IBM has signed a seven-year deal of $40 million with BTI Payments, the White Label ATM (WLA) operator, to transform its IT infrastructure.
Bank Tech India (BTI) Payments, which runs 3,000 India1-branded White Label ATMs, seeks to expand its network across the country to exceed the RBI target of 9,000 ATMs by March 2017.
"We are committed to supporting the government’s initiative of serving the ‘rural under banked’ population in the country and redefine financial services delivery in India. With technology being the core of financial services business, we needed a strategic partner like IBM with proven service management expertise in the financial sector," BTI Payments managing director K. Srinivas said.
The tie-up with IBM will help BTI Payments in building a robust and resilient ATM infrastructure providing improved availability through centralized monitoring, Srinivas added.
Under the deal, IBM will take up the maintenance and service of ATM assets, including feasibility, supply and installation, performance monitoring, availability management, reporting and analysis.
"IBM has longstanding relationships in the financial services segment and has in-depth understanding of the business challenges and dynamics of this vertical. We are committed to transforming this sector with our technology and global industry experience," said Sanjay Khare, country manager, technical support services, GTS, IBM India South Asia.
In February 2014, BTI Payments was awarded license by Reserve Bank of India for WLA deployment to drive ATM penetration in rural India.
According to industry estimates, 60 per cent of India’s rural population does not have access to formal banking and financial services, resulting in financial inclusion serving as a key government policy imperative for the country.
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Haider Ali Khan is an alumnus of IIMC. He holds a degree in English Journalism from the prestigious campus. His passion includes Aviation, Technology, Politics and Sports.
