Building on its reputation of delivering innovative solutions to address
the needs of unique market segments, FIS™
(NYSE: FIS), the world’s largest provider of banking and payments
technology, today announced it will power Bharatiya Mahila Bank Ltd.,
India’s first women-focused public sector bank. Under the terms of the
multi-year agreement, FIS will provide a fully integrated banking and
payments platform through a totally outsourced delivery model
encompassing core
banking, channels, trade
finance and the entire suite of payments services that includes switching,
debit
card management services and ATM management.
In addition to implementing a comprehensive set of banking and payment
solutions and services, FIS will set up and manage data centers and will
also deploy and manage the branch technology infrastructure. Bharatiya
Mahila Bank Ltd. plans to adopt an innovative branch strategy that
incorporates satellite and ultra-small mobile branches as well as
conventional ones.
India’s government has begun an initiative to economically empower its
female citizens. Bharatiya Mahila Bank Ltd. is part of the initiative.
One of its primary goals is the financial inclusion of India’s unbanked,
more specifically, rural women. By outsourcing all of its technology
infrastructure setup and management to FIS, the bank will be able to
focus on serving the unique economic needs of women across the country.
“Women are one of the most financially underserved market segments in
India, and this initiative is a significant step to change that. FIS is
proud to be able to contribute to this important social and fiscal
initiative. It is crucial for the success of this venture for Bharatiya
Mahila Bank Ltd. to be able to direct its efforts on expanding its reach
and growing its customer base without the distractions of owning and
running technology operations,” said Raja Gopalakrishnan, Group Managing
Director – Asia, FIS. “FIS’ proven solutions, coupled with its
comprehensive local servicing capabilities, will enable Bharatiya Mahila
Bank Ltd. to launch its operations in an exceptionally short time frame
and provide the impetus to get the bank off to a running start.”
“Women are the most underutilized economic asset of our country. Our
goal is to be the foremost provider of banking services to women,” said
Mrs. Usha Ananthasubramanian, Chairman and Managing Director, Bharatiya
Mahila Bank Ltd. “FIS was able to present us a high-quality technology
solution with a model that could be operationalized in the shortest time
frame and is easily scalable for our planned growth.”
The government of India has committed ₹10 billion (US $160 million)
towards the initial capital of the bank.
About
FIS
FIS (NYSE: FIS) is the world’s largest global provider dedicated to
banking and payments technologies. With a long history deeply rooted in
the financial services sector, FIS serves more than 14,000 institutions
in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs
more than 35,000 people worldwide and holds leadership positions in
payment processing and banking solutions, providing software, services
and outsourcing of the technology that drives financial institutions.
First in financial technology, FIS tops the annual FinTech 100 list, is
434 on the Fortune 500 and is a member of Standard & Poor’s 500®
Index. For more information about FIS, visit www.fisglobal.com.
Copyright Business Wire 2013