Security key to Bank of Maharashtra payments platform
The Bank of Maharashtra (BOM) is using software from FIS for a card management and card fraud and risk monitoring system as it modernizes its payments platform
The Bank of Maharashtra (BOM) is using software from FIS Global for a card management system as it modernizes its payments platform.
The bank has the largest branch network in the state of Maharashtra, with about 1,800 branches and in excess of 1,800 ATMs across India. It has more than 15 million account holders and five million card holders.
BOM has installed transaction switching software from FIS, known as EFT, which monitors card transactions to prevent fraud and risk.
Saurav Niranjan, probationary officer at the Satara Branch of the Bank of Maharashtra, said security is a vital component of customer satisfaction.
“Customer satisfaction is our top priority and we are working to have excellence in it. The new payments system is secure and this will help us to satisfy and gain the confidence of our customers,” said Niranjan.
Read more on banking IT
BOM replaced its legacy systems with the FIS software in a single switchover. The software will enable the bank to scale up its business, whereas previously the legacy systems would have made this difficult.
FIS's flexible and easy-to-deploy switching will speed product launches, without legacy systems holding them back. It also reduces maintenance cost.
“We were looking for a way to cost-effectively build for the future,” said R. Athmaram, executive director of the Bank of Maharashtra.
The banking and security sectors in India will jointly spend 477bn Indian rupees (INR) on IT in 2014 as the increasing number of branches leads to rising IT staff costs, according to Gartner.
This is an increase on the INR417bn spent on IT in 2013 and INR369bn in 2012.
