Amdocs to help BSNL and SBI to offer mobile financial services to India’s unbanked population

By December 17th, 2014 AT 12:02 PM

Amdocs’ Mobile Financial Services solution, in association with Triotech’s solution will enable SBI to offer mobile financial services to India’s unbanked and under-banked population, using the mobile network of BSNL. The solution will be delivered under a five-year services contract.

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“Our partnership with SBI is an additional step in bridging the rural-urban digital divide, using BSNL’s ubiquitous mobile network and wide reach of agents,” said Anupam Shrivastava, director, consumer mobility, BSNL. “With a business model centering on branchless banking, and strong partners such as Amdocs and Triotech, we can ensure operational reliability and an efficient cost structure that will allow us to offer financial services, affordable for low-income households,” said Shrivastava.

Also Read: BSNL Partners With State Bank of India, Launches USSD Based ‘Mobile Money’ Services

Amdocs Mobile Financial Services solution will enable SBI and BSNL to offer customers of any mobile operator in India the option of owning a mobile wallet account. As a result customers can take advantage of highly secure mobile banking services, such as money transfer and bill payment, as well as pay for airtime recharges. The solution will allow SBI and BSNL to support an extended ecosystem of multiple merchants and business correspondents (credit card companies, utility providers, employers) on the mobile network, enabling easy payment and top-up transfers to third parties.

“By coupling market-leading mobile financial services technology with a robust set of dedicated services, we enable service providers and banks to cost-effectively tap into previously unserved markets, with new revenue streams, while enjoying operational peace of mind,” said Patrick McGrory, division president for Amdocs’ emerging offerings.

Amdocs’ Mobile Financial Services solution also includes a dedicated set of services, spanning consulting, implementation, systems integration, software and hardware operation, and maintenance. Triotech will own the overall project management, including developing the end customer and retail application and portal, retail channel management and Tier 1 and 2 services.

“Triotech’s solutions play a significant part in this partnership with Amdocs, BSNL and SBI by completing the ecosystem with end customer and retail application development and service delivery expertise,” said Rajesh Kaul, CEO and co-founder, Triotech.

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BSNL and also SBI should concentrate ONLY on the mandated (specific) services rather than wasting time, energy and resources that will end up in furthering losses. It is needless to make any comment on BSNL for they deserve ‘ thumbs-down ‘ straight away ! As for SBI they just do farce window display. They have appointed private agents to carry on banking activities like money transfer etc. mostly used by poor and semi literate laborers hailing from Northern States. These agents charge heavily on online activities and sometimes does not give receipts. Also these agents have their locations just below… Read more »

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