Here comes a different micro deposit solution EasyPoint 70 Tijori, launched by FINO and NCR, allows transactions, along with loan facility, using biometric smart card technology
MUMBAI, INDIA: Financial Information Network and Operations (FINO), the smart card application solutions provider company, in partnership with NCR, the global technology and automated teller machines (ATM) manufacturing company unveiled EasyPoint 70 Tijori today in Mumbai.
EasyPoint 70 Tijori is a micro deposit solution designed and built to encourage deposits and savings by low income wage earners that enables the creation of credit profile and subsequent access to micro-credit and other financial services. The idea is to bring these masses under financial inclusion to promote savings using technology and solutions.
The product is largely targeted for the semi urban and rural areas, where masses are employed in the unorganized sectors with low incomes and are unexposed to banking services and facilities.
It’s a micro depository machine with the looks of an ATM, but it not just allows cash withdrawals but also allows cash deposits in various denominations in its safe and one can avail loans. Moreover, it can detect fake notes and up to 500 notes can be deposited in it.
Interestingly, while most of the ATMs work in the online mode, this new machine works offline and when needed it can go online too.
“It is the result of NCR’s market leadership in self service and expertise in the financial and real industries and FINO’s expertise and leadership in the micro-banking sector,” according to Pradeep Sen, NCR’s managing director for India.
“After the customer’s loan is sanctioned by the bank, the amount is transferred into the accounts via the smart card that allows to withdrawal the cash as per the needs,” Sen added.
About the technical aspect, it is based on smart card technology using FINO’s architecture and backhand software application. It comes with IVR feature that enables customer’s guidance for operations and biometric security using finger prints, along with printed transactions details.
While talking to CyberMedia News, FINO’s CEO, Manish Khera said, “It is a self service multi product delivery channel. As it works offline, all the transaction data are stored on to the machine and the smart card, which are then pushed on the backend application. These data is then separated and transferred to respective banks in packets via Internet connection when required.”
NCR has provided the hardware, front-end software application and has integrated it with FINO’s architecture and backend with smart card technology and core banking platform.
“Compared to traditional ATMs, where the devices are needed to be connected all the time, this new machine can go online as and when required and so it has low operational costs,” informed Aahok Shanker, NCR’s solution development manager for Global Sales and Marketing.
It took more than two years time, right from conceptualization to hardware and software integration to developing prototypes before undertaking pilot tests by some 500 people in Mumbai.
Commenting on the product and its significance in current financial downturn, NCR’s vice president, Government Affairs for Asia Pacific, Scott Sobel said, “It was designed around 2006 when there was no economic crisis, but even at that time the focus was on keeping its operational cost lower. This makes it more relevant in today’s time for financial sector that needs low cost end-to-end solutions.”