Cashnet is first shared ATM network to provide gateway To NFS

Mumbai: In keeping with RBI's vision to make all ATM's talk to each other, Cashnet, the largest shared ATM network in the country promoted by Euronet Services India Pvt Ltd. has become the first shared ATM network to provide a gateway to the national financial switch (NFS).

Cashnet has IDBI Bank, Citibank, Standard Chartered Bank, Corporation Bank, Centurion Bank, UTI Bank, Dhanalakshmi Bank, Development Credit Bank and Bank of Punjab as its member banks whose 3500 ATMs enable has a cumulative base of around 10 million cards access each other.

The installed base of ATMs in India is estimated at 16,000, which has been growing at over 40 per cent for the last 3 years. Corporation Bank, which used the Cashnet gateway to join the NFS, was one of the first banks to join NFS.

Says Loney Antony, managing director, Euronet, "We are proud to have our Cashnet as the first shared ATM network to join the much awaited national financial switch. The new arrangement gives our member banks the first mover advantage in the banking industry."

The NFS along with a robust payment gateway will provide a neutral platform that will allow banks to connect their own switches to NFS. The NFS is a major step in building infrastructure to make banks 'one-stop' financial shops.

The NFS project envisages:

  • An "apex" switch, which will facilitate switch-to-switch connectivity
  • An e-commerce payment gateway (internet and mobile commerce) to authenticate and route payment details between banks and various parties, acting as an e-commerce facilitator.