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FSS facilitates ATM penetration to rural India
First to Launch BAIS product for ATMs with biometric support.
Hyderabad, November 3, 2006
Chennai based Financial Software and Systems (P) Ltd. (FSS), a leader in the electronic payment systems and services arena, announced the launch of their Biometric ATM Interface Solution (BAIS) that would enable connectivity of ATMs with biometric support to Electronic Financial Transaction (EFT) switches. FSS is the first to introduce such a product that would aide penetration of ATMs in rural India. FSS’ BAIS solution works with ATMs from leading vendors such as Diebold, NCR, Wincor-Nixdorf etc., that have enhanced support for biometrics. FSS is also working with Vortex, a company specializing in rural ATMs with finger-print verification for a similar solution.
The Reserve Bank of India (RBI) has been placing a lot of emphasis on “Financial Inclusion”, which is ‘delivery of banking services at affordable costs to the low income and disadvantaged groups’. In this regard, Indian banks were looking at ways and means to reach out to the untapped potential of rural India at lower costs. The ATM enhancements with biometric support envisaged by vendors eliminate the need for PIN entry, and authenticate customer transactions by thumb-impressions. A simplified menu on ATMs coupled with possible audio guidance in local language enable easy use for literacy-challenged rural masses.
Mr. Nagaraj Mylandla, Managing Director, FSS noted, “Banks are looking at ways of enhancing micro financing, and are taking initiatives for financial inclusion. ATMs with biometric support make it easier for people in rural areas to withdraw cash. Our new BAIS product fulfills the need of connectivity of ATMs with biometric support with banks’ online authorization systems. FSS has been innovative in rolling out products and services for the payment industry; our new product will enable banks and ATM vendors to launch newer services to fulfill the needs of the recent government directives as also banking initiatives”
All ATMs of a bank are networked, and connect to a centralized computer (Switch), which verifies card transactions against the customer PIN, and debits the customer account prior to dispensation of cash. The finger-print authentication method is non-PIN based, and this requires enhancements to the standard Switch environment. FSS’ BAIS solution meets this requirement, by performing requisite message translations as well as confirmation of authorization.
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