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Our Bureau

Chennai , Nov. 28

FINANCIAL Software and Systems (P) Ltd (FSS) has formalised a partnership with GlobeTel Communications Corp to develop and market stored value and fund remittance solutions. The partnership plans to target the $12 billion Indian remittance market, according to a press release issued by FSS, a Chennai-based company.

The GlobeTel stored value card programme enables cardholders to send money worldwide, receive one's payroll through a card, global access to funds at over 10,00,000 ATMs (automated teller machine), facilitate purchases of goods and services at merchant locations and pre-paid calling at some of the lowest rates around, says information available in its Web site.

The partnership will provide FSS an opportunity to launch a solution combining its distribution channel and financial transaction solution and GlobeTel's Stored Value Card technology platform, the release says.

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