FINO, NCR launch self-service remittance technology to boost financial inclusion

Thousands of migrant and low income wage earners in India avoid using formal remittance systems because they are costly and time-consuming. To address this challenge, FINO and NCR Corporation (NYSE: NCR) have added a remittance functionality to the FINO NCR EP70 – ‘Tijori’ – providing consumers with a fast and secure money transfer service.

The self-service channel will be deployed by FINO or their affiliated banks at FINO branches and merchant locations allowing customers to use the deposit and remittance service - closer to their home or workplace beyond conventional banking hours. The process requires the remitter to deposit cash in the FINO NCR EP70 – ‘Tijori’, inform the beneficiary, who needs to then visit any business correspondent location of FINO or his bank branch and withdraw the money. The FINO NCR EP70 solution is already used by consumers to make cash deposits and withdrawals, seek microfinance loans, balance enquiries and print mini statements.

“NCR is pleased to announce with our partner FINO the introduction of an innovative, easy-to-use, and cost effective remittance application, which demonstrates our continued commitment to financial inclusion by bringing financial services to the under-banked population of India", said Jaivinder Gill, managing director for NCR in India. "The addition of a remittance function with FINO NCR EP70 – ‘Tijori,’ deployed by FINO or their affiliated banks at FINO branches and merchant locations, will allow individuals and migrant workers to transfer funds at their convenience and beyond banking hours by using a secure self-service channel.”

Speaking on this development, Manish Khera, CEO, FINO said, “FINO is committed to bringing mainstream financial services to the large number of consumers who are currently underserved. FINO’s architecture integrates with the Indian banking infrastructure, ensuring our service is secure and convenient for customers.”

Khera continued, “FINO now has 19 million customers and are gaining 50,000 new customers a day. We continue to innovate with new financial services and by expanding our channels beyond agents to self-serve devices like the FINO NCR EP70 – ‘Tijori’ that integrate with our mobile platform, providing customers with transaction alerts. We are confident consumers will adopt the FINO NCR EP70 - ‘Tijori’ to save small sums of money more frequently, helping them take up the saving habit, besides making remittances easier and more convenient.”

Transaction details are recorded in the device and on the user’s FINO smart card. The machine allows transaction data to be transferred to the bank’s system via an online connection. It can operate both online and offline, overcoming connectivity issues normally encountered in rural India.

The FINO NCR EasyPoint 70 - ‘Tijori’ has voice prompts, presently available in 14 languages, and can also detect fake notes. This is an innovative entry-level deposit solution that can be easily integrated into existing and emerging microfinance platforms, offering a secure and scalable solution for financial inclusion.

About FINO
Financial Inclusion Network & Operations (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’s ethos is becoming a sectoral venture for serving the rural masses and helping 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. FINO is doing more than 3 million transactions per month through its network of 10,000 agents spread in 23 states and more than 266 districts in the country. www.fino.co.in 

About NCR Corporation
NCR Corporation (NYSE: NCR) is a global technology company leading how the world connects, interacts and transacts with business. NCR’s assisted- and self-service solutions and comprehensive support services address the needs of retail, financial, travel, healthcare, hospitality, entertainment, gaming and public sector organizations in more than 100 countries. NCR (www.ncr.com) is headquartered in Duluth, Georgia.