Multi Vendor Software (MVS) solution enables financial institutions to streamline their development and support operations by eliminating the need to maintain and enhance several distinct delivery infrastructures for each new function or service they provide. MVS also brings cost and operational benefits by eliminating the costs associated with upgrading and managing ATM software. Banks can also leverage their security functions with MVS to manage the changing security guidelines, RBI encryption mandate, etc.
In 2019, we entered the multi-vendor software solutions segment and are now a leading player for multi-vendor software opportunities in India. We have developed, commercialized and implemented multi-vendor software solutions for SBI and intend to continue targeting other large public sector banks in India in this sector. In 2019, we won a contract to implement multi-vendor software on up to 100,000 ATMs and have completed implementation on 44,467 ATMs as of March, 2021.
Using our multi-vendor software, banks are able to centralize ATM channel management to a single central command center in order to enhance their customer experience and make real time updates. Our software is vendor-agnostic, which means that it functions across different ATM hardware and software, which means that our customers are able to procure ATM hardware and software components separately from different vendors, without being dependent on any one vendor. In 2019, we won a contract to implement multi-vendor software on up to 100,000 ATMs and have completed implementation on 44,467 ATMs as of March, 2021