FSS launches IoT & AI/ML enabled ATM Sites to Optimize ATM … – CIO News

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FSS launches IoT & AI/ML enabled ATM Sites to Optimize ATM Operations; Expected to Resolve 60% of ATM Issues Remotely

FSS has been one of the leading managed services providers in the country for the last 17 years.

Chennai, November 8, 2023: Financial Software & Systems Pvt. Ltd. (FSS), a leading global provider of payments technology solutions, today announced that it has recently launched its IoT and AI/ML-enabled ATMs in India.

ATM operators have long been struggling with thin margins while facing multiple challenges in managing an ATM site, and enabling the ATMs with cutting-edge technologies like IoT (Internet of Things), AI (artificial intelligence), and ML (machine learning) is expected to resolve 60% of ATM issues remotely without any manual intervention.

FSS has been one of the leading managed services providers in the country for the last 17 years. Currently, the company services 25,000 ATMs for many private and public sector banks across India. FSS has already deployed IoT solutions for one of India’s leading private banks.

The present ATM monitoring solutions are not able to identify or predict the point of failure, causing a delay in issue resolution. With this digital transformation, FSS will offer significant efficiency gains in areas of fault prediction, detection, and remote resolution.

Speaking on this development, Mr. V Balasubramanian, CEO, FSS CashTech, said, “ATMs play a pivotal role in India’s cash-driven economy. However, minimal technological advancements have been made to better the ATM landscape, and operators are finding it difficult to keep this business profitable. With this technological initiative, we aim to revitalize the ATM industry in India by optimizing ATM operations with technology and automation, resulting in enhanced ATM management, improved efficiency, increased uptime, and a better customer experience.”

FSS is committed to the advancement of ATM services and management and digital transformation. Through collaboration with banking partners, FSS seeks to enhance security, streamline operations, and improve the ATM experience for all stakeholders. At present, FSS manages and operates 25,000 ATMs across the country, processing 7 billion transactions annually for 20 banks with its proprietary Transaction Switching Infrastructure. FSS recently launched its SaaS platform BLAZE, an advanced payments technology platform designed to meet the diverse needs of banks and financial institutions, and expects it to generate 70% of the company’s revenue by FY26.

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