Western Union Business Solutions partnered IndusInd Bank Limited to bring its technology platform for making global business and foreign exchange payments to the doorsteps of small and medium-sized enterprises (SMEs). IndusInd Bank has also signed up two of Western Union’s largest agents, Weizmann Forex Ltd and Paul Merchants Ltd, as referral agents to help market the service in India. The service will launch at select Paul Merchants Ltd. and Weizmann Forex Ltd. Western Union locations in 22 cities across the country and aims to provide doorstep service to clients. Customers will be able to request a visit from a trained representative of Paul Merchants Limited or Weizmann Forex, allowing them to book a cross-border transaction from their home or office. This service will be offered under license by IndusInd Bank and will be particularly valuable for small businesses that currently need to commit resource and travel time to arrange payments for international suppliers.
Diebold announced Karthik Ganapathi has been named vice president and managing director of the company’s South Asia region, which includes India, Bangladesh, Sri Lanka and Nepal. Here he will continue to develop Diebold’s service organization in India while leveraging the company’s innovation in products, managed services and security solutions for long-term growth in the region. Prior to this position, Ganapathi served as vice-president, corporate strategic planning and development. Ganapathi holds a master’s degree in business administration from the University of Chicago in Chicago, Ill., a master’s of science degree in material science from the University of Missouri, and a bachelor’s degree in materials engineering from the National Institute of Technology in India.
NCR Corporation announced as part of the regional realignment of its management team, Navroze Dastur has been promoted to be the new managing director for NCR India, reporting to Jaivinder Gill who will now assume the role of Vice President – South Asia Pacific for Financial business. Navroze has been with NCR for the past seven years as the senior general manager for strategic alliance and payment solutions responsible for charting the company’s overall growth strategy for the payments business and partner alliances.
FIS will supplement its outsourced ATM management and debit card processing for Karnataka Bank with additional ATMs. This new deal follows FIS’ recent announcement to significantly expand its ATM outsourcing operation in India. Once the two new ATM projects are fully implemented, FIS will manage approximately 11,000 ATMs across India. The agreement with Karnataka Bank further highlights the operational gains banks in India realize by outsourcing ATM driving and management to FIS. By outsourcing their ATM management to FIS, the bank will be able to focus on its core business expansion and customer service initiatives – allowing for more rapid growth while ensuring its customers have a high-quality, reliable ATM service. Under the agreement, FIS will be responsible for site preparation and implementation of new ATMs, transaction switching, cash management and post-implementation services that include preventive maintenance, caretaker services, help desk and operational monitoring.
MoneyGram global money transfer renewed its agreement with India Post. MoneyGram’s growth strategy includes aligning with post offices, among other types of agents, providing consumers with convenient access to reliable and affordable money transfer service close to where they live and work. Currently, MoneyGram has nearly 30 postal relationships globally in countries such as the United Kingdom, Canada and Italy with plans to expand further in the coming years.
State Bank of India (SBI) has chosen NCR to deploy 600 NCR “SelfServ 32” Intelligent Cash Deposit ATMs. While check and cash withdrawals make up more than 60% of transactions performed at the teller counter, the NCR SelfServ intelligent deposit ATMs allows SBI to reduce long queues at its branch and will give its customers the flexibility to execute everyday cash deposit transactions beyond banking hours. Migrating high volume deposit transactions from the branch to the ATM reduces cost significantly for banks. A single cash withdrawal or deposit transaction at the branch can be reduced by up to 75 percent. A normal withdrawal typically costs a bank between Rs. 40 to Rs. 45 per transaction, while the same transaction may cost about Rs. 10 to Rs. 15 at the ATM.
Diebold launched its “Diebold 429” intelligent-powered ATM, designed to meet the increasing demand for self-service terminals. Built with a unique intelligent power management system, it automatically switches between three possible power sources (solar panel, alternating current (AC) grid and internal battery), maximizing terminal uptime, lowering total cost of ownership and delivering unprecedented convenience to consumers. Highly efficient, consuming approximately 40 percent less energy than the previous generation of cash dispensers, the self-service terminal has an integrated four-hour battery backup for enhanced ATM reliability. The Diebold 429 offers superior transaction opportunities, equipped with an optional single-note acceptor (SNA) that enables small-volume currency deposits and bill payments at the ATM, improving speed and convenience for the consumers.
Western Union announced a new service that will make it easier for universities and higher education institutions around the world to accept tuition payments in Indian Rupee. Over 200,000 Indian students study abroad each year, whom are typically invoiced in the currency of their university (e.g. US or Canadian Dollar), which often makes the payment process cumbersome and expensive. In many cases, intermediary fees impact the final amount received by the university so the students still owe money before commencing their studies. Western Union’s new service will enable participating schools and universities to offer Indian students the option to pay tuition fees in their home currency. It will be offered by Weizmann Forex and Paul Merchants Limited, the two largest Western Union Agents in India.
Financial Software & Systems key Payment Systems Integrator announced a landmark technology upgrade for the bank, having implemented and integrated ACI’s BASE24 transaction switch application ver 6.10. The bank also upgraded the software to run on the high-end HP NonStop NB54000c Blade System which will help SBI increase its ATM network from 30,000+ to over 60,000+ ATMs in the next two to three years. SBI’s ATM expansion plans will actively support Government of India / Ministry of Finance ambitious mission to increase ATM penetration in the country of which SBI has the largest contribution. FSS has furnished SBI with multiple upgrades to the transaction switch to scale and handle several thousand ATMs and have upgraded their debit card management and reconciliation systems from FSS to process the card lifecycle for over 100 million+ cards.
TSYS technology is playing its part in an innovative payment solution launched by Visa in India. The Saral Money program provides Indian consumers with access to financial services and electronic payments for the first time by linking Visa accounts to Indian Unique Identification Accounts. As part of this program, TSYS’s technology is used to authenticate account holders by transporting biometric information, such as fingerprints, from the point of sale to the Unique Identification Authority of India (UIDAI). Once the account holder is authenticated using biometric information, the transaction information such as amount of the purchase and merchant type is then submitted to Visa’s network for processing.
State Bank of India (SBI), with over 10,000 ATMs and Kiosks and processing 10 million transactions on a single day on electra platform, partnered ElectraCard Services’ electra payment platform to grow its ATM and Debit Card base. The SBI has plans to increase its network to 60,000 ATMs in the near future, and already has over 50 Million debit cards on electra platform – making it one of the largest payments EFT switch installation in the world. With “electraSWITCH” at SBI, the bank is providing continuous transaction processing services for their customers.
Network International payment solutions signed a partnership agreement with Times Internet Limited to acquire a majority stake in TimesofMoney for cross-border remittances and domestic payments. TimesofMoney was owned 100 per cent by Times Internet Limited, which is one of the highest remittance receiving countries in the world, estimated at US$64 billion annually, and that the value of the GCC-India remittance corridor is valued at approximately US$25 billion annually. Overall, the cross border remittance market is estimated at approximately US$415 billion globally. TimesofMoney’s flagship brand, Remit2India, is a pioneer in online remittances to India with over a decade of expertise in facilitating money transfers from non-resident Indians (NRIs) across the globe. This acquisition is seen as a major enabler of Network International’s strategy to expand its product offering and geographic coverage.