Financial InformationNetwork and Operations Ltd. (FINO) has launched the revolutionary Remittanceservices enabled on its smart card technology which can potentially change theway remittances are done in the country. The solution aptly named Fino-Tatkaal is acts as a bridge between the remitter andbeneficiary, providing the geographical coverage, scalable technology platformand processing capabilities for remittance transactions. In simple terms FINOTatkaal enables domestic (city to village) and International (overseas workersto Villages) remittances through a formal remittance delivery channel usingFINO Smart Card technology to the last unbanked mile. These services arecurrently made available to the existing customer base of FINO in the areas ofShivaji Nagar and Dharavi in Mumbai with the help of Union Bank Of India. .FINO Tatkal provides various advantages over non-formal channels with a combinationof convenience, safety, speed and cost effectiveness. So it comes as nosurprise that the service has proved to be a major hit among the migrant worksliving in these areas that have the unique remittance needs with lower ticketsize and variable frequency. The service has been live for more than just amonth and has already seen sizable volumes. The service has been developedusing FINO’s proven solution of biometric authentication based Transactionprocessing system and provides a100% safe, fast, electronic and convenient way to deliver remittances to thedoorstep of beneficiaries in the remotest areas. Currently FINOrolled out 1200 locations in 16 states with strength of 4000 Business Correspondent( Bandhu) in India.
Remittances are one of the most visible - and beneficial -outcomes of global migration which has risen markedly in recent years due topersistent income inequalities between states and nations. India receives the world’s largest remittance flows. Money sent home by immigrant workers abroad –are hugely beneficial to the country as they contribute to a significant percentage of the income of manyIndian states. They are now the largest source of external finance fordeveloping nations after foreign direct investment (FDI), even exceeding FDI insome. In others, they are greater than official development aid. Realizing thispotential, FINO’s TATKAAL is a fundamental step towards facilitating basicbanking services for the underprivileged masses and adding value to the overalleconomy.
Commentingon the launch of Fino Tatkaal, ManishKhera, CEO, FINO said, “FINO Tatkaal is the most cost effective and fastest way of remitting money for thebank customers. TATKAAL will provide a very convenient, cost effective andquick remittance delivery option to customers, with the features that are evenbetter that those available even to the banked segment. This product hascurrently been rolled out in all areas of Mumbai with the help of Union Bank ofIndia and families of Migrant workers in UP and Bihar are already benefittingfrom these services’’. He further added that due to Manual agent basedcollection and disbursal system, the timing can be adjusted to suit the convenienceof both remitters and beneficiaries Remitter can keep depositing money intoBeneficiary account as and when he has surplus, so this avoids need to carrycash around and wait to save a lump sum. Wide network of FINO enables thecustomer to access the services in seamless manner even if he moves todifferent parts of the city or country.
FINO, a Mumbai-basedbiometric-enabled smartcard solutions provider, engaged in providing financial,non-financial products and services to the unbanked rural & urban masseshas enrolled 5 ½ million customers to avail them basic banking and insuranceservices. Since its inception, FINO has meticulously reached out to the nonbanked sectors of the country and has played a pivotal role in strengtheningthe banking radar of India. FINO is on rapid growth journey and is working withAndhra Bank, Corporation Bank, ICICI Bank, ICICI Lombard, Oriental Bank ofCommerce, Punjab National Bank, State Bank of India, Union Bank of India, SewaBank, and other financial institutions.
- End -
About FINO:
FINO,a multi bank promoted company is a pioneering company providing cutting edge smart card based multi application solutions to “unbanked” in Banking, Microfinance, Insurance and Government sectors primarily located in rural & semi urban areas of India. FINO ethos is becoming a sectoral venture for serving the rural masses and helps other institutions contribute as per 'Financial Inclusion' guidelines of RBI. FINO executes end-to-end turnkey solutions for LFI’s including hardware/software, system integration, transaction network, operations, maintenance & training. FINO helps organizations improve efficiencies considerably reducing overall project cost. In fact, FINO’s concept is to take banking and the banking technology to un-banked masses in the country.www.fino.co.in
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment