GFG GROUP - NEWS ARCHIVES - 2007
Cadencie and Simfonie deliver truly convergent payment solution
15 March 2007
GFG Group has launched its new Cadencie™ and Simfonie™ products, bringing together its Card and Mobile payments product offerings into a new integrated architecture designed to support virtually any payment device, ranging from credit cards to mobile phones.
GFG Group Chief Executive Anthony Howard says the new products replace GFG:UniCARD and GFG:Mobile and represent the culmination of a major behind-the-scenes product development project.
"Simfonie™ replaces GFG:Mobile. The new name reflects significant new development, much of which has been based on our work around the world with clients such as SMART Communications in the Philippines. There, our software is at the heart of a multi-award winning solution which allows SMART subscribers to use their mobile phone to run a bank account, make online payments, make credit card purchases, top up their mobile phone accounts and remit money to friends and relatives. It provides virtually all common banking services, all activated by their mobile phone. Simfonie™ is now being marketed worldwide with all these capabilities and is already proving a major success, cementing GFG's leadership in the mobile payments space."
He says Cadencie™ is a redevelopment of GFG:UniCARD - a highly successful full-function, real-time, credit, debit and charge card management system that allows you to do more with your Card portfolio. It supports both the issuing of cards and the management of the underlying accounts, plus merchant management, settlement, risk management, dispute processing and authorisation.
"Cadencie™ has all the capabilities of GFG:UniCARD, but has been redeveloped in JAVA and tightly integrated with the Simfonie™ mobile payments product. The result is a highly secure but highly flexible card management system, optimised for speed and ease of implementation," Howard says.
He says the strategy behind the product developments reflects the fundamental changes that technology convergence is driving through the global payments market. The new products ensure GFG's payments technology is at the forefront of this change, enabling payments to be made anytime, anywhere, using a wide range of payment instruments - from a mobile phone to a traditional credit or debit card.
"We are offering our customers first mover advantage into the opportunities that come with change. There's the opportunity for smaller banks and financial institutions to develop and launch new payment products faster and at a much lower cost, establishing new market niches using card-based payments. There's the opportunity for Telcos and banks to launch payment services - not only aiming at developed markets, but also bringing banking services to the 80 percent of the world's population that currently do not have access to basic financial banking services."
"We are also moving to maximise the unique leverage we have as a company. GFG's leadership in the payments market comes from a 20-year history in developing, implementing and managing traditional credit and debit card payment solutions. This has resulted in an in-depth knowledge of the processes, protocols and disciplines involved with high volume, high-security payments for both large and small banks and financial institutions worldwide," Howard says.
"In this shifting market of change and opportunity GFG's Cadencie product for Card payments and Simfonie for Mobile-based payments are right at the leading edge - delivering banking level security and unmatched payments flexibility with unprecedented speed and value."
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