Corporation Bank to leverage its technology to build business

The Karur Vysya Bank entered into a four-cornered Memorandum of Understanding (MoU) to launch Point of Sale Services with Corporation Bank, to be provided VAP and MIP, the gateways of Visa and Mastercard respectively, which will be required to put through the point-of-sale (POS) transactions

MRL Posnet is the service provider for implementing the POS services. The company will help KVB by entering into agreements with merchants, placing POS machines at the merchant outlets, besides taking care of the settlement and reconciliation processes. Prizm Payment Services will be providing the switching solution for the transactions.

P T Kuppuswamy, MD & CEO, Karur Vysya Bank said, “The bank has been adapting technology to deliver value packed services to its customers at affordable prices. There has been a consistent demand for introduction of POS services from our branches and merchant customers and also inquiries for providing such services from others. KVB already has a VISA debit card base of over 1.7 million cards and merchant customer base of over 100,000 order to leverage this card and clientele base and also acquire transactions, KVB has today entered into this area of business.”

After signing the MoU on behalf of Corporation Bank, B R Bhat, general manager said that Corporation Bank is into all emerging areas of business of banking leveraging technology. The bank has put in place proper risk mitigation processes. Corporation Bank proposes to collaborate with KVB is providing more technology backed services like tax payment, insurance premium payment among others.”

MRL Posnet has rich experience in deploying its own POS machines at merchant outlets and an efficient system of reconciliation and settlement having embedded bank-related risk mitigating systems in their modules. Prizm Payment services too have good experience in providing the right switching solutions for seamless transactions.