Financial Daily from THE HINDU group of publications
Friday, Apr 08, 2005
Financial Daily from THE HINDU group of publications Friday, Apr 08, 2005 |
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Money & Banking
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Private Banks Info-Tech - Telecommunications KVB ties up with FSS for mobile recharge facility at ATMs Our Bureau
(From left) Mr Nagaraj Mylandla, Managing Director, Financial Software and Systems Pvt Ltd (FSS); Mr P.T. Kuppuswamy, Chairman, Karur Vysya Bank; and Mr J. Rudhraapathy, Director, FSS; at the launch of mobile top-up services of Karur Vysya Bank through FSS Net in Chennai on Thursday. - - Bijoy Ghosh
Chennai , April 7 KARUR Vysya Bank cardholders can nowpurchase recharge coupons for their pre-paid mobile phone connections through the bank's automated teller machine network. To facilitate this, the bank today signed an agreement with Financial Software & Systems Pvt Ltd to use its FSSNet facility. Financial Software & Systems offers value-added payment services such as the mobile top-up facility under the FSSNet brand of third-party services for banks. Mr P.T. Kuppuswamy, Chairman, Karur Vysya Bank, said the bank's customers could either visit an ATM each time and get their pre-paid coupons topped up or visit an ATM once and register their mobile numbers and thereafter get the coupons recharged through an SMS (short messaging service). The bank has 3.20 lakh cardholders and over 150 ATMs across the country. He said 94 per cent of the bank's business had been brought under the core banking solution. The bank would introduce Internet and mobile banking facilities within three months. Mr Nagaraj Mylandla, Managing Director, Financial Software & Services (FSS), said the bank's customers would not be charged anything for using ATMs to recharge their pre-paid coupons. Instead, the telecom company would pay a percentage of the value - say, 5-6 per cent - of the recharge, which would be shared by Karur Vysya Bank and the company. All transactions were done online and, hence, there would be a reduction in transaction cost.
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