State Bank of India (SBI) has selected ElectraCard Services’ (ECS) payment platform to strengthen and support its strategy to develop ATM and Debit Card base in the country.
Currently, the lender has over 10,000 ATMs and Kiosks and is processing 10 million transactions in a single day on Electra platform.
The bank is considering increasing its network to 60,000 ATMs in the future, and already has over 50 million debit cards on the platform.
Due to the consolidation of its entire acquiring business for domestic and international card networks, SBI’s transaction volumes and operational cost savings have increased.
The bank has also implemented ECS’s internet payment gateway and 3-D secure authentication software for its e-commerce acquiring needs.
ECS vp Ashok Kumar said that the suite is flexible to adapt products to markets while dealing with rapid growth in processing volumes.
Having $370bn in total assets, SBI manages over 19,000 branches in India and has operations in 32 nations across the globe.
A subsidiary of Opus Software Solutions, ECS offers software and third party processing services for cards and payments management industry globally.