Opus Software Solutions, a provider of software solutions to the payments industry, has signed a $10m deal with State Bank of India (SBI) to replace their existing ATM platform with electraSWITCH. Opus is implementing this solution through its wholly owned subsidiary ElectraCard Services (ECS).
electraSWITCH is an EMV compliant EFT authorization and routing switching solution. It provides financial institutions with an open platform based high availability solution to deliver services through ATMs, kiosks, bunch note acceptors, cash deposit machines, POS, internet, telephone, and the mobile.
The deal with State Bank Of India (SBI) is expected to power 25,000 ATMs, 500,000 POS devices and Kiosks and authorize 80 million debit cards by next year; and these numbers are expected to double (including ATMs) by 2014. The migration of the ATMs is expected to complete in 6-8 months.
Additionally, Opus is also providing other solutions from its electra suite to enable SBI to implement ‘Go-To-Market’ strategies and deliver value added services to its customers. These include an internet payment gateway, 3-D secure authentication software, debit card management software and a fraud management solution.
Ramesh Mengawade, CEO of Opus Software and ElectraCard Services said: “This is a landmark win for Opus as it will become the largest EFT Switch solution provider in the world by 2014. This deal will further strengthen our market dominance in the payment marketplace in India.”