Goldman’s Apple card leads to big win for Georgia firm

Goldman Sachs Group Inc has picked a little-known technology firm to help handle payments for its planned credit-card partnership with Apple Inc.

The bank struck a deal last year to license payments-processing software from CoreCard Software, owned by Intelligent Systems Corp, to help with its foray into the consumer-card business, according to a source, who asked not to be identified.

Such technology is typically used for managing card authorisations, identifying fraud in real time and calculating interest or rewards.

The deal could give a big boost to Norcross, Georgia-based Intelligent Systems, which had about $16 million in revenue for the 12 months through September 30 — potentially setting it up to multiply in size if Goldman’s partnership with Apple proves successful.