FINO Business Proposal - Changemakers

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Feb 23, 2014 (7 years and 10 months ago)

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FINANCIAL INFORMATION NETWORK AND OPERATIONS LTD.




1



PRIVATE &
CONFIDENTIAL

BIOMETRIC SMART CARD BASED TECHNOLOGY SOLUTION

FOR

FINANCIAL INCLUSION







FI
NANCIAL INFORMATION NETWORK AND OPERATIONS LTD
.

C
-
401, Business Square, Chakala, Andheri Kurla Road, Andheri (E), Mumbai
-
93, INDIA




FINANCIAL INFORMATION NETWORK AND OPERATIONS LTD.




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PRIVATE &
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Financial Information
Network And Operation
s Ltd
.
is incessantly working towards its vision of
making banking a
vailable to the unbanked masses. In
FINO
, we are committed to ensure the most
reliable, transparent and fast yet secure mode of financial services to reach to the remotest of the areas in
the Nation.

In a matter of 2 years we have become the only technology solution provider in Financial Inclusion with
more than
1.5 Million customer base
. We have covered
one third part of the country

with 200
districts

with in our

reach.
We think our work
has just begun with our focus on development of a
transaction platform and robust back
-
end to capture and maintain customer demographics and transaction
data.

With the scaling up of
FINO

operations
,
FINO

envisages a goal of enriching the services provided
to
clients
with as many utilities as possible.
FINO

believes in making itself strong enough in its service
efficiencies that it proves to be a source of immense value addition not
just to

the Financial Inclusion as
a
field but to the Nation as a whole.




All men dream but not equally. Those who dream by night in the dusty recesses of their minds
wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for
they may act their dream with open eyes to make it possible




-
T.E. Lawrence








C
opyright (2006)
FINO


Ltd
.

All rights reserved. This material is confidential and proprietary to
FINO

Ltd and no part of this material
should be reproduced,

published in any form by any means, electronic or mechanical including
photocopy or any information storage or retrieval system nor should the material be disclosed to third
parties without the express written authorization of
FINO

Ltd.

Trademarks

All tra
demarks used in this document are the property of their respective holders.
FINO

expressly retains
all of its right, title and interest in its trademarks. No one shall use
FINO

trademarks without obtaining
prior express and written consent of
FINO
, except
already expressly granted in a different written
arrangement between the parties.





FINANCIAL INFORMATION NETWORK AND OPERATIONS LTD.




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TABLE OF CONTENTS

EXECUTIVE SUMMARY








4

COMPANY OVERVIEW









6

ORGANIZATION STRUCTURE


10

SERVICES OFFERED








12


TECHNICAL SOLUTION








14

TECHNOLOGICAL DEVELOPMENTS






21

Annexure 1



23

Annexure 2


26

Annexure 3





3
5

Contact Details









36















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E
XECUTIVE SUMMARY


F
inancial
Information Network & Operations Ltd (
FINO
) proposes to offer its Biometric Smart Card
based Solution which has been successfully implemen
ted for various public and private sector banks as
part of their Financial Inclusion project. The solution has been designed to address electronic delivery of
banking & other financial services in the urban / semi urban / rural areas by adopting forward
-
lo
oking
business & architectural principles built on advanced technologies and products from world
-
class
vendors. A right blend of
social concept, practical business scenarios, advanced technologies, skilled
people and matured processes

has enabled superior
feature set of the proposed solution.
FINO
’s
solution primarily consists of following components:

-

Enrolment System

o

Capturing demographics data, fingerprints, photograph and other required details

o

Application form sourcing / printing and processing through
authorized Business
Correspondents

o

De
-
dupe check based on Fingerprints

o

Account opening in respective bank’s system through customized interfaces

-

Smart Card Personalization & Issuance

o

Central personalization

o

Over the Counter (OTC) Personalization & Issuanc
e

-

Handheld devices to conduct financial transactions in field in offline mode through smart card
based fingerprint authentication and synching data with Server in secured way using various
connectivity options like PSTN / CDMA / IP etc.

-

Central Host Appli
cations

o

Card Management System

o

Agent Management System

o

Transaction Acquisition & Switching System

o

Customer & Transaction Data Management System with customized interfaces with
bank’s core banking system along with MIS Reporting

o

Automatic Fingerprint Ident
ification System ( AFIS)


The salient features offered by
FINO
’s solution are:



A fast & effective delivery channel to reach the underserved / unbanked citizens




FINANCIAL INFORMATION NETWORK AND OPERATIONS LTD.




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Better information management, as the data was captured at the grass root level in electronic
format, transmitted electronically in a secure manner.



Better monitoring of transactions and reducing fraudulent activities by usage of biometric based
authentication



A single point Delivery channel for various Banking products (Saving, Loans, Remittanc
es etc) &
Govt. Programs (NREG, SSP etc)





















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C
OMPANY OVERVIEW




Financial Information Network and Operations
Limited

(
FINO
) was incorporated in June 2006 and
launched on 13th July, 2006. The company was founded with the single objective of building
technologies to enable financial insti
tutions (FIs), Banks, Micro Finance Institutions (MFIs), Insurance
Companies and Government to serve the underserved and the unbanked sector


to achieve the goal of
inclusive financial services.
FINO

has since then been developing Financial Services Deliv
ery Systems at
very affordable charges to enable Banks/MFIs and above mentioned
institute.

FINO

aims at being sectoral entity with stake holders being Banks, Financial Institutions, Insurance
Companies and Foreign Financial Institutions.
FINO

endeavors to

create a financial and information
supply
-
chain into the customer last
-
mile


customer household


and bring the vast majority of the
underserved Indian population, currently estimated at 500 million, into the economic mainstream.

FINO

has built a platfor
m based on cutting edge technologies

including,
Smart Card system, C
ore
banking system, ID management system and interfaces to 3rd party systems
. The platform is very
flexible and modular and new technologies and requirements will be added on to increase t
he robustness
and utility of the system.

The
FINO

system is a transaction platform that is available to different entities across the financial and
non
-
financial worlds. In addition to providing a range of services,
FINO

is dedicated to working with its
cu
stomers and partners to stimulate the growth of the overall market, both in the financial and non
-
financial markets.

