Mumbai, India – September 26, 2014
India, Mumbai, August 2014: CMS Info Systems, India’s leading cash management and payment solutions companyhas introduced a new technology solution which enables banks and financial card issuers to issue a customized banking card to their customers within an hour. These cards are compliant with the latest EMV standards for secure payments.
With this technology, the time to issue a credit or a debit card has been reduced from two to three weeks to 1 hour, within which the bank processes all the documents, does the credit check and the card is personalized, issued and activated instantly. Handing over the card on the spot helps banks improve their service levels significantly, while eliminating the risk of loss, theft or misuse of the card from the time of issuance to receipt by the customer.
“A pattern that has been observed is that most card users who have received an instant, pre-activated card make their first purchase within 8 hours of receiving it. This helpsbanks significantly reduce the cycle time between a credit card application, and the receipt of the card by the userand the first usage – and in turn see an uptick in their interchange revenues,” said Mr. Mokam Singh, AVP and Head of Card Solutions at CMS Info Systems.
This solution, which has been developed in-house by CMS,can be integrated into a bank’s existing card issuing infrastructure with a nominal investment.
CMS is a pioneer in card personalization in India. It customizes more than 25 million financial cards each year at its state of the art bureau in Mumbai. It is certified for various payment technologies and standards including Visa, Master Card and Rupay Certified Card Personalization Bureau for EMV as well Magstripe cards.
CMS Info Systems is India’s leading business services provider. In 2009, The Blackstone Group led a majority investment into the company. It is India’s largest Cash management firm working with all the banks in India. It is also a leader in its other businesses: Card Personalization, Print and Digital Solutions, and IT Services.