Amdocs has announced the selection of Amdocs' Mobile Financial Services solution, in association with Triotech's solution, that will enable State Bank of India (SBI) to offer mobile financial services to India's unbanked and under-banked population, using the mobile network of Bharat Sanchar Nigam Limited's (BSNL).
The solution will be delivered under a five-year services contract.
SBI, the largest public sector bank in India, and BSNL, the country’s largest public sector service provider, have come together to help the Indian government achieve its goal of providing banking services to 75 million households, including millions of households in rural India.
The 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.
Furthermore, 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.
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.
"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 Mr. Anupam Shrivastava, director-CM at BSNL. "We are also delighted with the coming together of two of the most trusted brands in the field of telecom and banking, which will redefine the landscape of mobile banking and payments. 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."
"The Amdocs Mobile Financial Services solution is yet another testament to Amdocs’ leadership role in driving the evolution of the communications industry by introducing technological advancements and enabling new business models and improved customer experiences," said Patrick McGrory, division president for Amdocs’ emerging offerings. "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."
"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 Mr. Rajesh Kaul, chief executive officer and co-founder of Triotech.
The Amdocs Mobile Financial Services solution, announced today, builds on technology from mobile financial services pioneer Utiba, acquired by Amdocs in March this year. Utiba’s technology has been leading innovation in mobile financial services since 2001.