ST. LOUIS - Dec. 16, 2014 - Amdocs (NASDAQ: DOX), the leading provider of customer experience solutions, today announced the selection of Amdocs' Mobile Financial Services solution, in association with Triotech's solution, that will enable State Bank of India (SBI) to offer mobile financial services to India's unbanked and under-banked population, using the mobile network of Bharat Sanchar Nigam Limited's (BSNL). The solution will be delivered under a five-year services contract.
SBI, the largest public sector bank in India, and BSNL, the country's largest public sector service provider, have come together to help the Indian government achieve its goal of providing banking services to 75 million households, including millions of households in rural India. The Amdocs Mobile Financial Services solution will enable SBI and BSNL to offer customers of any mobile operator in India the option of owning a mobile wallet account. As a result customers can take advantage of highly secure mobile banking services, such as money transfer and bill payment, as well as pay for airtime recharges. Furthermore, the solution will allow SBI and BSNL to support an extended ecosystem of multiple merchants and business correspondents (credit card companies, utility providers, employers) on the mobile network, enabling easy payment and top-up transfers to third parties.
Amdocs' Mobile Financial Services solution also includes a dedicated set of services, spanning consulting, implementation, systems integration, software and hardware operation, and maintenance. Triotech will own the overall project management, including developing the end customer and retail application and portal, retail channel management and Tier 1 and 2 services.
"Our partnership with SBI is an additional step in bridging the rural-urban digital divide, using BSNL's ubiquitous mobile network and wide reach of agents," said Mr. Anupam Shrivastava, director-CM at BSNL. "We are also delighted with the coming together of two of the most trusted brands in the field of telecom and banking, which will redefine the landscape of mobile banking and payments. With a business model centering on branchless banking, and strong partners such as Amdocs and Triotech, we can ensure operational reliability and an efficient cost structure that will allow us to offer financial services, affordable for low-income households."
"The Amdocs Mobile Financial Services solution is yet another testament to Amdocs' leadership role in driving the evolution of the communications industry by introducing technological advancements and enabling new business models and improved customer experiences," said Patrick McGrory, division president for Amdocs' emerging offerings. "By coupling market-leading mobile financial services technology with a robust set of dedicated services, we enable service providers and banks to cost-effectively tap into previously unserved markets, with new revenue streams, while enjoying operational peace of mind."
"Triotech's solutions play a significant part in this partnership with Amdocs, BSNL and SBI by completing the ecosystem with end customer and retail application development and service delivery expertise," said Mr. Rajesh Kaul, chief executive officer and co-founder of Triotech.
The Amdocs Mobile Financial Services solution, announced today, builds on technology from mobile financial services pioneer Utiba, acquired by Amdocs in March this year. Utiba's technology has been leading innovation in mobile financial services since 2001.
About Bharat Sanchar Nigam Limited (BSNL)
Bharat Sanchar Nigam Limited (BSNL), a wholly owned Public Sector Enterprise of the Govt. of India, is a leading Telecom Service Provider in India with pan India presence (except in Delhi & Mumbai Metro City Service Areas) along with the dominant market share in the Landline Telephony, Cellular Mobile Telephony, Internet & Broad Band services etc. BSNL provides both Post-paid and Pre-Paid blackberry services. BSNL has 3G services in more than 1200 cities in the country.
About Triotech Solutions Pvt Ltd
Triotech Solutions Pvt Ltd is a leading company in the area of the Value Added Services, Mobile Commerce Service Delivery and Software Solution Development and has demonstrated a strong presence in all these areas in the Indian Sub Continent. Company has its core strength based on Solution, Service and Innovation and drives its success on Customer satisfaction.
For more than 30 years, Amdocs has ensured service providers' success and embraced their biggest challenges. To win in the connected world, service providers rely on Amdocs to simplify the customer experience, harness the data explosion, stay ahead with new services and improve operational efficiency. The global company uniquely combines a market-leading BSS, OSS and network control and optimization product portfolio with value-driven professional services and managed services operations. With revenue of $3.6 billion in fiscal 2014, Amdocs and its more than 22,000 employees serve customers in over 80 countries.
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Amdocs' Forward-Looking Statement
This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs' growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs' ability to grow in the business markets that it serves, Amdocs' ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in the Company's filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2014 filed on December 8, 2014.
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