FSS aids ATM sharing in Nepal
National Bank, India (PNB) and Everest Bank Ltd. (EBL), Nepal
has agreed to share their ATMs network for their cardholders on either side
of the border. Chennai based Financial Software and Systems (FSS) has provided
the cross country ATM sharing solution via FSSNeT, the outsourcing division
of FSS. This is the first time in India, an Indian bank would use domestic network
for transaction sharing with a foreign bank.
In Nepal, EBL has outsourced its ATM transaction processing
services to Smart Choice Technology (SCT). FSSNeT has tied up with SCT and has
established a data communication network connecting the two networks. Thus both
bank card holders can avail of ATM services amongst both banks ATMs. PNB
would be the settlement bank, to whom FSS would provide settlement reports,
with appropriate currency conversion. With FSSNet tying up with SCT, PNB now
has opportunities to tie up with other Nepal based banks in SCTs network
for further ATM sharing.
Nagaraj Mylandla, Managing Director, FSS For the first
time in the history of payment systems in India, two banks across two countries
will connect to each other through domestic networks, bypassing the need to
go through international interchanges, resulting in lower cost of services for
both banks and their customers.
Bank networks in neighbouring countries including Sri Lanka,
Bhutan and the Middle East have shown keen interest in connecting to FSSNeT.
This will be an ideal opportunity for Indian banks to offer a cost effective
solution for transaction sharing with their counter parts in these countries.
K.S. Bajwa, General Manager, Punjab National Bank, says Our
customers can have ready access to their accounts on any of Everest Bank's ATM
in Nepal and vice versa. This being our first bilateral cross border ATM sharing
arrangement, we look forward to tying up with various leading banks in our neighbouring
FSSNeT services include ATM and POS deployment and management,
ATM sharing amongst banks, international and domestic interchanges connectivity,
mobile and electronic bill payment and shared payment gateway.