Goldman sachs has chosen a lesser-known technology firm to help process payments in its credit card deal with apple, bloomberg reported, citing sources familiar with the matter.
Goldman struck a deal last year to license payment processing Software from Intelligent Systems Corp. ‘s CoreCard Software to tap into the consumer card business, the sources said.
Such technologies are typically used to manage credit card authorization, identify fraud in real time, and calculate interest or rewards.
The deal could be a big help to intelligent systems. In the 12 months to September 30 last year, the company’s revenue was $16 million.
If Goldman’s partnership with apple is successful, the company’s revenues will grow exponentially.
But all three, including Goldman sachs, apple and Intelligent Systesm, declined to comment on the news.
The industry has long been dominated by payment processing Services such as Total System Services and First Data, and Goldman’s choice of CoreCard came as a surprise.