The State Bank of India and its payments solution provider, ElectraCard Services, passed a landmark of sorts recently, processing 10 million transactions at 10,000 ATMs in one day using the electra payment platform.
SBI is not only India's largest FI, but also the country's largest ATM network operator. Transaction volumes for the bank have increased with the consolidation of all SBI acquiring for domestic and international card networks, a move designed to significantly increase cost-savings across the SBI network.
The State Bank of India selected electra to support a planned increase in its ATM fleet from 10,000 to 60,000. The FI currently supports 50 million ATM and debit cards on the electra platform, making it one of the largest payments EFT switch installations in the world. All new cards and ATMs will also roll out on the electra platform.
SBI has leveraged other ECS solutions from the electra suite as well, including the ECS Internet payment gateway and 3-D secure authentication software for e-commerce acquiring.
"When SBI chose the electra suite they were looking for a powerful and flexible payments platform with the capability to adapt products to markets while coping with rapid growth in processing volumes," said Ashok Kumar, vice president at ECS. "We're delighted that SBI's Implementation of our products has enabled them to achieve such business success in this area."
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