The Hindu Business Line : Euronet chosen for national switch project

THE Institute for Development and Research in Banking Technology (IDRBT) has chosen Euronet Services India Pvt Ltd as the turnkey solution provider for implementing a national switch that will enable ATM connectivity among various banks.

``The project comprises a National Financial Switch (NFS), which will provide connectivity between participating banks, and an e-commerce payment gateway to various parties,'' Euronet Services India Managing Director, Mr Loney Anthony, told presspersons here on Wednesday.

The list of banks that will join the project is yet to be finalised.

The NFS would be a major step in building the financial infrastructure to allow connectivity for participating banks' ATMs and increase convenience for customers to get cash anytime and anywhere.

He, however, did not disclose the project size or cost.

Internationally, national switches are set up under the stewardship of the central bank particularly to ensure that the smaller banks too can facilitate electronic payments.

With a national switch in place the Visa, Mastercard gateway will have to be utilised only to process international payments or a payment between a member and a non-member.

Euronet Worldwide President Mr Daniel Henry said, ``The NFS project will help prevent infrastructure duplication, facilitate optimal utilisation of resources and increase the global competitiveness of the Indian financial sector.''

The network would ensure widest acceptance of cards in the market and open up a range of electronic services for banks.

On the company's revenues for 2004, Mr Anthony said the largest business was ATM outsourcing for banks and total earnings in the year were expected to be Rs 60 crore.

The company currently processes around 10,000 transactions per day under the ATM sharing arrangement, Cashnet.

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