IBM bags $40mn deal from BTI Payments


BTI Payments LogoTechnology giant IBM has bagged a 7-year deal worth $40 million (about Rs 270.3 crore) from Bank Tech India (BTI) Payments, a white label ATM (WLA) operator, to revamp BTI Payment’s IT infrastructure.

According to an IBM statement: “BTI Payments, which runs over 3,000 ‘India1’ branded white label ATMs, will leverage IBM’s managed services solution to deploy and manage an incremental 4,000 automated teller machines across the country.”

IBM will manage, monitor and maintain the ATM infrastructure providing BTI better visibility and control of its operations and enabling its maximum efficiency, the statement added.

It will take up the maintenance and service of ATM assets, including feasibility, supply and installation, performance monitoring, availability management, reporting and analysis.

“With technology being the core of financial services business, we needed a strategic partner like IBM with proven service management expertise in the financial sector,” BTI Payments Managing Director K Srinivas said.

According to industry estimates, 60 per cent of India’s rural population does not have access to formal banking and financial services, resulting in financial inclusion serving as a key government policy imperative for the country.

BTI Payments aims to rapidly expand its India network across the country to exceed the RBI target of 9,000 ATMs by March 2017.

“IBM has longstanding relationships in the financial services segment. We are committed to transforming this sector with our technology and global industry experience,” IBM India/South Asia Country Manager Technical Support Services (GTS) Sanjay Khare said.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.