Opus Software Solutions signs a Multi-Million Dollar deal with State Bank of India (SBI)

(I-Newswire) March 20, 2010 - The deal to power the world’s largest ATM / POS network
Pune, March 11, 2010: Opus Software Solutions, a leading provider of software solutions to the payments industry has signed a $10 million deal with State Bank of India (SBI) to replace their existing ATM platform with electraSWITCH™. This deal with State Bank Of India (SBI) will power 25,000 ATMs, 500,000 POS devices and Kiosks and authorize 80 million debit cards by next year; and these numbers are expected to double (including ATMs) by 2014, making this the largest installation in the world.

Migration of ATMs has already commenced and would be complete in 6-8 months, making this the fastest migration of an EFT Switch of this scale across the world.

Opus is implementing this solution through its wholly owned subsidiary - ElectraCard Services. Opus is also providing other solutions from its electra suite to enable SBI to implement ‘Go-To-Market’ strategies quickly and deliver value added services to its customers. These include an Internet payment gateway, 3-D Secure authentication software, debit card management software and a fraud management solution.

Speaking on this occasion, Mr. Ramesh Mengawade, CEO, Opus Software and ElectraCard Services said, “Opus has clinched this deal amid stiff global competition and stringent quality & process validations. This is a landmark win for Opus as it will become the largest EFT Switch solution provider in the world by 2014. This deal will further strengthen our market dominance in the payment marketplace in India. We are replicating such success stories nationally and internationally.”

About Opus Software Solutions (P). Ltd.

Opus Software Solutions is a highly specialized and leading provider of technologies, software products and integration services in the payments domain on a global basis. Its solutions are characterized as adaptable, scalable and change responsive and cater to the demanding needs of the payment industry. Over 700+ professionals of Opus combine a wealth of experience, domain expertise, technological prowess and mature processes to deliver market-leading solutions for mission critical OLTP applications for retail payments. Opus has provided solutions for clients in more than 25 countries that deliver millions of sub-second stock transactions, create innovative prepaid card programs, implement card-less ATM withdrawals and integrate multiple channels such as traditional clients, web, mobile and kiosks for seamless service delivery.

About ElectraCard Services (P). Ltd.

ElectraCard Services, a wholly owned subsidiary of Opus Software Solutions, provides business critical applications and third party processing services for credit and payments management industry across the world. ECS is a PCI DSS certified Third Party Processor (TPP) for MasterCard® and VISA® across the issuing and acquiring side. Its deep domain knowledge, extensive global experience and cost effective solutions address the speed to market and flexibility challenges of today’s market.

ElectraCard Services enables financial institutions, retailers, finance companies and corporations to electronically process, in real-time, any type of payment transaction, including credit, debit, pre-paid, smart cards, and ACH. In addition to typical back office processing, ECS also offers ecommerce gateway and switching solutions. Its solutions support multiple institutions, multiple currencies, and varying processing requirements on a single platform.

By providing comprehensive and flexible solutions that can be deployed to a market of one, ElectraCard Services offers unmatched services and solutions.
www.opussoft.com
www.electracard.com

®MasterCard is a registered trademark of MasterCard International, Incorporated.
®VISA is a registered trademark of VISA International Service Association.
electraSWITCH is under trademark and copyright by ElectraCard Services.

About Opus Software Solutions Private Limited:
Opus Software Solutions is global company specializes in providing solutions for the financial services industry, Helping organizations with innovative solutions, leveraging technology and offshore model by delivering superior quality products.

Company Contact Information
Opus Software Solutions Private Limited
Manju Nandwani
I st Floor,Building No: 04, Commerzone, Samrat Ashoka Path, Off Airport Road, Yerwada, Pune - 411 0
411 006
Phone : +91 - 20 - 6627 2100