FSS-GlobeTel to target $12-billion Indian remittances market

Mumbai: Financial Software & Systems (P) Ltd (FSS), India's leading epayments solutions provider, and GlobeTel Communications Corp (GTE) have tied-up to develop and market 'stored value programmes' and money remittance solutions. They will initially target existing customers of various banks and the $12-billion Indian remittances market.

The FSS partnership with, GTE, a leader in stored value products and fund remittances, will help bring to the Indian banking industry proven global technologies since FSS's EFT solutions and outsourced services power a majority of ATMs and point of sale (PoS) terminals in India, controlling a majority of the electronic funds transfers in the country.

"The FSS-GTE business partnership is yet another milestone in the Indian payments scenario and will allow both FSS and GTE to develop and grow as strong partners in India and around the globe," says Nagaraj Mylandla, managing director, FSS.

FSS plans to double its ATM and PoS deployment in the next three years. FSS, through FSSNeT, provides third-party processing as an outsourced application service for a large number of top banks in India.

Abu Karim, President, GTE, Australia / NZ and Asia Pacific, said, "We look forward to developing a strong marketing strategy with FSS in which we can offer the Indian recipient market multiple delivery channels to access their remittances and stored value products across India."

FSS has spearheaded the ePayments industry in India. The company, headquartered in Chennai, India, has established itself as a market leader and is a provider of software and services for payment processing in India and overseas. With a substantial client base of over 30 premium banks, FSS is rapidly expanding its footprint to offer products and services to customers worldwide.