BT’s consulting and systems integration business, Syntegra, today announced that it has signed a contract to host and manage DirectLINK, Visa’s global referral platform, for the next three years.
The agreement, signed with Visa’s information technology subsidiary Inovant, is for Syntegra to run DirectLINK on an outsourced basis, assuming responsibility for its day to day operation and updating the existing platform to support growing transaction volumes and new technology developments.
DirectLINK automates the transaction referral process that is mandatory for Visa’s 21,000 member financial institutions. The system has cut the waiting time for referral responses from anywhere around the world to a maximum of a few minutes.
Inovant manages the DirectLINK system, which is a global, multi-lingual platform running on multiple inter-connected nodes. Financial institutions—known in the industry as acquirers—that provide Visa card swipe facilities for merchants, use the DirectLINK platform, over toll free lines, to connect with card issuers such as Barclays and HSBC wherever they may be in the world.
Syntegra is the only organisation to which Visa has outsourced one of its mandatory merchant services and has been working with Visa for around eight years. It designed and built the present DirectLINK system, which has improved response times for referred authorisations dramatically. Inovant estimates that the technology has resulted in an additional £2 billion in volume each year.
"As Visa transaction volumes continue to grow dramatically worldwide, Inovant has been dedicated to delivering greater efficiency and flexibility in processing services," said Mike Bories, Vice President of Payment Systems at Inovant. "We have developed a partnership with Syntegra that will help us continue to offer global payment services with unsurpassed cost-effectiveness and reliability for Visa and its member financial institutions."
Syntegra provides technology for many of the world's banks and institutions within the financial services industry. As well as DirectLINK, Syntegra designed and manages SettleNET, a system that connects financial institutions securely to CREST, the system for electronic settlement of equities and gilts.
"This is more than just a contract renewal for Syntegra," commented John Holroyd, Director, Financial Services, Syntegra. "The deal underlines the confidence that VISA places in Syntegra's technology and its people. Syntegra prides itself on creating quality relationships with its customers, enabling them to benefit from our technology innovation that is directly relevant to their continuing business operations"
Syntegra is a global consulting and systems integration business. It is part of British Telecommunications. Syntegra employs over 5,000 professionals in Europe, USA, Asia and Australia.
As global business system experts, Syntegra develops innovative ideas for its clients using the latest technology. Syntegra doesn't just advise, it designs and delivers IT and communications systems and, for many clients, it manages the whole operation.
Learn more about what Syntegra can do for your organisation by visiting http://www.syntegra.com
For further information please contact:
Adrian Rimmer, Syntegra
Tel: +44 (0) 1252 777 029
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