Transaction volumes have increased as SBI consolidated its entire acquiring business for domestic and international card networks resulting in significant cost savings. electraSWITCH™
SBI has leveraged other ECS solutions from the electra suite as well. These include ECS’s Internet payment gateway and 3-D secure authentication software for SBI’s ecommerce acquiring needs. Since the implementation of the electra suite, SBI has also launched several value added services including ‘Green Channel Counter’ at its branches to do away with queues and to introduce paperless banking, At these counters, instead of a bank executive you get a hand-held swipe machine linked to a computer and can be handled by customers themselves for depositing/withdrawing cash, fund transfers and for dispensing pay-in slips and withdrawal forms.
Mr. Ashok Kumar, VP at ECS said: “When SBI chose the electra suite they were looking for a powerful and flexible payments platform with the capability to adapt products to markets while coping with rapid growth in processing volumes. We’re delighted that SBI's Implementation of our products has enabled them to achieve such business success in this area.”
The State Bank of India is the largest banking and financial services company in India when ranked by revenue, assets and market capitalization. The majority owner of the bank is the Government of India. It operates more than 19,000 branches in India and has operations in 32 countries around the globe. The State Bank of India has assets totaling US$370 billion and was ranked No. 292 in the 2011 Fortune Global 500 list.
About ElectraCard Services
ElectraCard Services, a subsidiary of Opus Software Solutions, provides software and third party processing services for cards and payments management industry across the world. ECS is a PCI DSS certified Third Party Processor (TPP) for MasterCard® and VISA® across the issuing and acquiring spectrum of the electronic payments business. Its deep domain knowledge, extensive global experience and cost effective solutions address the speed to market and flexibility challenges of today’s market.
ElectraCard Services enables financial institutions, retailers, finance companies and corporations to electronically process, in real-time, any type of payment transaction, including credit, debit, pre-paid, and ACH. In addition to typical back office processing, ECS also offers ecommerce gateway and switching solutions. Its solutions support multiple institutions, multiple currencies, and varying processing requirements on a single platform. By providing comprehensive and flexible solutions that can be deployed to a market of one, ElectraCard Services offers unmatched services and solutions.