FSS empowers Ujjivan to take benefits of
Biometric ATMs to the unbanked
vFSS “Payments in a Box” to support Ujjivan
with end-to-end payments technology infrastructure for launchingtheir Small
Finance Bankv
Ujjivan Financial Services Ltd.,
(Ujjivan), a leading pan-India microfinance institution, which is in process of
transforming into a small finance bank (SFB), today announced that it will
provide the benefits of ATMs to its unbanked and under-served customersacross
the country by using biometric enabled machines. The technology powering this
initiative is provided by Financial Software and Systems (FSS), which is a
global Payments and Fintech
leader.
This partnership with
FSS is part of Ujjivan’s continuing effort to increasingly offer
strategicomni-channel access to meet its differing customer needs across the
country in a safe and secure manner.
FSS is providing its “Payments in a Box”
solution to support Ujjivan with end-to-end payments technology infrastructure
for launching itsSFB.Using this FSS solution, Ujjivan bank’sATMs will provide not only
biometric access to its customers through their thumb prints linked with their
Aadhaar Cards but also highest level of security by adding new features like
EMV chip in lines with latest guidelines of the RBI.
Ujjivan expects an increase in ATM usage among
the underprivileged with marginal education which often get intimidated by
machines and technology, forget pin and often have their card locked out.
Ujjivan proposed Small Finance Bank ATMs will have a regional language option
in 24 states where Ujjivan has its operations. Customers will be able to withdraw
amounts as low as Rs. 100 by using these ATMs.
Ujjivan small finance
bank branches will support and assist customers who are first time users, by
running financial literacy, LIVE demonstration andcommunication program
demystifying ATM machines. The objective is to make customer comfortable with
the use of their personalized Ujjivan SFB Debit card.
With the support of “Payments in a Box”
infrastructure that provides integrated payment services, Ujjivan’s proposed
SFB will be able to expedite its go-to-market plans of launching retail banking
services and allow payments to be made across all delivery channels for its
existing customer base within a short period of time.
Speaking on partnering with FSS, Mr.
Samit Ghosh, Chief Executive Officer and Managing Director, Ujjivan
Financial Services, said, “Our primary goal is to reach out to the
large unbanked populace through our Small Finance Bank, and provide them with
easy-to-use banking services that will help them build a better life.”
He added, “With this goal in mind, we have
consciously chosen to align with best-in-class partners who will help us to
launch and run our small finance banking operations efficiently and profitably.
We chose FSS, because we are convinced that their understanding of the industry,
their in-depth payments knowledge & expertise and the technologically
advanced payments infrastructure will help us achieve our goals.”
Commenting on the partnership, Mr.
Nagaraj Mylandla, Managing Director, FSS, said, “We are honoured to be
chosen by Ujjivan, as the payments technology partner for their soon to be
launched SFB. FSS has consciously invested in building a superior
technology infrastructure, which is designed to allow Banks and Financial
Institutions to readily establish and manage their operations at a lower cost
and become profitable within a short period of time.
I am confident that our comprehensive
“Payments in a Box” infrastructure will support Ujjivan to launch and operate
their SFB seamlessly and provide tailor-made retail banking products and
services to their customers from day one.”
For media contact
Nagaraj Perumal
Ketchum Sampark
break through
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(d)+91 44 2435 2644
Mobile: +91 99406 37801
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