Latest news from FSS:
Bhutan National Bank Limited ties up with FSS
FSSNeT to provide ATMs, POS and Card services to Bhutan National Bank
Chennai, May 3, 2006:
Bhutan National Bank, a 10 year old bank in Bhutan having 6 branches in different parts of the country is aggressively targeting the new business segments that are opening in this Mountain Kingdom. For the first time in Bhutan, a bank plans to provide online ATM and POS services via FSSNeT, the outsourcing wing of Chennai based Financial Software and Systems (P) Ltd.
FSS, through FSSNeT, provides third-party processing as an outsourced application service for a large number of top banks in India. FSS’s EFT solutions and outsourced services power over 75% of ATMs and Point of Sale (POS) Terminals in India, processing majority of the Electronic Funds Transfers in the country. For FSSNeT this is the first international outsourced service offering.
The kingdom of Bhutan is a tiny country in the great Himalayas, known for it’s scenic beauty, ancient culture, hospitable people and unique system of governance which gives more importance to human happiness than material wealth. Bhutan is one of the fastest growing tourist destinations for tourists looking for trekking and cultural tours in a lush mountainside.
The FSS partnership with Bhutan National Bank will benefit both Indian and Bhutanese banking customers who will have access to their savings bank accounts through the ATMs deployed by partner banks of the FSSNeT. FSS has floated a domestic payments gateway for a group of 22 banks including State Bank of India, Punjab National Bank, ICICI Bank, HDFC Bank, UTI Bank and now Bhutan National Bank. Through this payments gateway FSS will manage settlement of domestic transactions carried out by customers of these banks.
Bhutan National Bank is also exploring the possibility of offering credit and debit card facilities to the tourists who visit Bhutan by deploying Point of Sale (POS) terminals at various locations in Bhutan. Tourists would be able to use their cards for making purchases in Bhutan.
Mr. Kipchu Tshering, Managing Director, BNBL, says - “This electronic payment and settlement system is the first step towards our goal of providing basic modern banking amenities to our customers. We are confident that our partnership with FSS will not only cater to the immediate demands of our customers, but will also help us in achieving our next step of providing globally accepted amenities to our customers”
Says Mr. Nagaraj Mylandla, Managing Director, FSS - “We are pleased to partner with Bhutan National Bank in their electronic payment initiatives. For FSSNeT, this is a milestone in providing online services outside the shores of India. We look forward to a long mutual beneficial relationship with Bhutan National Bank, and look forward to increase in value proposition for both of us”
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