IBM Bags $40Million Deal From Bank Tech India Payments

New Delhi, Jan 18 (PTI) Technology giant IBM today said it has bagged a 7-year deal worth USD 40 million (about Rs 270.3 crore) from BTI Payments, a white Label ATM (WLA) operator to transform its IT Infrastructure.

IBM Bags $40Million Deal From Bank Tech India Payments

BTI Payments, which runs over 3,000 "India1" branded white label ATMs, will leverage IBM's managed services solution to deploy and manage an incremental 4,000 automated teller machines across the country, IBM said in a statement.

IBM will manage, monitor and maintain the ATM infrastructure providing BTI better visibility and control of its operations and enabling its maximum efficiency, it added.

It will take up the maintenance and service of ATM assets, including feasibility, supply and installation, performance monitoring, availability management, reporting and analysis.

According to industry estimates, 60 per cent of India's rural population does not have access to formal banking and financial services, resulting in financial inclusion serving as a key government policy imperative for the country.

"With technology being the core of financial services business, we needed a strategic partner like IBM with proven service management expertise in the financial sector," BTI Payments Managing Director K Srinivas said.

In February 2014, BTI Payments received Reserve Bank of India (RBI) licence for WLA deployment.

BTI Payments aims to rapidly expand its Indial network across the country to exceed the RBI target of 9,000 ATMs by March 2017.

"IBM has longstanding relationships in the financial services segment. We are committed to transforming this sector with our technology and global industry experience," IBM India/South Asia Country Manager Technical Support Services (GTS) Sanjay Khare said.

PTI

Read more about: ibm
Story first published: Monday, January 18, 2016, 12:35 [IST]
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