India’s Karnataka Bank Reaffirms Its Confidence in FIS by Increasing Number of ATMs under Outsourcing Management
- Enables Karnataka Bank to expand its ATM network
- Bank achieves efficiency gains and frees resources for customer service and growth initiatives.
- FIS delivers an efficient ATM service with predictable costs for the bank and a reliable, high-quality ATM service to cardholders.
- Multi-year deal expands FIS’ presence in India, a key market in FIS’ international growth strategy.
JACKSONVILLE, Fla. & NEW DELHI, India--(BUSINESS WIRE)-- FIS™ (NYSE: FIS ) , the world’s largest provider of banking and payments technology, today announced that it will supplement its outsourced ATM management and debit card processing for Karnataka Bank with additional ATMs. This new deal follows FIS’ recent announcement to significantly expand its ATM outsourcing operation in India. Once the two new ATM projects are fully implemented, FIS will manage approximately 11,000 ATMs across India. The agreement with Karnataka Bank further highlights the operational gains banks in India realize by outsourcing ATM driving and management to FIS.
Karnataka Bank is a progressive and rapidly growing private sector bank having just reached the milestone of operating 550 branches. By outsourcing their ATM management to FIS, the bank will be able to focus on its core business expansion and customer service initiatives – allowing for more rapid growth while ensuring its customers have a high-quality, reliable ATM service. Under the agreement, FIS will be responsible for site preparation and implementation of new ATMs, transaction switching, cash management and post-implementation services that include preventive maintenance, caretaker services, help desk and operational monitoring.
The announcement underscores a growing trend in India for banks to contract non-differentiating services, such as ATM driving, to expert providers such as FIS. Banks benefit by redirecting investments tied up in ATM equipment and operations to more strategic areas, thus deriving operational efficiencies. In addition, banks can leverage the ATM driving expertise of FIS to deliver a high-quality and reliable ATM service to their customers.
FIS is a leader in ATM managed services in India. It operates two of India’s four interbank ATM switching networks and provides an outsourcing service for many of India’s largest and most successful banks. India is a strategic growth market for FIS and the company is making significant investments in both in-country infrastructure and employees to support the continued success of the business.
“Karnataka Bank has held a long-standing relationship with FIS,” said a senior official at Karnataka Bank. “By expanding our relationship to include the management of our ATMs and debit cards to FIS, we are ensuring our continued growth and viability in the market through the ability to provide excellent customer service.”
“FIS is a global leader in financial services technologies and has been serving clients in India for more than 15 years,” said Raja Gopalakrishnan, Group Managing Director – Asia, FIS. “By outsourcing the management of its ATM estate to FIS, Karnataka Bank can release vital capital to redeploy on core activities, increase operational efficiencies, provide better service to its customers and insulate itself from technology obsolescence. Karnataka Bank is a strategic client and joins the more than half of India’s top 30 banks who rely on FIS’ comprehensive portfolio of banking and payment services.”
FIS (NYSE: FIS ) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 35,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 425 on the Fortune 500 and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.
Kim Snider, +1 904.438.6278
FIS Global Marketing and Communications
Mary Waggoner, +1 904.438.6282
Senior Vice President
FIS Investor Relations
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