Tata Consultancy Services and C-SAM partner for wireless payments
12 October 2004 | 787 views | 0
Source: Tata Consultancy Services
Tata Consultancy Services Ltd. (TCS) and C-SAM Inc. have forged a strategic alliance to bring innovative payment solutions to banking and financial services firms seeking to allow consumers to make transactions via mobile phones and create new revenue streams
C- SAM's mobile payment solution offers retail banks a unique suite of products based on wallet technology and completes transactions via a secure, intuitive interface. TCS and C-SAM will pool their respective talents and resources under this alliance to build on existing functionality and market the C-SAM product suite, as well as implement and support customer projects.
With the TCS/C-SAM wireless payment platform, banks and other business-to- consumer companies can now offer "m-payments" as an option for automated bill paying and other retail transactions. C-SAM's Secure Wireless Application Platform, or SWAP, encompasses four products: OneWallet, MerchantWallet, WalletServiceCenter, and POSAdapter. In theory, banks using the platform allow consumers to access all the contents of their traditional wallet -- from cash and checkbook to debit and credit cards -- via a mobile phone or other wireless device.
"The C-SAM patented payment platform represents a golden opportunity for retail banks to capitalize on the exploding mobile economy," says Sam Pitroda, founder and Chairman of C-SAM and a world renowned telecom visionary. "With TCS as a partner, CIOs face minimized risk in leveraging what has traditionally been seen as an emerging technology -- the firm's track record of quality and customer-centric solutions makes a mobile payments initiative a much safer investment."
Unique to the C-SAM product suite is its ability to aggregate all relevant applications under a single platform, addressing the specific needs of banking institutions. The C-SAM SWAP allows banks to create revenue streams with new fees for transactions completed via wireless devices, and differentiate themselves from competing institutions by providing new and convenient payment options to its customers.
"With more than 500 vendors offering niche mobile payment solutions, TCS recognized a need to participate in the new technology creating a platform that banking institutions could use to navigate this extremely fragmented market," explains N. G. Subramaniam, global leader for TCS' Banking and Financial Services practice group. "We saw C-SAM as an ideal alliance partner -- one whose emphasis on quality and innovation matches our own -- to help create a solution that will allow our customers to add mobile payment functionality to their product offerings."
The alliance between C-Sam and TCS brings to bear superior, innovative technology, combined with the deep expertise of an established global IT services leader with a proven track record. Working alongside TCS, banks purchasing the C-SAM platform can be assured of a seamless implementation with innovative and flexible consultation to develop increased functionality in the future, as well as ongoing support and maintenance.
As Asia's largest IT services firm and pioneer of the global delivery model, TCS is uniquely situated to aid companies from consultation to implementation, with TCS' extensive expertise in information technology and the banking and wireless industries. Engineers from across the firm's practice groups participate in projects requiring a cross section of expertise. Chicago-based C-SAM, an innovator of wireless payment solutions, developed the patented product suite.
The TCS/C-SAM platform is available today through a competitive pricing structure based on licenses, technical support, and implementation. While the TCS/C-SAM solution is ideal for the banking and financial services sectors, the telecommunications and retail industries also stand to gain from the innovation of the TCS/C-SAM wireless payment platform