Building the client base from the current size will require an unprecedented level of partnership and
collaboration among players in the va
lue chain. Also, for governments and institutions, to reach out to
individuals for providing various facilities and benefits, need a medium to uniquely and effectively
identify and record transactions. Rather than simply “selling” its services,
FINO

is act
ively developing a
network that includes customers, banks, governmental agencies, agents, and other participants in the
value chain that
FINO

is enabling through its shared technology platform. Participants will derive value
from the aggregation effect of
the network that go beyond the benefits they enjoy from
FINO
’s services
alone.




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FINO

will work with its partners to increase the attractiveness of participating in the network, expand the
number of potential customers, and build the base of clients who coul
d then be served by different
entities.
FINO

will ensure that its services and market position allow it to easily engage with new
entrants.

CLIENT BASE

FINO

is providing service to end
-
customers to enable their integration into the system so various stake
holders wanting to serve this customer base can use the
FINO

network to reach out in an effective and
efficient way. It is
FINO
's business to provide services to these organizations that provide financial and
other transaction
-
based services to these clien
ts.

FINO

is currently working with
Bank of


Baroda, Corporation Bank, ICICI Bank, Indian Bank,

Oriental Bank of Commerce, Punjab National
Bank, Union Bank of India and
United Bank of
India
.
FINO

is also in talks with other banks prominent amongst them bein
g,
Axis Bank,
Allahabad
Bank
,

Canara Bank
,

Dhanalakshmi Bank and HDFC Bank.



There is currently 10 MFI’s operating on
FINO

Back end platform and another 5 MFI’s are under
implementation.



FINO

is working with
Government of Andhra Pradesh, Himachal Pradesh, M
adhya Pradesh &

Tamil Naidu to distribute NREGA and pension payments.



We are working in Insurance vertical with ICICI Prudential, ICICI Lombard and LIC.

FINO

is also
the technical advisor to the

World Bank and Ministry of Labour and Welfare for Rural
Healt
h Insuran
ce

for
Rasht
riya Swasthya Bima Yojana
.










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O
THER KEY PARTNERSHIPS

FINO

has partnered with a number of stakeholders that are aligned with its vision.

These include:

Investors

-

FINO

has raised capital Rs 80.0 crore from diverse
set of entities broadly shared equally
between Public Sector Banks (30%)


Corporation Bank, Indian Bank, Union Bank of India and LIC;
Private Entities (30%)


ICICI Bank , ICICI Lombard & IMFR and Large International Investors (40%)


Legatum Global Develop
ment, Intel Capital and IFC
-
Washington (The World Bank).
FINO

Board of
Director’s have diverse experience from different fields and comprise of one person each form Public
Sector Bank, Private Sector Bank, International Investor, three Independent Director
s and an Executive
Director. With strong local and international promoters,
FINO

will be able to bring comfort to its
customers that
FINO

has a strong financial backing and good corporate structure.
FINO

with such
participation is poised to become a sector
al entity serving the technology needs of the rural customer.




Technology partners:

FINO

has built a platform using cutting edge technologies to provide
services and add value to its customers.
FINO

has meticulously worked in the selection process
and iden
tified the right partners for this innovative project. We are already working with global
players like IBM, BGS, Austria and Cogent from USA for our hardware & systems, I
-
Flex for
core banking solution, Smart cards solution from Sagem, Gemalto and Oberthur
. We have also
partnered with some other vendors and technology players like NCR, VeriFone, and FSS etc. for
our new project initiatives in Mobile banking, Biometric ATM, cashless Card etc. And in future,
FINO

will be working with various partners to ident
ify emerging technologies and integrate into
FINO

platform

V
ISION

The vision of
FINO

is to achieve a breakthrough in the scale, relevance, and reach of financial services
for the un
-
served and under served clients throughout the world.


The core business o
f
FINO

will be designing and implementing innovative technology solutions
-

systems, services and networks


that will enable financial service providers to reach billions of under
served clients, providing them with a greater ra
nge of services at a lower
cost.




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Over the first five years of its operation,
FINO

intends to work with its partners to grow the micro finance
base to over 25 million customers and more than 980 million transactions per year.

FINO

has initiated the
journey with a
large

step of 1.5 Mi
llion enrollments.

FINO

has diverse mix of resources having experience in relevant
Technologies

(Smart Cards, Biometrics,
Payment Systems etc.),
Banking and Micro
-
Finance sector
.
FINO
’s operation team
has substantial

relevant

expertise in executing field
and central level operations like enrollments, transaction & data
management, device installation & maintenances etc. It follows rigorous process while putting resources
on project and ensures that adequately skilled & trained people handles the critical a
ctivities.


FINO

conceives a go
al of becoming a complete resource

of services in the field of Financial Inclusion
and place itself as an end to end
service provider for the clients.


















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ORGANIZATIONAL STRUCTURE

The board of Directors of
FINO

is
a consortium of highly
skilled professionals, who have gained
expertise in their respective fields over the years. The Board of Director consists of professionals of Chief
Executive and Managing Director level from field
s like Banking, Financial Services

a
nd Information
Technology.
The strong association of the pivotal people in FINO with the Banking and Finance arena
,
has brought
FINO
to

competitive edge in the field of Financial Inclusion.


FINO

Management

Mr. Manish Khera, Chief Executive Officer,
FINO


Mr. Manish Khera is the CEO of Financial Information Network & Operations Ltd & is responsible for
charting out the Company¢s growth path and sound base. Mr. Khera had 13 years of experience with
ICICI Bank. His
work experience in Banking
has exposed him
to the entire gamut of client base from
large corporate clients to the micro clients. In his career span he has gained experience in areas of
corporate banking, government business and mass / rural banking.

Mr. Khera is an engineer with a Master's degree
in Business Administration and MPhil in Environment
and Development from Cambridge University, U.K. specializing

in the field of Climate Change.

