News
CIT Group first to use new GFG:Utility
outsourced credit and debit card service
21 July 2005 / Media Release
CIT Group (Australia) Limited – the subsidiary of global finance and leasing giant CIT Group Inc. – is the first customer to use a new outsourced credit and debit card service from payments specialist GFG Group.
GFG Group’s Australian managing director Wayne Robinson says the new service (GFG:Utility) is being launched in partnership with Fujitsu, which will provide the secure, high-bandwidth IT infrastructure on which GFG’s GFG:UniCARD software will run. GFG:UniCARD is an established credit and debit card issuing and acquiring system with more than 50 customers in 40 countries. Australian customers include Bendigo Bank and Members Equity - The Super Funds Bank.
Robinson says GFG’s market research has shown high demand for a credit and debit card issuing and management service which is both affordable and fast.
“Existing card service offerings are slow, unwieldy, inflexible – and priced beyond a large segment of the potential market. We plan to change that,” Robinson says.
“Our strategy is to make the issuing of credit and debit cards accessible and affordable for a whole new range of Australian customers – including finance companies, building societies and larger retailers,” Robinson says.
“We are bringing a whole new level of innovation, flexibility, accessibility and price to the credit and debit card market.”
Robinson says the launch of GFG Group’s outsourced offering is a key strategic initiative, with the company investing significantly in the products, skills and systems to deliver card solutions in a rapidly changing payments landscape in Australia. “It is GFG Group’s intention to take this offering to the international market.”
Peter Kelly, Managing Director, CIT South Pacific, says CIT has been working with GFG for some time building a delivery channel that can process and manage a new range of products for CIT’s Australian business unit.
“We believe we have an innovative new product to offer our customers. We’re very pleased with the functionality of the new card product and system. It will enable CIT to support some new major equipment vendor initiatives and will provide our vendor networks and direct customers a fast and easy way to facilitate purchases. Targeting the small ticket finance market, the card establishes a pre-approved line of credit so transactions can be completed quickly with competitive pricing,” Kelly says.
About CIT Group
CIT Group (Australia) Limited, a company of CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim.
Whilst possessing global strength, CIT applies local knowledge in servicing customers throughout Australia and New Zealand. For more information, visit www.cit.com or phone +61 2 9424 1400.
For more information on GFG:Utility please contact:
Wayne Robinson
GFG Group
(03) 9661 8201
wrobinson@gfg-group.com
