Bandhan financial Services has tied up with FIS, an NYSE-listed company, to provide the technology solutions that will enable it to transition from a non-banking finance company (NBFC) to a fully functional bank. The US-headquartered FIS had to compete with some of the biggest Indian software solutions providers including Infosys and TCS, which are known for their core banking products.
Until now, FIS—with its Indian offices in Mumbai, Chennai, Bangalore, Gurgaon and Chandigarh—has been a low-profile player but that will change with the coveted Bandhan contract. “We are one of the very few companies that provide payment technology as well as core banking solutions. As Bandhan’s strategic technology partner, FIS will provide and manage a fully integrated banking and payment platform through an outsourced delivery model,” says Raja Gopalakrishnan, group managing director (Asia Pacific), and chief operating officer FIS Global.
So far, FIS has implemented its core banking solutions at ING Vyasa, Shivalik Bank and Bhartiya Mahila Bank in India. It also provides payment solutions to around 50 banks and manages 10,000 ATMs in the country. But Bandhan may turn out to be its biggest victory yet as the bank plans to begin operations in 2015 with about 600 branches and 10 million customers.
FIS is the world’s largest banking and payment technology solutions provider. Its flagship product Systematics is the biggest core banking system in terms of installed accounts.