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Product
Development Milestone Propels Company Closer to
September Launch
NORCROSS,
Ga., June 26 - CoreCard Software, Inc., a
PaySys* spin-off and premier provider of
real-time payment management and credit
transaction processing systems today announced
that its flagship global card issuing and
real-time transaction processing system,
CoreISSUE™ has successfully completed test
requirements for the MasterCard® Global
Clearing Management System (GCMS) and the
Integrated Product Messages (IPM) format.
CoreISSUE also meets MasterCard's issuer
authorization requirements including card
validation code (CVC-1, CVC-2) and address
verification service (AVS).
GCMS
with its IPM format is MasterCard's new clearing
system and message format. Financial services
organizations using CoreISSUE to process their
MasterCard portfolio can immediately enjoy
greater operational efficiencies and reduced
processing costs offered by GCMS and IPM through
features such as a simplified chargeback
process, multiple clearing and settlement cycles
and the delivery of enriched data customizable
to the financial organization's end-customer
requirements.
CoreISSUE
is a fully integrated, browser-based, card
issuing system with language and currency
localization capabilities for cross-border
deployments. Scheduled to be generally available
in September 2002, the system provides
comprehensive, real-time processing of payments
and transactions including authentication,
authorization, clearing, settlement, customer
service, dispute management, statement and
letters generation, and collections. CoreISSUE
runs on Intel processor-based hardware and is
designed to scale regardless of portfolio size
or transaction volume. It supports an array of
physical and virtual card products including
association-based commercial and consumer
bankcards and private label products such as
stored-value cards, retail cards and
merchant-specific gift cards. The system is
currently being implemented at Charter Customer
Program participant sites.
Prior
to First Data Corporation's acquisition of
PaySys in 2001, a separate entity then named
Delos Payment Systems, was formed that retained
ownership of the intellectual property resulting
from PaySys' six-year research and development
effort to build a platform from which credit
processing and payment solutions can be rapidly
developed. Now renamed CoreCard Software, Inc.,
the company will make CoreISSUE, the world's
first real-time card issuing system with
multi-currency and multi-lingual capabilities,
available to card issuers in the summer.
CoreCard is a subsidiary of Intelligent Systems
Corporation [AMEX: INS] and is headquartered in
Norcross, Ga. For more information, call
770-564-8000 or visit www.corecard.com.
MasterCard
International has a comprehensive portfolio of
well-known, widely accepted payment brands
including MasterCard®, Cirrus® and Maestro®.
More than 1.7 billion MasterCard, Cirrus and
Maestro logos are present on credit, charge and
debit cards in circulation today. An association
comprised of more than 15,000 member financial
institutions, MasterCard serves consumers and
businesses, both large and small, in 210
countries and territories. MasterCard is a
leader in quality and innovation, offering a
wide range of payment solutions in the virtual
and traditional worlds. MasterCard's
award-winning Priceless® advertising campaign
is now seen in 81 countries and in 41 languages,
giving the MasterCard brand a truly global reach
and scope. With more than 24 million acceptance
locations, no card is accepted in more places
and by more merchants than the MasterCard Card.
For the year ended December 31, 2001 gross
dollar volume exceeded US$986 billion.
MasterCard can be reached through its World Wide
Web site at http://www.mastercard.com.
# # #
*PaySys
is a registered trademark of PaySys
International, Inc., a wholly owned subsidiary
of First Data Corporation.
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