Mr. Khera's exposure to the developmental issues commences from his training in the basic aspects
during his ed
ucation in Cambridge and got enhanced in his exposure as part of Government Banking
Team at ICICI Bank where he understood the several developmental challenges that various government
departments were trying to address through policy level and financial in
tervention. Mr. Khera has
exposure to Micro
-
Banking since year 2003 across areas ranging from business to technology.

Mr. Khera is very passionate about serving the underserved through the
FINO

Business Model which he
thinks would change the approach that

has been adopted to serve the under
-
served and bring about large
penetration in customer base and operational efficiencies to the institutions focused on inclusive banking.

Email:
manish.khera@FINO.co.in



Mr
. Rishi Gupta, CFO & President (Sales & Marketing)

Mr. Rishi Gupta is the CFO and President
-

Sales and Marketing of Financial Information Network &
Operations Ltd. He is responsible for Corporate Finance, Funds raising and Investor relationships. He is
al
so responsible for business development and boarding new clients. Mr. Gupta has vast experience of
more than 13 years in Manufacturing, Banking and International Organizations. Prior to joining
FINO
,
Mr. Gupta was working with
International Finance Corpora
tion

(Largest Multilateral agency in World,



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The World Bank) in their Regional Office in New Delhi. He was responsible for project finance and
corporate finance function of the office.

Prior to IFC Washington, Mr
.

Gupta was part of the team which studied th
e banking operations prior to
merger between ICICI Limited and ICICI Bank Limited (Largest Private Sector Bank and 2nd Largest
Bank in India). This stint in the bank exposed him to handling an array of general banking operations for
retail customers.
He ha
s worked

in the project appraisal department, which encompasses detailed
appraisal technique for project lending and short term lending of the leading Corporates of India. The
portfolio consisted companies in Finance, Consumer Durable, Textile, Sugar and R
eal Estate.

Prior to ICICI Limited, Mr. Gupta was working in Maruti Udyog Limited (Largest Car Manufacturer in
India) where he was heading the Budget and MIS Department, and working closely with the senior
management. Mr. Gupta also undertook special proj
ect assignment on the modernization cum expansion
programme for 0.1 million vehicles.

M
r.

Gupta began his career as an Article Trainee at Price Waterhouse Coopers, wherein he gained a
stupendous exposure to accounting systems, review of internal controls a
nd checking compliance of legal
legislation’s of the top Corporates of India.

Mr. Gupta is Chartered Accountant & Cost & Work Accountant with an all India Merit 33rd in CA Final
and 32nd in CA Intermediate. Mr. Gupta graduated in B.Com (Hons.) from Shri Ra
m College of
Commerce (best commerce college in India).

Email:
rishi.gupta@fino.co.in



Mr. Rajeev Arora,

President (Projects & Implementation)

Mr. Rajeev Arora is the President
-

Projects & Implementation of F
inancial Information Network &
Operations Ltd. At
FINO

Mr. Rajeev is responsible for strategizing and overseeing the operational aspects
of
FINO
. He has a rich experience in operations & maintenance spanning over 14 years. Prior to joining
FINO

Rajeev was
associated with ICICI Bank in Corporate Banking. Prior to ICICI Bank he worked for 3
years with NTPC taking care of operations and maintenance.

Email:
rajeev.arora@fino.co.in



FINO

Workforce

FINO

started wi
th a group of 20 professionals. Now
FINO

has grown up to a
direct workforce
of 200

p
eople by the end of two

years of its o
perations. The company is all set to meet

its growing needs by
continuing to operate under an outsourced model.
It has grown to more t
han 1000 outsourced workforce
on the field.




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The potential and competency of
FINO

has been developed over the time with the help of selected
professionals

coming from best of the institutes
in India.


FINO

Offices

FINO

head office i
s in Mumbai and 9 zonal
offices in Bhubaneswar, Bangalore, Chennai, Delhi,
Hyderabad,
Lucknow and Navi Mumbai,
operational across India. We have a multilingual helpdesk active
at Bangalore
.



SERVICE OFFERED

BUSINESS CORRESPONDENT SERVICES

(
FINO

FINTECH FOUNDATION
)

In order to en
sure

wide reach along with

lower transactions costs,

timely MIS, information consistency

to
bring more transparency in
Financial Inclusion

business, it is of utmost importance to create a technology
platform for unbanked customers
to obtain
various financi
al and non
-
financial services with efficient
operations. To overcome the above hurdles, a new company,
FINO

Fintech Foundation (F^3), a Section
25 under the Indian Companies Act of 1956 has been incorporated on June 26th 2007. An independent
executive boar
d comprising of well
-
known names in micro finance, financial regulation & administration,
ban
king and technology sectors

govern F^3. F^3 has been established to carry on the activity of
promoting sustainable livelihoods for the rural poor and underserved c
lasses by helping them becoming
economically self
-
reliant, through the provision of Financial, and Insurance services and technical
assistance in an integrated and sustainable manner. The activity of this Company is not for profit. F^3 is
working with the
partners of
FINO

to establish an end to end distribution platform thereby ensuring reach
to Financial Institutions (FIs) in those geographies and amongst that section of the population which has
been considered as outreach. F^3 would achieve the above obje
ctive by partnering with organizations like
Corporate, NGO’s, standalone retail establishments, Government affiliated organizations like KVIC etc.,
Customer Service Centers established under the NREGP programme of the Department of IT.
Details of
FINO

Fint
ech Foundation are attached in the Annexure.






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FINANCIAL SERVICES

FINO provides a complete range of financial services to the un
-
banked and under
-
banked populace both
in urban and rural areas. The range of offline Financial services offered to the Banks ar
e:Savings, Loan,
Insurance Premium collection, Fixed deposit and Recurring Deposit. The range of the services is
consistently becoming more exhaustive with addition of new services like Remittances etc. the scalability
of the service

NON FINANCIAL SERVICE
S

Government Applications: Biometrics on card provide
s

positive authentication
o
pportunity to serve as
delivery channel for various government programs such as
Rashtriya Swasthya Bima Yojana

and
National Rural Employment Generation Scheme (NREGS).


