ASP Switching and Card Management Services for NFS Sub-Members
SVC Cooperative Bank Ltd. (SVC Bank) has many cooperative banks as customers for its Core Banking System (CBS). SVC Bank was interested in entering into a partnership with a reliable technology provider to offer Switching and Card Management services to its CBS customers under the National Financial Switch (NFS) sub-membership model as prescribed by the National Payments Corporation of India (NPCI). Since MAXIMUS had a Switch that was compliant with NPCI specifications, SVC Bank joined hands with MAXIMUS in May 2013.
The partnership involved deployment of the MAXIMUS PA-DSS compliant EFT Switch and Card Management solutions at SVC Bank’s data centres. The Switch was connected to NPCI and interfaced to the SVC Bank’s CBS through ISO8583 messaging. PIN mailers could also be generated through Hardware Security Module (HSM) as prescribed under PCI-DSS norms.
The SVC Bank-MAXIMUS arrangement enables co-operative banks to get integrated with the NFS as sub-members. ATMs installed by the sub-member banks are now part of the national ATM and POS network. The co-operative banks can issue RuPay debit cards to their customers who can transact at any of the ATMs or POS machines installed anywhere in India. The solution also allows the customers to carry out online transactions.
More than ten co-operative banks have been successfully on-boarded on NPCI through the SVC Bank-MAXIMUS arrangement. Many more are expected to become part of the NFS network in the future.
MAXIMUS provides 24×7 technical support to the co-operative banks on-boarded under this framework.
In true spirit of an evolving partnership, MAXIMUS would be offering Immediate Payment Service (IMPS) to the customers of co-operative banks serviced by the MAXIMUS EFT Switch.