Pune based ElectraCard Services (ECS) a subsidiary of Opus Software Solutions, provides third party processing services and solutions for credit, debit and prepaid cards and EFT switching solutions to banks across 31 countries and the only company in India to provide such variety of products. Ramesh Mengawade, CEO & Chairman, ECS talks about the future plans, growth and achievements of ECS with Hrishikesh Joshi
Tell us something about ECS
What kind of products and services do you provide for third party processing services?
ECS' Customers have the choice and flexibility to either license the electra product suite or benefit through an end-to-end hosted solution. In card management solutions ECS processes, manages and supports requirements of credit, debit, pre-paid and smart cards business for Banks and Financial Institution. E-commerce Solutions provides banks and financial institutions a secure Payment Gateway solution for acquiring card based e-commerce transactions. ECS' Switch solution routes transactions originating at all delivery channels like ATM's, POS, Internet, etc to the preferred system for further processing. Prepaid Solutions provides prepaid card solutions to Banks and Financial Institutions by supporting many functions under the system. On product side we have over nine products like electraSWITCH which has received the Payment Application Data Security Standard (PA-DSS) certification from the Payments Card Industry (PCI) Security Standards Council.
How is your association with SBI?
SBI is one of the oldest customers of ECS. With over 10,000 ATMs and Kiosks and processing 10 million transactions on a single day on electra platform. SBI, with the largest ATM network in India, had selected ElectraCard Services' electra payment platform to strengthen and support its plans to significantly grow its ATM and debit card base. When SBI chose the electra suite they were looking for a powerful and flexible payments platform with the capability to adapt products to markets while coping with rapid growth in processing volumes. SBI has leveraged other ECS solutions from the electra suite as well. Since the implementation of the electra suite, SBI has also launched several value added services including 'Green Channel Counter' at its branches to do away with queues and to introduce paperless banking, At these counters, instead of a bank executive you get a hand-held swipe machine linked to a computer and can be handled by customers themselves for depositing/withdrawing cash, fund transfers and for dispensing pay-in slips and withdrawal forms.
What are your future plans?
We will expand step by step. We have a strong presence in the Middle East, Africa and in ASEAN countries. We have recently entered in the US market as well. In less than 6 years the company clocked revenue of Rs 175 crore in 2011-2012 and the estimated revenue for the coming financial year is Rs 250 crore.
Are you not very keen on European market?
Europe is very difficult market. We have recently partnered with Logica in Finland. We are looking for additional six to eight markets in Europe. Talks are going on with few customers for the partnership. But we will focus more on South America, Middle East and USA. Our plan is to expand ECS in all the five continents across globe. Currently we are present in 31countries and aim is to grow in 100 countries with 500 banks as our customer.