SmartVista suite was chosen after a thorough evaluation process as the unique solution to meet the bank’s business requirements ahead of 5 other companies. The first roll out of services will see online secure ecommerce solutions live in 2015 with full launch of all services in the first quarter of 2016.

Cosmos Bank will replace the current Electra-based legacy payments solutions with SmartVista suite to enhance the ATM and POS management and also introduce card management capability for debit and prepaid cards all at the same time. Unlike previous disparate systems, consolidation of different products into one solution deployment ensures bank’s efficiency in running costs and speed to market for new functionalities and products.

Following the deployment of SmartVista Cosmos Bank will benefit from being able to control configuration and modification of the new processing system on their own in order to develop payment products smarter, faster and easier with lower deployment costs. This level of flexibility enables Cosmos Bank to be the first bank in the country offering to serve other banks and financial institutions on a service model basis.

Vasant Manwadkar, Chief Information Officer, Cosmos Bank, commented, “We chose SmartVista for many reasons, the functionality of course, as it is modern state of the art solution, but more importantly was BPC’s approach and willingness to work with us in a flexible manner. This will help us realize our objectives, of being in control of our own payments systems, bring down our historic total costs and ultimately enable us to give our customers what they want.”

BPC will manage this turnkey project with deployment of SmartSwitch, SmartATM, SmartIssuer, SmartGuard, SmartMerchant, Biometric as well as e-commerce solutions covering online transactions.

“We are extremely proud to be selected to deliver this payments transformation project by Cosmos Bank - a financial institution with almost 110 years of heritage and an ambitious strategy for future. With sound partners relationship now in place, alongside the establishment of our support and development centre in Pune and our uniquely flexible approach, which we know suits the Indian banking market, this will further open up opportunities for us over the coming years,” comments Rajan S. Narayan, Managing Director Asia Pacific, BPC Banking Technologies.