Opus Software Solutions, a leading provider of software solutions to the payments industry has signed a $10 million deal with State Bank of India (SBI) to replace their existing ATM platform with electraSWITCH.
This deal with State Bank Of India (SBI) will power 25,000 ATMs, 500,000 POS devices and Kiosks and authorize 80 million debit cards by next year; and these numbers are expected to double (including ATMs) by 2014, making this the largest installation in the world.
Migration of ATMs has already commenced and would be complete in 6-8 months, making this the fastest migration of an EFT Switch of this scale across the world.
Opus is implementing this solution through its wholly owned subsidiary - ElectraCard Services. Opus is also providing other solutions from its electra suite to enable SBI to implement 'Go-To-Market' strategies quickly and deliver value added services to its customers. These include an Internet payment gateway, 3-D Secure authentication software, debit card management software and a fraud management solution.
Speaking on this occasion, Mr. Ramesh Mengawade, CEO, Opus Software and ElectraCard Services said, "Opus has clinched this deal amid stiff global competition and stringent quality & process validations. This is a landmark win for Opus as it will become the largest EFT Switch solution provider in the world by 2014. This deal will further strengthen our market dominance in the payment marketplace in India. We are replicating such success stories nationally and internationally."