Logica's Commercial Lending Division Sold

NEW YORK - IQ Financial Systems Inc., which sells commercial lending and risk management software to banks, said it has bought the commercial lending division of Logica Inc.Terms were not disclosed.

Logica, a London-based software and systems integration company, serves the telecommunications, finance, energy, and utilities industries in 23 countries. It also sells money transfer software systems to banks. Its processing system is used by 60 small- and midsize international financial institutions.

IQ Financial, which was spun off from the former Bankers Trust Corp. in May 1998, has sold a similar system to 14 banks. David Salvin, chief financial officer of IQ Financial, said the deal "fits within our goal of delivering a complete range of best-of-breed products to the financial marketplace."

Oasis of Canada Plans Push in U.S. Market

TORONTO - Oasis Technology Ltd., a payments software provider to major banks and card organizations, said it has embarked on a U.S. expansion strategy focused on retail stores and "e-tailers," financial institutions, and third-party processors.Oasis said the rise of Internet commerce makes the timing right to build on its foothold in the United States, one of 70 countries where its systems are installed. Chief executive officer Ashraf Dimitri stressed that "our e-payment software for the Internet is here now, not tomorrow or next quarter."

The company plans to open sales offices on both coasts overseen by Brian Cook, senior vice president for North America.

"Our customers are looking for a proven provider that can offer a single platform to consolidate all of their e-payment channels and connect easily to back-end payment systems," Mr. Cook said. "We are poised to demonstrate that only one e-payment provider has a complete software solution for the future of e-payments over the Internet."

Baltimore Technologies Gets Singapore Contract

DUBLIN - The fast-growing digital certificate vendor Baltimore Technologies said it has won a significant contract from ID.Safe of Singapore.ID.Safe, a commercial certificate authority jointly established by Singapore Post and Commercial and Industrial Security Corp., will deploy Baltimore's Unicert public key infrastructure technology as it tries to promote a secure electronic business infrastructure.

"ID.Safe was created to take advantage of opportunities to provide digital certificate technology to organizations and individuals," said the company's executive director, Lun Kai Shen. He said Baltimore won in a close competition with other suppliers.

"We made a strong commitment to the Southeast Asia market by opening an office in Singapore a year ago, and this is clearly paying off," said John Palfreyman, Baltimore's managing director for Asia-Pacific.

ID.Safe intends to apply for accreditation as a certificate authority under a year-old Singapore government program that, Mr. Lun said, "has pushed the country to the forefront of the provision of security services, particularly for e-commerce."

Mondex Exec to Lead Utah Firm's U.K. Unit

PARK CITY, Utah - Richard G. Hicks has left Mondex UK Ltd. to become director of United Kingdom operations of Digital Courier Technologies Inc., developer of a high-speed payment processing and fraud protection system for Internet commerce.Digital Courier in October opened a data center in London as a base for expansion of its Internet Payment Gateway into Europe, which Mr. Hicks will oversee. He said the company's "end-to-end payment processing system and fraud and risk management solution is, in my opinion, the best in the business."

At the U.K. franchise of the Mondex International smart card network, Mr. Hicks was head of planning and communication. He also worked at National Westminster Bank in London, where Mondex was originally developed.

Digital Courier and Mondex announced an agreement in November to "Internet-enable" Mondex on the payment gateway system. That would put Digital Courier in a position to act as a currency issuer or foreign exchange bureau in loading money on the cards. Mondex chips allow for "purses" in up to five currencies at once.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.