• Muthoot Finance Ltd selected FIS for a fully managed ATM services and switching solution.
• This agreement allows Muthoot Finance to place its branded ATMs across India, bringing banking and financial opportunities to underserved people across India particularly in rural areas.
• FIS is a leader in payment solutions in India.
FIS™, the world’s largest provider of banking and payments technology solutions and a global leader in consulting and outsourcing solutions, today announced that it has partnered with Muthoot Finance Ltd to expand the institution’s financial inclusion efforts in India. FIS will provide payment solutions, including a fully managed ATM services and switching solution to support Muthoot Finance in establishing its branded ATMs across the country.
Muthoot Finance (muthootfinance.com) is India’s first Non-Banking Financial Company (NBFC) to obtain a license from the Reserve Bank of India to set up branded ATMs. The goal of the effort is to bring banking and financial opportunities to underserved people across India particularly in rural areas. To achieve that goal while managing cost efficiency, Muthoot Finance selected FIS to provide ATM managed services, video surveillance and network-VSAT connectivity, and switching services on a hosted platform to enable their expansion.
“To support the goal of bringing additional financial support to the people of India, Muthoot Finance needed to be able to provide ATM access in a fiscally responsible way,” said K.R. Bijimon, chief general manager, Muthoot Finance Ltd. “FIS’ managed services do exactly that.”
“Bringing ATMs to rural areas is a strong step to alleviating the vast numbers of unbanked and underbanked people across India,” said Raja Gopalakrishnan, group managing director, FIS Asia-Pacific and COO, FIS International. “FIS, as a leader in money movement solutions, including ATM managed services, and with a highly experienced team already in place in India, is uniquely positioned to support inclusion efforts.”
FIS has more than 15 years of experience supporting clients across India and has deployed more than 10,000 ATMs across the country.
Muthoot Finance Ltd is the largest gold financing company in India, with more than 4,400 branches in over 21 states and four Union Territories.
FIS (fisglobal.com) is the world’s largest provider of banking and payments technology solutions and a global leader in consulting and outsourcing solutions. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 40,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, the FinTech Forward 100 list, is 426 on the Fortune 500 and is a member of Standard & Poor’s 500® Index.