary customer data, dramatic productivity gains and compelling return on investment (ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). ). CardSystems has deployed payment solutions in more than 30 countries. For more information on CardSystems, visit the company's web site at http://www.cardsystems.com. About Maverick International Processing Services Inc. Maverick offers full-service data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a and customer support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to the financial transaction processing industry. Maverick's product line includes PurchasePoint(TM), an Internet payment gateway designed to connect merchant web sites to StrongBox(TM) authorization network, which includes features such as multi-authorization unit auto-load balancing and asynchronous Refers to events that are not synchronized, or coordinated, in time. The following are considered asynchronous operations. The interval between transmitting A and B is not the same as between B and C. The ability to initiate a transmission at either end. transaction processing. Maverick is a fully certified third party processor for Visa, MasterCard, American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , Novus/Discover, Diners and Japanese Credit Bureau cards. For more information about Maverick, visit the company's web site at http://www.maverickintl.com. |
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