CREDIT
RATING OF AN INDIVIDUAL



FINO

is in the process of designing a Scorecard
with
international expert on Credit rating

LiSim
, a specialized consulting company, which orients its LiSim
Scoring Solutions towards institutions that are focused in homogeneous mas
sive markets
.
It also has the
objective of bringing support and effectiveness to the automation of processes of application assessment,
recovery actions and analysis of marketing
.

FINO in collaboration with LiSim is working toward fulfilling following obj
ectives:



To develop statistical Scoring models for approval new clients applications regarding payment
behavior forecast (
Evaluation
Scoring LiSim).



To develop statistical Scoring models to improve effectiveness at the collection process with
lower use of
resources.



To develop statistical Scoring models to increase the profitability of current portfolio trough an
efficient and accurate renewal and crossed sells process.



To develop statistical Scoring models to make stimulate institutions population to incre
ase the
transaction volume
.









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TECHNICAL SOLUTION

Solution Overview

The Smart Card Solution for the Financial Inclusion project involves a
Customer Enrollment System,
Card Personalization & Issuance and Central Host consisting of Card & Transaction Manag
ement
System and Point of Transaction (POT) Terminals with SAM cards

for the authorized agents to carry
out financial transactions. Central Host enables data exchange with Bank’s systems over well
-
defined
interfaces and also provides various MIS reports re
quired by the bank.

Each beneficiary

will be provided with a
Smart Card

personalized as per the bank approved artwork,
which would be an ISO 7816 compliant Smart Card. The Smart Card stores securely the Members
personal details and four Fingerprint data fo
r authentication, the financial product specific data like
Saving account balance etc., latest transactions and any other details as required by bank. The data to be
stored would be limited to the size of the memory available on the Smart card.


The biomet
ric based Smart Card system enables agents (BC) to verify the customers and offer the
services for the products provided by Bank at the various transaction locations located in the villages.

At the transaction locations the Point of Transaction (POT) Term
inals would first authenticate the
beneficiary card by using symmetric key mechanism (3DES) and then checks the validity of the card by
comparing with the hot listed cards data stored in its memory. The Beneficiary would then be
authenticated by matching h
is/her fingerprint with the one stored in the Smart Card for availing the
benefit / payment offered by the scheme. The Smart card terminal would also register the details of the
beneficiary and the transaction details in its memory and the same would also
be written into the
beneficiary Smart Card memory. The Smart card would thus be like a portable passbook / job card in
electronic form.

As the transaction points may be located at the remotest of village, there is a high possibility of
connectivity issue a
nd hence the solution proposed is an offline solution. In such a case the POT terminals
at the transactions locations need not be connected to the backend server for performing the transactions.
The transaction data are securely stored in the memory of the

terminal and are also backed up in the
SAM. At the end of the day the transaction data would be transferred to the Central server located at
FINO

via the transaction processing and settlement switch for the purpose of reconciliation and posting



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the same
to CBS of the bank. The transfer of data can be done either by connecting the terminals to
CDMA / IP or through PSTN Dial up. The same mode of data transfer would be used for transferring the
information like, Transaction updates, Hot Listed Cards, Activat
ing Products etc from the server to the
POT Terminals.

The banking products envisaged by the bank like Saving, Loan, Remittance, Insurance, Pension
distribution and other third party products as part of the Financial Inclusion initiatives of RBI can be
inc
luded and activated as and when required.

The below mentioned diagram provides the conceptual view of the
FINO

Solution:

FIGURE
: Overview of
FINO

Solution








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FIGURE
: Logical Architecture of Smart card system
























System Architecture logical components








PSTN

Serial Sync
ISO 8583

T=0, T=1

ISO 7816 based
extended length
APDU Support


FINO

Enrollment
System

T=0
,
t=1

Infrastructure Management

Smart Card Management System

(Admin, Supervisor, Agent,
Customer

& SAM

Cards)



Terminal

Management


Agent Management System


Service Management (External Agencies)

Key Management System

Card
/ Ter. s
upplier

Automated Fingerprint
Identification System


Transaction Acquisition System


SWITCH

(Transaction Acquiring)

Network

Access
C
ontrollers


INTERFACE SERVER


(Host Updates management)

T=0
,
t=1



Core Banking

System

Third party Host /
System




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E
nrollment:


The enrollment solution is a standalone Client Server application with a local database installed in the PC
/ laptop. The Enrollm
ent kit includes a Fingerprint Scanner, High resolution web camera and a signature
pad (optional) connected to the PC / laptop. The data entry operator will capture the beneficiary data from
the application form submitted by the beneficiary and the photogr
aph & Fingerprint using the enrollment
station. Alternatively if the data is already available in softcopy the same can imported to avoid re
-
entry
of data during enrollment process and only missing data, photograph, fingerprints can be captured.

Salient F
eatures:



Capture the digital photograph of the beneficiary using a Web camera



Capture the digitized signature

of the beneficiary using a signature capture device



Capture all 10 fingerprints

of the beneficiary using

a High resolution FP Scanner



Capture demographic data to be maintained in the local / cardholder / central

database



MIS reports



Day wise / Month Wise Enrollment details



B
eneficiary details



Any other report as required by Bank

Account Ope
ning:

Access to enrolled data is availed to the Bank officials as per the defined process. Bank officials authorize
the data for which bulk customer addition and account opening activity is carried out. Interfaces with
CBS are well defined so as to get new

account opening data in seem less manner. For all the approved
customers, personalization files are generated containing required enrollment and account details.

Card Personalization & Issuance:

Personalization involves printing card holder data on the ca
rd and loading data into the chip that would
uniquely associate the beneficiary to the smart card.

We proposes that the Personalization to be done at a central location (
FINO

personalisation center) using
high end personalization printers to support mass
card personalization and distribution. An automated
interface will reduce the potential for manual errors. Security is also a factor to be considered, as the
secure transmission of data is critical, particularly since the automated interfaces will be used

to transport



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card personalization data from card management system. The personalization processes include
combination of the following:




Loading basic demographic information, fingerprint, account and keys on the chip



Printing card graphics



Pri
nting a photo and signature image on the card



Printing demographic data on the card


The process of distributing personalized cards to cardholders is called card issuance. As a security
measure, the issuance agency shall compare biometric that is stored i
n the card with the beneficiary
biometrics using the POT terminal and is activated before the card is handed over to the beneficiary. The
issuance information is stored in the terminal memory and then transferred to the central server for
activating the be
neficiary.


