- Connect with us:
- |
- |
- RSS
- |
- Newsletter
-
Smartcards to Accelerate Microbanking Deployment|
- By CXOtoday Staff, Jun 25, 2007 1622 hrs IST
- Tags : Smartcards to Accelerate Microbanking Deployment
-
Financial Information Network & Operations (FINO) is powered by smartcard technology with biometric authentication by Gemalto, a company involved in digital security.
Transaction records are stored inside the smart card conveniently and securely enabling microbanking and simplified access to financial services for the under banked population in rural India.
FINO provides end-to-end core banking technology solutions including smart cards to microfinance partners, banks and Non-Governmental Organizations (NGOs) as business correspondents of large institutions.
Each FINO card developed by Gemalto can hold up to 15 different types of secure applications that facilitate financial services such as deposit remittances, savings, loans, insurance, and e-purses.
Additionally, the card acts as an electronic statement to log all transactions with the ability to store the last 150 transactions. The transactions are validated using biometric authentication, which provides one of the highest degree of digital security available today. End-user transaction is approved after fingerprint information is read using low-cost readers, and then verified by the card microcomputer at business correspondent s facilities, selected retail outlets, and partner premises.
One of the biggest challenges in the microbanking industry is the huge amount of paperwork and human effort, traditionally involved in supporting micro-transactions and credit-scoring potential customers. "High costs coupled with low returns did not make microfinance viable beyond a certain threshold, thus hampering growth," said Manish Khera, CEO of FINO.
Related Links:
Smart Cards Roll Out for Cuddalore
Smart Cards from Janalakshmi for Microfinance
-
Discussion Board
- Write a message
