Financial Software & Systems Pvt Ltd (FSS), a leading global provider of payments technology solutions, today announced that it has recently launched its IoT& AI/ML-enabled ATMs in India. ATM operators have long been struggling with thin margins while facing multiple challenges in managing an ATM site, andenabling the ATMs with cutting-edge technologies ofIoT (Internet of Things), AI (Artificial Intelligence) and ML (Machine Learning) is expectedto resolve 60% of ATM Issues remotelywithout any manual intervention.
FSS have 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 hasalready deployedIoT solutions for one of India’s leading private banks.
The present ATM monitoring solutions are not able to identify or predict thepoint of failure, causing a delay in issueresolution. With this digital transformation, FSS willoffer 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 byoptimising ATM operationswith tech and automation,resulting in enhanced ATM management, improvedefficiency, increased uptime, and 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 proprietaryTransaction 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 itto generate 70% of the company’s revenue by FY26.