The contracts run for five years and together generate business volume of NOK 15 million. AIB Bank (Isle of Man) Limited, AIB Bank (CI) Limited, Close Bank, NM Rothschild & Sons (CI) Limited and Singer & Friedlander (Isle of Man) Limited are to buy solutions and services for their card activities. These banks principally focus on Offshore Private Banking. They are all subsidiaries of either Irish or UK financial institutions, but operate as independent units. As such they are subject to regulation in the Isle of Man, Jersey or Guernsey and in all cases this imposes strict requirements on confidentiality and security. The complete solution will come into production during the first quarter of 2004. EDB, working in partnership with TAG Systems and Teller, will supply a complete solution including operating services, card production and user support for the banks and their cardholders. EDB Bank & Finance will supply existing components for card administration and authorisation as well as a new web-based work process solution. Operating services will be supplied by EDB IT Operations. TAG Systems will produce the actual cards and provide support for the banks cardholders through its 24-hour customer centre. Teller will carry out settlement and billing through the international VISA network.
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