Rs110 crore orders for FSS

Chennai: The city-based Financial Software & Systems (P) Ltd (FSS), the leader in electronic payment system solutions and services has won Rs110 crore worth of ATM outsourcing contracts from two nationalised banks viz., Bank of Maharashtra and Vijaya Bank. The contract involves an end to end deployment and management of 525 ATMs for the two banks across the country.

Interestingly the Bank of Maharashtra has chosen the outsourced model for the ATMs over a five year period while Vijaya bank has decided to go for owned model with and eight year contract for ATM managed services.

In the outsourced ATM model, the ATMs and the related services are outsourced to the third-party service provider, whereas in the owned ATM model, the ATMs are owned by the bank, and only the services are outsourced.

The ATM outsourcing contracts will include comprehensive maintenance, network monitoring, site security, cash forecasting and replenishment, and help desk, reconciliation and settlement services.

For banks, deployment and management of their ATM networks require substantial manpower and skills, beside considerable upfront investments and operating costs. Outsourcing of retail infrastructure management and financial transaction processing helps in retaining the focus on core business with optimal man power, improve performance and reducing the operational costs.

FSS will install ATMs and all related equipment at the sites selected by the banks and drive the ATMs from FSS centre in Chennai with back office support and disaster recovery support from Mumbai. Services provided by FSS include online transaction authorisation, ATM and debit card management functions, interchange support, transaction reporting and back office functions.

FSS solutions and services currently power around 14,000 ATMs and 124,000 point of sales (POS) terminals for banks, processing over 100 million transactions a month.