ECS looks at servicing defence forces

Electra Card Services (ECS) is looking at the country's defence forces as an opportunity to provide its extensive ECS solutions service. This service will help defence personnel based at various locations, conduct financial transactions with the help of wireless devices or mobile phones.

ECS is a fully-owned subsidiary of Opus Software, which is engaged in developing solutions that enable financial institutions, retailers, finance companies and corporations to process in real-time the various credit and payments transactions.

Speaking to Business Standard, the chairman of ECS and managing director of Opus Software, Ramesh Mengawade, said that the company is currently providing the solution to various banks, financial institutions and retail agencies.

"We would like to provide the same solutions to the defence sector, as it will serve as the quickest mode for conducting the financial transactions," he said.

Explaining further, Mengawade said, "The system is known as, Mobile Enabled Payroll. One can easily carry out financial transactions with the help of a mobile handset. For this, we have to tie up with the cellular service provider to provide this facility to that specific customer, so that he can avail the benefits of ECS."

"We are ready to make available the same facility to the defence sector, so that defence personnel can deposit, withdraw money from their account without leaving their base station. A Mobile Enabled Payroll Card will be given to them, which they can keep with their relatives. At the time of transferring money, they can simply forward an instruction through this wireless device or mobile phone to the bank concerned and the relative can avail that cash by just showing the card. The transaction is carried out in a very short time, without requiring the defence personnel to be present before the bank officials," Mengawade explained.

"The system will facilitate not only bank transactions, but also help in making purchases. We offer multi-currency and multi-lingual platform, together with our innovative business model that supports the needs of multi-national organisations worldwide," he said.

The company has recently crossed the mark of 100 customers by providing the service to Cosmos Cooperative Bank.

"We have already tapped 40 customers from Gulf countries and East Africa. We are now focusing on China and US markets. We are close to signing three banks in China and one each in Taiwan and United States for the service. The company is expecting revenue worth $50 million from these new ventures within three years of operation," Mengawade informed.