FSS to set-up Bhutan's first ATM network

CHENNAI: Financial Software & Systems (FSS), the Chennai-based ePayment technologies and solutions provider, has been selected by the Bhutan National Bank to set up an ATM network in that country.

In a statement, Nagaraj Mylandla, managing director of FSS said that the company was pleased to partner with Bhutan National Bank in their electronic payment initiatives.

“For FSSNeT, this is a milestone in providing online services outside the shores of India. We look forward to a long mutual beneficial relationship with Bhutan National Bank, and look forward to increase in value proposition for both of us,” he said.

FSS would now deploy online ATM and POS services via FSSNeT, the company's outsourcing wing. Through this payments gateway FSS will manage settlement of domestic transactions carried out by customers of these banks.

Kipchu Tshering, managing director of Bhutan National Bank said that the electronic payment and settlement system was the first step towards their goal of providing basic modern banking amenities to its customers.

“We are confident that our partnership with FSS will not only cater to the immediate demands of our customers, but will also help us in achieving our next step of providing globally accepted facilities to our customers,” Kipchu said further.

Bhutan National Bank is also exploring the possibility of offering credit and debit card facilities to tourists who visit Bhutan by deploying Point of Sale (POS) terminals at various locations in the country, enabling them to use their cards for making purchases in Bhutan.