Dave, I think today's release is another defining moment for the future of CGI - it will open even more new avenues for revenue and earnings. I'll say it again, Serge Godin for CEO of the Year!
Thomas, pardon me for reposting the news but I find that StockWatch edits a lot of key information and messages being transmitted by the company. This version is from CCN.
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: THE CGI GROUP
ME, TSE SYMBOL: GIB.A
SEPTEMBER 16, 1997
CGI Becomes First Non-Financial Institution to Offer
Interac(R) Transaction Support to its Clients
MONTREAL, QUEBEC--The CGI Group announced today that it is the
first non-financial institution member of Canada's Interac
electronic payment system with the ability to provide Interac
services to its clients. Yesterday, CGI became the first non-
financial Interac member to process transactions and the first
such member to offer Interac Direct Payment (IDP) services through
point-of-sale devices and Interac Shared Cash Dispensing using
automated banking machines (ABMs).
"We're very excited about this development which opens up an
entirely new dimension in our service offering," said Jean
Brassard, CGI's President and COO. "As of yesterday, CGI began
providing Interac services to the Canadian affiliate of Republic
National Bank of New York, and we are currently holding
discussions with a number of potential clients who have expressed
interest in our Interac services", he added.
CGI is one of several organizations that have become members of
Interac over the past few months. CGI yesterday became the first
such member to introduce its services. Since 1985, CGI has been
involved in Interac as an agent and data services provider on
behalf of the Credit Union Central of Canada and all of its more
than 400 credit union affiliated members.
"We have been running Credit Union Central of Canada's Interac-
related applications for years," said Brassard. "We have now
taken a significant step by setting up our own stand-alone Interac
environment to provide for Interac Shared Cash Dispensing and
Interac Direct Payment."
Brassard added that the market for Interac Direct Payment through
point-of-sale devices is experiencing average annual growth of 50
percent in Canada and that this demand is expected to continue
unabated in coming years, as a result of growing consumer
acceptance. In the first seven months of 1997, according to
Interac data, some 524.9 million IDP transactions were completed
representing a total value of $22.7 billion. "In 1996, meanwhile,
automated banking machine withdrawals totalled $1 billion in
Canada, and this figure keeps growing," he said. "Interestingly,
there is strong customer demand for Interac services provided by a
non-financial institution such as CGI."
CGI's role as non-financial service provider will position the
company strongly in view of upcoming industry developments such as
the introduction of smart card-based electronic payment
technology. "The so-called chip cards incorporating integrated
circuits are being pilot-tested and are expected to enter the
market soon and will join other electronic payment systems in
gradually replacing cash transactions," he said. "CGI has the
expertise and resources to play a major role in this emerging
market."
CGI's Interac environment includes BASE24 software from Applied
Communications Canada Inc. (ACCI). "ACCI is very pleased to be
CGI's provider of choice for its Interac electronic payment
software," said Janice Moyer, President and CEO of ACCI. "We have
worked in partnership with CGI over the past year to design a
highly functional, reliable system for its Interac customers."
ACCI, a subsidiary of Transaction Systems Architects Inc. (NASDAQ:
TSAI), provides solutions to the majority of Canadian financial
institutions that make up Interac, and has been actively involved
with Interac since the late 1980s.
Following its April 1997 merger with CDSL Holdings, CGI gained a
solid foothold in the retail banking systems and electronic
commerce and switching services industry. CGI currently delivers
information technology solutions and services to over 300
financial institutions with more than two million customers and
supports in excess of 850 ABMs.
CGI is the largest Canadian-owned independent information
technology consulting firm with 2,900 professionals and a revenue-
run rate of $300 million. The company's backlog is currently
valued at over $1 billion. It provides end-to-end IT services and
business solutions to more than 1,800 clients throughout Canada
and elsewhere in the world. CGI's shares are listed on the
Toronto and Montreal stock exchanges under the GIB.A symbol.
Website address: cgi.ca. |
