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Our Bureau

Chennai , April 7

FINANCIAL Software & Systems (P) Ltd, a Chennai-based company specialising in software and service for e-payments, plans to hive off one of its divisions - FSSNet - to a joint venture.

FSSNet offers a range of e-payment services as an outsourced application service provider to banks and financial institutions.

The company is in talks with "world leaders" in this field and hopes to form a joint venture in three months, according to Mr Nagaraj Mylandla, Managing Director, Financial Software & Services.

He, however, did not want to disclose the name at this stage, but said that it would be an equal joint venture.

Asked about the need for hiving off the division into a joint venture, Mr Mylandla said that this business required "deep pockets''. Its turnover would grow from about Rs 40 crore this year to Rs 100 crore next and about Rs 1,000 crore in the next five years. This growth would be the result of more banks and financial institutions offering their increased e-payment services, he told newspersons here on Thursday.

He said about $9 million (about Rs 40 crore) had been invested so far in FSSNet and another $10 million (Rs 43 crore) would be invested in the next 18 months. Financial Software, Mr Mylandla said, was also looking at setting up an Internet-based payment gateway for member banks.

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