Central Host:

The central host consists of various sub
-
systems and is primarily used for the Customer & Transaction
Data acquisition, processing, storage & management.


Card management System

Key functionality of card management system comprise
s of system processes related to management of
whole life cycle of smart card issued within the system. Currently
FINO

Smart Card Management system
supports following card life cycle functionalities:



Card Issuance



Card Replacement



Card Reissue



Card hot
-
lis
ting


Following types of cards will be issued within the system. Client provides the authorization for issuance
of these cards:

-

Agent Card


To be issued to Customer service agents / operators of the BC

-

End customer card


to be issued to end Customers o
f the Bank




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-

SAM card for POT Devices


stores the system keys and end Customer transactions

The card management system will cater all such card replacement requirement. A new card is issued to
the Customer and card updated with the latest data. The data
is obtained from the Customer account
profile which is stored in the Central host / Back end system.

Following types of cards will be issued within the system. Client provides the authorization for issuance
of these cards:

-

Agent Card


To be issued to Cus
tomer service agents / operators of the BC

-

End customer card


to be issued to end Customers of the Bank

-

SAM card for POT Devices


stores the system keys and end Customer transactions

The card management system will cater all such card replacement req
uirement. A new card is issued to
the Customer and card updated with the latest data. The data is obtained from the Customer account
profile which is stored in the Central host / Back end system.

Terminal Management System

Terminal Device management is c
urrently a CRM application that enables
POT device installation, de
-
installation and replacement at various sites (stationary and mobile). Terminal Devices are traced using
the Terminal Device ID and MFI/BC parameters.

Agent Management System

Agent Manage
ment System is used for generating & managing Agent Codes, Terminal IDs, MFI /
Merchant Codes. Apart from this, it also processes the PTLF files generated from switching systems so as
to provid
e Transaction Files for the transactions

settled by terminals d
eployed in field.

Automatic Fingerprint Identification System (AFIS)

(Bio
-
Deduplication)

AFIS is primarily used for
de
-
duping of customers based on their fingerprints
. All 10 fingerprints of a
newly enrolled customer are compared against the existing datab
ase of already enrolled customers.
Suspects thrown by this system are sent for manual verification based on other demographic parameters.







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FIGURE
:
Transaction Acquisition system components
















The transaction acquisition system compris
es of two core components:

1.

Interface server which is part of ASP set up within the transaction Acquisition system and
handles core system functionality of managing remote back end updates sent to Point of
Transaction Devices deployed in the field.

There
are three types of backend updates which can be pushed to terminals



Financial (New account opening / Financial Transac
tions (Dr/Cr) / A/c blocking


Dr
freeze


C
r freeze / Update in acc level parameters like change in sanctioned amount of
loan etc.)



Admin
istrative (Change in customer level information like change in address / mapping
code etc.)



Hotlist

2.

Switch which is responsible for transaction aggregation from field Devices and routing of back
end updates coming from back end HOSTs (CBS and third party)
to field Authentication Devices.


Transaction Acqu
isition System

Switch Centre Management

Network
Transaction
Routing

Terminal Profile Set up

Termin
al
Initialization &
configuration

Product /

Transaction set
configuration

Interface Server


Agent
Registration
Module


Terminal
Registration
Module


Product / sub
product
Registration
Module


Card /
Terminal
Upload
Module




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Customer & Transaction Data Management

It is the central repository of Customer data with corresponding Accounts & Transaction details. It has
well
-
defined interfaces with various external systems. Data from Enrolment Sta
tions get imported to this
system and sent for Card Management System for personalizing & issuing cards. It also exchanges data
with Transaction Acquisition System and carry out required processing / massaging before exchanging
the same with Core Banking S
ystem. At present, system has interfaces defined for Flexcube, Finacle &
BANCs for posting account & transactions data with corresponding bank’s CBS.



T
ECHNOLOGICAL DEVELOPMENTS

FINO
’s efforts towards technology development in Financial Inclusion are ceas
eless.
FINO

is working
with various experts across the world to develop technological supports like Contact less cards, Money
Deposit Machines (MDM), Mobile based systems, PC based systems.

In the
coming
future,
FINO

is
ready with resources to develop itse
lf according to the Industry requirements and technological
advancements.
One of the technological research and development is going on in the field of Mobile
Transaction terminal development. Brief des
cription is attached in Annexure 3.


Micro Deposit Mac
hine (MDM):

MDM has been designed in partnership with NCR (National Cash
Register) to target the urban unbanked populace. The proof of concept (PoC) was conducted from 8th Oct
to 2nd Nov 07 for around

500 customers of HCCS (Hindust
an Cooperative Credit Soc
iety) at Jarimari
and Thunga Gaon, Mumbai. TISS (Tata Institute of Social Science) did the survey to understand usability
of MDM by the end customer. According to the report published by TISS, the response was very positive.
The machine shall be piloted by

Oct 2008 before final roll out.













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ONGOING PROJECTS
-
PAN INDIA

Sr
No

Name of the
Client

Mandate

State

Product/Service











1

Union Bank of India

>5

Lakhs

Maharasthra
/ UP/
NewDelhi/
Chandigarh/MP/AP

Savings/ NREGA/LOAN

2

Sewa Bank

< 5

Lakhs

Gu
jarat

CBS
Implementation(Iflex)

3

Indian Bank

<5
Lakhs

Maharasthra
/Tamil
Nadu/West Bengal

Savings

4

Punjab National
Bank

>
5

Lakhs

Rajasthan
/
Chandigarh/HP

Savings

5

Bank of Baroda

<5
lakhs

Rajasthan
/UP

Savings

6

Oriental Bank of
Commerce

<5
lakhs

Punjab

S
avings

7

Corporation bank

<5
Lakhs

Goa
/TamilNadu/Karnat
aka

Savings
/NREGA

8

ICICI Bank

>5

Lakhs

Orissa
/ AP/
Bihar/WB/Tamil Nadu


Loan

9

United Bank of
India

<5

Lakhs

West Bengal

Savings

10

ICICI
Lombard

>5

Lakhs

Rajasthan,Haryana


Health Insurance

11

I
CICI Prudential

<5

Lakhs

Andhra Pradesh

Life Insurance

12

LIC

<5

Lakhs

Himachal Pradesh

Life Insurance(Group
insurance)











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A
NNEXURE 1

FINO

FINTECH

Foundation

FINO

FINTECH

Foundation (F^3) is a Section 25 under the Indian Companies Act of 1956 has bee
n
incorporated in June 26
th

2007.

