17 August 2017
Find out more

State Bank of India taps ElectraCard Services for ATM network expansion

03 January 2013  |  2773 views  |  0 Source: ElectraCard Services

ElectraCard Services (ECS), a leading electronic payments solution provider, announced accomplishment of a big milestone with State Bank of India (SBI) with over 10,000 ATMs and Kiosks and processing 10 million transactions on a single day on electra platform.

SBI, with the largest ATM network in India, had selected ElectraCard Services' electra payment platform to strengthen and support its plans to significantly grow its ATM and Debit Card base. The SBI has plans to increase its network to 60,000 ATMs in the near future, and already has over 50 Million debit cards on electra platform - making it one of the largest payments EFT switch installation in the world. Bank is rolling out all new cards and ATMs on electra platform.

Transaction volumes have increased as SBI consolidated its entire acquiring business for domestic and international card networks resulting in significant cost savings. electraSWITCH™ at SBI is one of the first active -active implementation in the region providing continuous transaction processing services for their customers.

SBI has leveraged other ECS solutions from the electra suite as well. These include ECS's Internet payment gateway and 3-D secure authentication software for SBI's ecommerce acquiring needs. Since the implementation of the electra suite, SBI has also launched several value added services including 'Green Channel Counter' at its branches to do away with queues and to introduce paperless banking, At these counters, instead of a bank executive you get a hand-held swipe machine linked to a computer and can be handled by customers themselves for depositing/withdrawing cash, fund transfers and for dispensing pay-in slips and withdrawal forms.

Mr. Ashok Kumar, VP at ECS said: "When SBI chose the electra suite they were looking for a powerful and flexible payments platform with the capability to adapt products to markets while coping with rapid growth in processing volumes. We're delighted that SBI's Implementation of our products has enabled them to achieve such business success in this area."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.dorsum.euvisit www.abe-eba.eu

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10471 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9879 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9812 views comments | 8 tweets | 15 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8192 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7658 views 0 | 1 tweets | 8 linkedin

Featured job

Find your next job