Prepaid International Forum (PIF) named Kusal Roy, Head of Cards and Personal Loans at ICICI Bank as the successor to founding PIF India Chairman Sachin Khandelwal who is stepping down after two years. Kusal Roy is a retail banking professional with 16 years of experience, across Citibank, Barclays and ICICI Bank. Currently, he is General Manager and Business Head of Cards (Credit, Debit and Prepaid) and Unsecured Loans at ICICI Bank. The various cards businesses at ICICI Bank are among the largest in India in each product vertical. Mr Roy has rich experience in the payments domain over the last decade and a half, having created significant product innovations including India’s first foreign-currency prepaid card.
Standard Chartered has waived all charges on remittances made by its customers to India through its Online Banking Service. With zero charges on remittance transactions to Standard Chartered accounts as well as other bank accounts in India, consumers can take advantage of this until May 31st 2011. Standard Chartered has operated for over 150 years in some of the world’s most dynamic markets and earns more than 90% of its income and profits in Asia, Africa and the Middle East.
AGS Transact Technologies touch-point transformations has partnered with Ratnakar Bank to deploy 250 outsourced ATMs. With this, AGS will deploy ATMs and all related equipments such as UPS, AC etc. and maintain ATMs and ATM sites. AGS Transact Technologies offers technology-based solutions for banking, retail, petroleum and postal sectors. AGS provides a complete suite of banking products through such lines as ATMs, Cash Dispensers, Cash Deposit Machines, Banking Kiosks, Biometric ATMs, Self-Service Passbook Printers, Cheque deposit Kiosks and Assisted Teller Systems.
Panini global payments processing technology has added ultraviolet (UV) light scanning capabilities to its “Vision X” check scanning platform. The new UV scanning capability will be available as an optional feature on the Panini Vision X, allowing banks to assess item authenticity during the cheque truncation process. India’s new Cheque Truncation Standards, established by the Reserve Bank of India, include various security features to ensure uniformity across all banks in the country by providing a standard for the examination of checks in an image-based processing environment. A key security feature introduced by the new standards is the inclusion of ultraviolet logos on all paper cheques; bank logos will be printed using UV ink, visible only under UV light. When using the new UV detection feature, the Panini Vision X will scan the front cheque image with UV light, enabling the necessary fraud detection procedures, while simultaneously capturing the greyscale or binary image required for cheque truncation.
Diebold India has forged a two-year managed services agreement with Axis Bank and will manage more than 1,100 of the bank’s ATMs across the Country. Diebold will now support Axis Bank with ATM incident monitoring, vendor management, cash forecasting and replenishment services, caretaker services, consumables management and site maintenance. Diebold managed services is a partnership approach that leverages global best practices, economies of scale, accumulated vendor experience and knowledge. This ensures continuous improvements, operational efficiency and cost reduction for customers. Diebold India is a wholly-owned subsidiary of Diebold, Incorporated, and is headquartered in Mumbai, India, with an infrastructure supporting more than 780 locations across the country.
Sameer S Nemavarkar has been appointed the new CEO for Atos Worldline in India, which with the acquisition of Venture Infotek Global is now a leading payment processor in Europe and India. Sameer will be responsible for further growing Atos Worldline’s leading business in hi-tech transactional services in one of the world’s most dynamic and fast growing markets. He will focus on the development of existing electronic payment activities, together with the introduction of innovative solutions based on Atos Worldline’s extensive expertise to ensure Atos Worldline in India meets and exceeds emerging business demands to enter new markets and industries. He comes from Axis Bank, which he joined in 2000 and where he was Senior Vice President and Head of Business – Retail Forex and Remittances- and brings with him experience in hi-tech transactional services and notably in payments, covering credit and debit cards, internet banking and e-commerce, retail banking, issuance and acquiring. He holds a degree in Instrumentation Engineering from Mumbai University and has completed his Post Graduation in Business Management from the Indian Institute of Management Lucknow (IIM-L).
IDBI Bank has implemented on both its Payments and Receivables modules Fundtech’s “Global CASHplus” cash management and financial supply chain product. IDBI’s corporate clients will now have access to cash flow planning and working capital optimization applications on the “Global CASHplus.” It will also help IDBI Bank centralize its payments and collections processing for its corporate customers, including salary payments and invoice payments. The new system enhances many of the bank’s collections services, including guaranteed arrangements, check collections, post-dated check collections, correspondent bank management, among others.
To offer secure, innovative, efficient and light-weight POS applications, Ingenico payment solutions partnered with MRL PosNET Indian-based merchant services to launch their “SecureNET” Line Encryption solution for POS Terminal. Encrypting POS messages across different communication channels, such as DSL broadband, Cable modem broad band, Data enabled GPRS SIM or Data enabled CMDA fixed wireless phones, the POS terminals will be deployed by around 25,000 throughout 2011. Developed on the Ingenico platform, the “SecureNET” solution ultimately gives the merchant flexibility and lets them transact using any open network infrastructure. It encrypts the entire transaction packet from the POS to the Switch using 3DES encryption as well as Visa recommended best practices for key generation, storage, transportation and injection.
Tanla Solutions has launched its “TPAYmobile.com” cross platform on device mobile payment service for mobile applications and games. This allows developers access to billing on over 100 mobile networks as well as the ability to charge through Credit & Debit cards globally and the ability to monetize through in-application billing, try & buy, time bound licensing and subscriptions with absolutely no starter or joining fee. With its try & buy feature, developers can promote their content by providing free time bound trials and converting users to paying customers using on device payments. Its based on a client-server architecture, where the client integrates with the end user application and consumers have the choice of paying either through credit cards or directly on their phone bill.
MoneyGram International is leveraging its ICC partnership for the ICC World Cup 2011 championship by launching the MoneyGram “Cricket for Peace” program across South Asia. The multi-country, multi-language consumer initiative will be launched across nine cities in Bangladesh, India and Sri Lanka. The “Cricket for Peace” initiative is a theme-based music contest that links cricket with world peace and invites music -and cricket-lovers across the three world cup hosting nations to create music compositions that depict how cricket can foster the spirit of world peace. The MoneyGram “Cricket for Peace” finale will take place a day before world cup final match in Mumbai on April 1, 2011.
airtel Africa, Standard Chartered Bank and MasterCard were honored for mobile payments innovation at the 16th Annual Global Mobile Awards held during Mobile World Congress (MWC) 2011. The recently launched virtual card product, developed in collaboration between airtel Africa, Standard Chartered and MasterCard, received top honors as the Best Mobile Money Product or Solution. Honored by a panel of mobile industry experts, the virtual card product was recognized as an innovative mobile payments solution that will offer consumers in Kenya, and eventually across Africa, greater participation in the financial system through mobile commerce.
Fundtech global transaction banking has officially made available its “Global CASHplus Enhancement Pack” in India. The “Global CASHplus Enhancement Pack” offers 16 new product features that meet the evolving cash management business and operations requirements of banks. New features for liquidity management, receivables and payments will improve both business process and operations. Fundtech was founded in 1993 to provide software and services to banks around the world for wire transfers, ACH origination, cross-border payments and remittance.