F^3 has been established to carry on the activity of promoting sustainable livelihoods for the rural poor
and underserved classes by helping them becoming economically self
-
reliant, through the provision of
Financial, and
Insurance services and technical assistance in an integrated and sustainable manner. The
activity of this Company is not for profit.

F^3 is working with the partners of
FINO

to establish an end to end distribution platform thereby
ensuring reach to Banks

in those geographies and amongst that section of the population which has
been considered as outreach.

F^3 would achieve the above objective by partnering with organizations like Corporate, NGO’s,
standalone retail establishments, Government affiliated or
ganizations like KVIC etc., Customer Service
Centers established under the NeGP programme of the Department of IT. This list is only indicative and
shall be enhanced under the guidance of
FINO

and its partners.

Role of
FINO

FINTECH

Foundation
:



Creation of

Distribution framework



Establish a distribution network either through its partners or its own across the country



Use the network for customer solicitation for Banks



Ensure proper branding and collaterals is displayed



Ensure a pool of resources who would

work in tandem to Banks to elucidate customers of the
nuances of product and services offering of Banks



Managing a training, and audit calendar with the Banks to ensure that the entire distribution
network works in alignment with the overall mandates give
n by the Banks



Ensure that the Banks have a touch point with end customer in the geographic location of
choice



Creation of a
n

Operation framework



Leverage the distribution network established to enable customer solicitation




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Leverage the distribution networ
k to enable transactions for withdrawal and deposits for the
customers of Banks



Leverage the distribution network for cash management for Banks

Method of operation
:

Identification of

the locations where Banks would wish to commence the BC/BF activity

Ident
ification of
the various components of the activity which encompasses the role of a BC

Identification of

joint and individual responsibilities between F^3, Banks

Identification of

locations to commence the initial dry runs

Map
ping of

the locations of the d
esired BC locations to the Bank locations

T
raining, audit, and reporting formats

Identification

common perso
nnel between F^3 and Banks for
escalations and other operational
requirements

Initiation of

the dry run and benchmark
ing

the performance


Why F^3?
?



A Pan India reach through its closely monitored and nurtured distribution network



A choice of locations and distribution options to choose from



A single point access to the entire distribution network, thereby ensuring that the Banks are
able to ramp up
quickly and focus on its core business



A delivery point whose processes and technologies are open to audit



Training and setting up the technology infrastructure for the BC with regards to the technology
and the services offering being offered by the Bank



Ensure a monthly visit to all the 50 BC locations



Ensure availability of complete branding as per Bank requirements



Be a first level of escalation for all the BC points to address issues



Ensure that BC comply with all the reporting requirements mandated b
y Banks



Be a single point interface between the Banks and the BC network




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Identify training requirements and escalate the same to
FINO

and Banks



Ensure that all issues related to cash management and reconciliation between local branches of
Banks and the BC
locations is handled as a first escalation and also a redressal point



Ensure that all necessary technology infrastructure, and the logistics support is made available
to the BC points to facilitate the transactions



Ensure that the BC locations are suitabl
y equipped through a process of training on a continuous
basis to manage first level of technology, customer education and service issues



Ready F^3 points for Bank to tap:



Presently F^3 is working with multiple partners in different stat
es. Please find bel
ow the exis
ting
network of
FINO

FINTECH

Foundation:




















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ANNEXURE 2

Technical Parameters and System Architecture

Security Model:

The solution has been developed on a well
-
defined and robust security platform which ensures the end
-
to
-
end security

of financial data. Security mechanism adopted at different component levels are mentioned
as under:



The solution uses the 3DES symmetric cryptography with 112
-
bit effective keys



All payment transactions are executed after secure trust is established betwe
en User Card &
SAM(Security Access Module) as a result of successful mutual key authentication process



The Terminal equipment as well as other workstations do not keep any secret information.




Data integrity is ensured while uploading data from te
rminal to server



Application components of the server software and workstations have complex access control
system aimed for preventing:



Un
-
authorized Access of applications



Direct connection and usage of Database

FINO

& its technology partners have put a
stringent security policy in place while offering a solution on
ASP model with shared resources. Data pertaining to different banks / entities resides in different logical
partitions. The proposed solution will have various security controls viz a viz.

-

Man
agement controls

-

Infrastructure controls

-

External connectivity control

-

Platform / OS controls

-

Application controls


Management controls:

Well defined process is in place in our Information security policy for the system. The customer data is
accessible to
authorized person only with proper authentication mechanism. PWC has completed an
independent audit of the system (
FINO

components) for Union Bank of India. Our Transaction



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acquisition system & related components are ISO 9001:2000 certified by Bureau Verit
as Certification and
currently undergoing PCI DSS Compliance.

Infrastructure control
-

Transaction Acquisition System

Logically the network are segregated into three security zones

-

External Zone
-

This zone consists of PGS network connected to internet cl
oud.

-

DMZ / Server Farm Zone
-
This zone consists of Web Server with cold standby Web server in
place.

