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FIS reports Indian ATM agreements

20 August 2012  |  1667 views  |  0 Source: FIS

FIS, the world's largest provider of banking and payments technology, today announced new agreements to deploy and manage more than 5,500 ATMs in India.

This deployment is part of a pan-India ATM rollout that will be undertaken by a consortium of public-sector banks over the next two years.

As part of this multi-year agreement, FIS will provide end-to-end outsourcing services including supply, setup and ongoing ATM operation. Currently driving more than 3,500 ATMs across India and operating two of India's four interbank ATM switching networks, the new deployment will significantly expand FIS' business in the country, which is a key market in FIS' international growth strategy.

FIS is a global leader in ATM management and has been servicing ATMs for clients in India for over 15 years as part of a strong and diversified portfolio of payments and banking solutions, including payment switching, ATM management and transaction routing, and core banking.

According to CEB TowerGroup's Research Director Nicole Sturgill, India has an exceptionally strong ATM growth rate, growing at approximately 20 percent each year. A large population and a small ATM penetration rate, combined with the country's continued solid economic growth, create the need for more ATMs.

"India is a very attractive business market, and this announcement further illustrates our commitment to the country. Through this important initiative, FIS will more than double the number of ATMs it supports in India," said Mark Davey, executive vice president, FIS International Solutions Group. "This win is a testament to FIS' ability to leverage our global scale and expertise to solve a local market challenge." 

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