FSS Aids First Cross Border ATM Sharing Arrangement in the Indian Sub-continent
Punjab National Bank, India and Everest Bank, Nepal have recently agreed to share their ATMs Network for their Cardholders on either side of the border. Chennai based Financial Software and Systems has provided the cross country ATM sharing solution via FSSNeT, the outsourcing division of FSS. This is the first time in India, an Indian bank would use domestic network for transaction sharing with a foreign bank.
In Nepal, EBL has outsourced its ATM transaction processing services to M/s Smart Choice Technology. FSSNeT has tied up with SCT, and has established a data communication network connecting the two networks. Thus both bank card holders can avail of ATM services amongst both banks' ATMs. PNB would be the settlement bank, to whom FSS would provide settlement reports, with appropriate currency conversion. With FSSNet tying up with SCT, PNB now has opportunities to tie up with other Nepali banks in SCT's network for ATM sharing.
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