-

Internal Zone
-

This zone consists of Database servers and application servers only accessing the
Web servers which is located at DMZ

Established Firewall

standards

o

A formal process for approving and testing all external network changes to the firewall
configuration

o

Documented list of services/ports necessary for business

o

Justification and documentation for any available protocols besides HTTP and SSL, SSH
, and
VPN

o

Periodic review of firewall rule sets

o

Build a firewall configuration that denies all traffic from “un
-
trusted” network/hosts, except for
Web Protocols
-

HTTP(Port 80) and Secure Sockets Layer (SSL port 443)

o

System Administration protocols( E.gs, S
ecure Shell (SSH) or Virtual Private Network 9VPN)

o

Restricting inbound internet traffic to IP address within the DMZ( Ingress filters)

o

Restricting inbound and outbound Internet traffic to Ports 80 and 443


All components are loaded and hosted separately. O
ur Transaction Acquisition solution has the
industry standard high end firewall namely Juniper Network NetScreen
-
408 Advanced Model
Firewall Appliance in active
-
active mode addressing the high availability. Net Screen delivers ICSA
certified state full ins
pection firewall security and the highest level of data security (3DES
IPSec/AAS encryption support).The Net Screen firewall compliances with the below Security
certifications




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Common Criteria: EAL4 and EAL4+



FIPS 140
-
2: Level 2



ICSA Firewall and VPN

The F
irewall appliance has restricted administrative network access level



Firewall for enable the traffic to permit or deny based on access control deployment on the
firewall.



Detecting and protecting the network from attacks


The infrastructure for the
FINO

o
wned components is protected via. Fortigate 100A



The Terminal equipment as well as other workstations do not keep any secret information.



Application components of the server software and workstations have complex access control
system aimed for preventing
:



Un
-
authorized Access of applications



Direct connection and usage of Database

External controls:

Routers/Switches deployed at our transaction acquisition centers are configured and security hardened to
prevent the following general threats:

o

Unauthorized a
ccess,

o

Session hijacking,

o

Rerouting,

o

Masquerading,

o

Denial of service (DoS)

o

Eavesdropping

o

Information theft

The ISS Proventia IPS is configured to alert the following:

o

Stateful Traffic Inspection

o

IP Defragmentation and TCP Stream Reassembly, Detailed Proto
col Analysis, Asymmetric
Traffic Monitoring, Protocol Normalization, Advanced Evasion Protection, Forensic Data
Collection, Protocol Tunneling, Protocol Discovery, Signature Detection User
-
Defined



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Signatures, Realtime Signature Updates, Anomaly Detection S
tatistical Anomaly, Protocol
Anomaly, Application Anomaly, DoS Detection Threshold
-
Based Detection, Intrusion Prevention
Stop Attacks in Progress in Real Time

o

Drop Attack Packets/Sessions, Initiate TCP Reset, ICMP Unreachable, Packet Logging,
Encrypted At
tack Protection Stops Encrypted Attacks in Real Time, Granular Security Policy
Enforcement, High Availability Stateful Failover

Centralized Syslog server continuously monitor for alerts received from Firewall and IDS system.
Suspected incident are current
ly attended to as per the PCI standards.

Application control:

Standard user name and password are used for authentication. Actions like data upload, download, update
/ modification etc. are being logged and reviewed periodically by authorized operations t
eam.

Database control


In the Transaction Acquiring and Processing system the SQL Server is configured to Monitor the specific
probe constantly monitoring the internal performance and space allocation throughout the SQL Server
database and feeds essential
information based on pre
-
defined criteria to the Availability Manager for
appropriate alert notification. An extensive range of pre
-
defined alerts are configured in SQL Server
Monitoring Probe. Monitoring of SQL Servers address the following log monitoring
:



Server uptime



Size of database



Buffer cache
-
hit ratio



Log
-
file cache
-
hit ratio



Free log
-
file space



Number of databases
, active users
,

logged
-
in users, deadlocks per second etc.



Database reads



Database writes



flush waits



latch

waits



Full scans



Transaction log growth




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Transaction log shrinking


System Components

Enrollment Station

Self contained mobile unit containing the below mentioned items to capture beneficiaries demographic
details, digital images of photograph & f
ingerprints.



Laptop



Web Camera



Fingerprint Scanner



Signature Pad



Customized S/w application to capture details as desired by Bank

Smart Cards

Contact microprocessor Smart Cards conforming to ISO 7816 standards with the following
specification are being pr
ovided with:



EEPROM of 64 KB with Java OS



Protocol: T=0 & T=1



4/4 color offset/silk
-
screen printing with Unique Registration Number (URN) printed using
dye sublimation/laser process



Applications on Smart Card.

The smart card will has 15 different po
ckets which can be used to enable the same no. of
different products onto the card. Last 10 transactions for each product are stored on the card.
Few applications are mentioned below:



Savings Account



Loan



NREGS



SSPS



Pension disbursement



Wage disbursement




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Insurance

Other applications as required by SLBC can also be loaded on the card through backend
application updates

Hand Held Terminals


EFT Sagem Bio930M

The of
fline smart card terminals

consist of the following features:




32
-
bit RISC ARM9 (200 MHz) micr
oprocessor



Built in security coprocessor



Memory 32 Mb Flash + 8 Mb SDRAM [Optional : Extended SDCard Memory]



EMV Smart card Reader



Thermal printer SAM (Security Access Module) reader
-
2



Swipe card reader: Track I, II




Optical Biometric

Module

Acquisition Time < 1 sec


Recording < 256 bits




NiMh batteries: averages 200 transactions per charge.



Terminal Software.

The terminals application is a user
-
friendly menu
-
driven interface and can be used for all
transactions with a user and
is also used to authenticate the Smart Card holder using biometrics
(fingerprint). Basic functionalities:



Recording all transactions



Fingerprint 1
-
1 matching software



Transfer agent for upload of data to PC/server



Key matching software, using SAMs, to aut
henticate Smart Cards



Batch download from PC/server to terminal



Transactions for Savings, Insurance, recurring deposit, loan, fixed deposit and
remittance applications




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New applications that may be desired can be incorporated and loaded to the
terminals

deployed on the field.

Network Access Controller

NAC services across the country using which terminals dials a local no. instead of STD to connect to the
FINO

central server for transfer of data. Local availability of NAC services ensures low operating c
osts to
the last mile agent.

Central Switch

FINO

uses ACI’s Base24 Financial Switch as its transaction acquisition & switching system which is one
of the widely use Financial Transaction Switch by banks in India and across the world. Data from the
termina
l are uploaded into the switch through the NAC. At the switch, the transactions are segregated
based on the transaction type and host. The central switch also enables two way data exchange between
the offline terminals and the backend client hosts.

