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Threshold Financial Technologies Inc. Partners with Canada’s Third Largest Credit Union to Provide Transaction Processing and ATM Driving March 23, 2006 -- Toronto, Ontario -- Threshold Financial Technologies Inc. (Threshold) has announced that it has signed a binding letter of intent with Ontario-based Meridian Credit Union (Meridian), Canada’s third largest and Ontario’s largest credit union, which contemplates Threshold assuming all transaction processing (Issuer and Acquirer) activity, as well as ATM driving functions for Meridian’s substantial network of ATMs. Meridian is the resulting entity of a merger last April of Niagara Credit Union and Hepcoe Credit Union. “Meridian operates two legacy and disparate transaction processing environments”, explained Matthew McIver, President for Threshold, “and was challenged with developing a convergence strategy that would meet the current and future technical, business and operational needs of the organization. Threshold proposed a solution that met those objectives”. Andrew Obee, VP, Operations & Administration for Meridian, commented that “Threshold presented a well-engineered solution that allows for a seamless transition to a new, state-of-the-art processing environment with negligible impact to service delivery, which is clearly a key objective for us. Our members will benefit from a technically superior ATM network without an interruption in service. I am highly impressed with Threshold’s industry knowledge, proven technical competency, and overall professionalism”. “Like all financial institutions, credit unions must continue to develop their service offerings”, pointed out Stephen Gesner, CIO for Meridian. “Threshold’s solution not only meets our immediate needs and allows Meridian to meet all current compliance requirements, but also positions us for upcoming technological advancements. Most importantly, a partnership with Threshold positions Meridian to deliver enhanced ATM services to our membership.” About Threshold Ontario, Canada-based Threshold Financial Technologies Inc. provides outsourced transaction switching, ATM management services, and turnkey ATM solutions to financial institutions and retailers. Threshold also owns and operates a nationwide private-label ATM network in Canada, branded ‘Laser Cash’. The company works with high-profile organizations such as A&P, Costco Wholesale Canada, Shoppers Drug Mart, ING Bank, All Trans Financial Services (TTC), Alterna Savings, Cineplex Odeon, Sobeys and Amex Bank of Canada. About Meridian Meridian Credit Union is Ontario's largest credit union serving more than 180,000 members in the communities of Niagara, Guelph and much of south-central Ontario with a full range of banking, wealth management and credit products and services. With 43 branches and seven Commercial Banking Centres located throughout Ontario, the credit union has 900 employees and over $3.5 billion in assets. For more information, visit www.meridiancu.ca |
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