Financial Daily from THE HINDU group of publications
Monday, Jul 12, 2004
Financial Daily from THE HINDU group of publications Monday, Jul 12, 2004 |
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Money & Banking
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Information Technology IDRBT switch to improve ATM connectivity Our Bureau
Hyderabad , July 11 WIDENING the scope of ATMs and facilitating banks to share and increase their connectivity, the Institute for Development and Research in Banking Technology (IDRBT) is going to deploy a National Financial Switch (NFS) shortly. This will facilitate connectivity between the banks' switches and their ATMs. It also comprises inter-bank payment gateway for authentication and routing the payment details of various e-com transactions and e-gov activities. The institute said that hardware for the switch had already been installed. "Pilot test with some select banks will be completed by next month. The switch is expected to start live transactions thereafter," a press release said. The Clearing Corporation of India Ltd will be the clearing and settlement agency for the switch, which will also facilitate the disaster recovery from its premises at Mumbai. An NFS user group has been formed to deliberate various issues related with the procedures and fee structure. The switch would be operated and managed from IDRBT's headquarters at Hyderabad.
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