Persona
lization Bureau

The smart card would be personalized at
FINO

personalization bureau or any 3rd party personalisation
bureau. Data required for personalization would be generated by the Central card management system and
provide to the personalization burea
u.
FINO

uses state of the art high speed dye sublimation printers for
personalization of both chip & fascia of smart cards in a single pass with a daily capacity of 5000 cards
per day with a capacity to scale up if when required

Disaster Recovery & Busines
s Continuity Plan

-

For the purpose of Disaster recovery and business continuity the Primary switch system
(Transaction Acquisition System and related components) is connected to a DR Switch system
over redundant Leased lines using TCP/IP. The DR System wil
l take over the functions as a
backup system in the event of the Primary system failure.

-

Periodic DR drills are carried out so as to ensure that plan is executed properly in case of any
contingencies

-

Business Continuity Plan for primarily identified cases

like Card Failure, Device Failure, Loss of
Transactions, Absence of Agents etc has been mentioned as under:

-

Card failure




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o

In case of card failure, customer may be allowed to do a transaction in the bank branch if
it is so desired by the Bank

o

Call for the s
ame should be logged at
FINO

help
-
desk so that the same card can be
blocked and a new card can be re
-
issued with latest account balance

o

It’s a business call by the bank whether agent should be allowed to conduct a transaction
in such cases manually (contr
olled by process). If it is so then the same can be carried out
as per the arrangement with BC and Bank and accordingly such transactions should be
entered manually in the system based on transaction vouchers submitted by Agent

-

Device Failure

o

All the trans
actions performed in field are stored in POS memory as well as on SAM
card. In case where POS memory crashes, transaction can be recovered from SAM

o

If SAM is also not available then process of Manual Batch Posting is to be followed
where in based on copy o
f charge slips kept with agents, transaction entries are done
manually by the authorized person of MFI

o

As mentioned above, it is the business call of the Bank whether manual transactions
should be allowed or not in case where device is not working

-

Loss of

Transactions

o

In case where transaction has been conducted on customer card but before it is settled
with server, the data is lost (including charge
-
slips) then the same can be brought into
notice by difference in Card account balance and Host account bala
nce. Based on that,
account balance re
-
conciliation can be carried out for that specific batch of transactions

-

Absence of BC
-
Agent

o

Transactions can be carried out with any agent of the appointed BC. So if one agent is not
available then customer can avail

his services through other agents

o

Transactions across BCs are also allowed in a system though the same is controlled by
the parameter. So in case of Liability products (like Saving a/c) where all BCs share the
GL account with the same Bank then inter
-
BC t
ransactions also can be allowed


-

Business Continuity plan in case of Termination

a.

Customer
-
entity shall be entitled to intervene and take such appropriate measures like
appoint another person to provide the Services or the possibility of bringing the outsou
rced
activity back in
-
house in the event the performance of the Services by
FINO

are interrupted



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for any reasons whatsoever.
FINO

shall adhere to fair practice in performance of the
Services.

b.

On termination of service, all the customer data/information re
siding/available with
FINO

in
FINO
’s database/severs/records/technology platform(s) shall be migrated/
transferred to the customer
-
entity’s designated servers/technology platform(s) to the
satisfaction of customer

c.

FINO

will d
evelop and establish a robust f
ramework for documenting, maintaining and
testing business continuity and recovery procedures.
FINO

will periodically test such
business continuity and recovery plan. Customer
-
entity shall be entitled to conduct joint
testing and recovery exercise with
FIN
O






















ANNEXURE 3




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Mobile


Transaction Terminal

This option will make Mobile phone to act as a Transaction Terminal like POS. It will allow customers to
carry out transactions with Cards (contact / contactless) in offline mode. The necessar
y peripherals will
be attached with the mobile over serial / blue tooth interface.

Components:

-

Hardware : Mobile phone (NFC for contactless cards), Bluetooth enabled Bio
-
Scanner, Printer (&
Smart Card Reader for contact cards)

-

Software

:

Windows Mobile /
J
2ME platform

-

Communication: GPRS / CDMA


Process:

1)

Customer comes with a card* (contactless) for a Transaction. NFC phone establishes the trust
with the card using SAM residing in a secure element of the phone memory

2)

Customer’s fingerprint stored on t
he card gets verified with the help of BT enabled scanner

3)

Agent enters the transaction details on screen which again gets verified by the customer and
after successful verification, card details are updated, transaction is stored on Mobile phone &
the rece
ipt gets generated on BT enabled printer

4)

Periodically data gets uploaded from phone to server

*Note:

Contact readers could be attached to Mobile over USB / BT interface so as to enable
transactions with Contact Cards
.

Mobile


Transaction Terminal

for Coll
ection:

-

This
can be used by agents specifically to collect loan repayments / deposits etc in card
-
less
environment

-

It will pull demand information from server and accordingly transactions will be carried out in
field and the same will synched with server
at day end / when connectivity is available



CONTACT DETAILS




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Sl. No.

ITEM

DETAILS

1

Name of Company

Financial Information Network and
Operations Ltd.

2

Postal Address

C
-
401, Business Square, Andheri
-

Kurla
Road, Andheri (E), Mumbai
-
400093

3

Telephone/
Mobile and Fax Number

(022) 40973466,Fax
-
022
-
40973300

4

Contact Persons

Details

a)

Rishi Gupta

CFO & President (Sales & Marketing)

rishi.gupta@fino.co.in


(9870346661)

b)

Tarun Agarwal

Vice President ( Business
Development)

tarun.agarwal@fino.co.in

(9870606007)

c)

Annuradha Phougat

Asst. Vice President( Business Development)

Annuradha.phougat@fino.co.in

(9870606002)

d)

Bidisha Sengupta

Asst. Manager ( Business Development)

bidisha.sengupta@
FINO
.co.in

(9870988751)




















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FINO

is w
o
rking for

them...
FINO

is serving

them…

&

FINO

is growing with them…