Corporation Bank taps ElectraCard Services for ATM tax payment facility

Source: ElectraCard Services

ElectraCard Services (ECS), a leading provider of software solutions for electronic payment systems, has facilitated Corporation Bank's recently launched tax payment facility through ATMs.

Corporation Bank is now offering a service to its customers to pay direct tax through their ATMs on registering for the facility.

When the customer uses the Bank's ATM to pay tax, the ECS system carries out the PIN verification and fetches the relative tax template details from the Bank's server after due authentication. Following this, the system will send the tax payment transaction with the tax amount entered by the customer and this amount will be debited to the customer's account and the tax payment account will be credited. On completion, the customer will get a receipt with the transaction details.

Speaking on this occasion, Mr. Ramesh Mengawade, CEO, ElectraCard Services said, "The Income Tax department is initiating various friendly measures for tax payers, which not only provide convenience to the tax payers but also encourage banks to give added facilities to their customers. With Corporation Bank extending this facility, we are happy to provide the technology support which will ensure smooth and secure transactions to tax payers".

Corporation Bank has been associated with Opus Software Solutions Pvt. Ltd (the parent company of ElectraCard Services) since the year 2001 when Opus provided electraSWITCHTM for the Financial Transaction Switch Centre (FTS) for the bank's ATM network. Corporation Bank is also the first public sector bank to use electraSWITCH for ATM operations.

Apart from the ATM operations, electraSWITCH has performed exceedingly well in all the tie-up arrangements for sharing the ATMs and the innovative utility payment services launched by the bank in association with various other banks and agencies.

Mr. B.R. Bhat, General Manager, IT, Corporation Bank, while complimenting ElectraCard Services remarked that "The contribution of ECS in rendering the bank's ATM services to be a success story and in ensuring the various interfaced utility payment services to be acceptable in the industry is commendable. The efficacy of this synergy between the Bank and ECS is also visibly reflected in the recent offering wherein payment of direct taxes was facilitated to the Bank's debit card holders through its ATMs. ECS has always responded promptly to the bank's innovative business requirements and has strived to achieve the standards set forth on many such projects."

Mr. Bhat continued "The Bank is keen to take this partnership forward by implementing various customer-centric products and services and in this direction has drawn up plans for some key deliverables in the near future. The bank is also looking at the ECS' Payment Gateway solution, electraECOMMTM to strengthen its e-commerce initiatives and to enhance the efficacy, efficiency, flexibility and scalability of its electronic commerce channels."

Comments: (1)

A Finextra member
A Finextra member 17 September, 2009, 04:36Be the first to give this comment the thumbs up 0 likes

Congrats and best wishes to ECS & Corporation Bank for initiating this innovative services.