EPS enters into partnership with Ascent Technology Consulting



Electronic Payments Services (P) Ltd on Tuesday announced that they have entered into a business partnership with M/s Ascent Technology Consulting, a Singapore Headquartered Global FinTech IP Software company to jointly offer financial reconciliation services to financial institutions.

This tie up will bring the latest offerings to different financial institutions like banks and help them manage their pain areas with the existing silo-based solution offerings.

Electronic Payment and Services (P) Ltd. is the fastest growing Payments Service Provider founded in 2011, by industry veterans with over 150 years of combined experience from the banking, technology and retail payments sector in India.

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With a wide set of expertise and a common goal, EPS was launched to address the demand for efficient, secure and technology driven products and services for the banking industry. Gaining the highest level of visibility in the market, we boast of our robust end-to-end Automated Teller Machine (ATM) Operations & Outsourcing Services, as well as our holistic range of ATM Managed Services enabling banks to concentrate on core banking functions.

In addition to ATM services, EPS also provides a best-in-class PCI-DSS certified Transaction Switching Solution, which can drive all industry standard front-end payment devices. To support the Ministry of Finance (Govt. of India) led mission driving ‘Financial Inclusion’, EPS has aced in delivering results, reliability and dependability, having successfully deployed over 10000 ATMs for 26 banks in urban and rural locations across India.

Being accredited as established ATM champions in the industry, we have extended our business arms to technology solutions and application-based services into Fraud & Risk Management and Reconciliation services. This focusses to integrate digital payment channels. In the fast-moving digital payments domain, EPS intends to be an end-to-end Technology and Payments Solutions Provider for banks and continue to accord trust, reliability and relentless service.

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Along with a wide array of footprints in India, EPS has expanded to the APAC region in 2017 forming a wholly owned subsidiary of Electronic Payments and Services (India) known as Electronic Payment Australia PTY Ltd (EPAPL) provides a comprehensive suite of payment solutions and services that cater to ATM, PoS, E-commerce, payment cards and all other digital mediums of transactions.

About Ascent

Ascent Technology Consulting has been positioned as niche Software Platform Company Offerings Financial Control and Compliance solutions. The company began operations in Middle East in 2013 and have built an exemplary reputation for expert knowledge and delivery in Financial Control Automation catering to end to end Reconciliation across all middle and back office automation through its Proprietary Product Auto Recon.

Ascent has made significant Investments in our Research and Development Centre to continuously improve our Software product portfolio and stay ahead of competitors globally.

Electronic Payments Service has been a DRIVING force IN THE ATM & PAYMENTS INDUSTRY in the country and is a leading Retail Banking Technology Service Provider. The company was founded in 2011 by veterans from banking, technology and retail payments in India.

It was launched to address the demand for efficient, secure and technology driven products and services for the banking industry and Digital Payment Solutions thus enabling banks to concentrate on core banking functions. They have built a firm reputation by delivering results, reliability and dependability in both urban and rural locations across India, in support of the Ministry of Finance (Govt. of India) led mission to drive ‘Financial Inclusion’.

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Banks are now under constant pressure to make the entire banking process easier and more accessible to the public while also improving internal controls and complying with stringent regulations; all the while maintaining or decreasing costs. As a result, financial institutions and their account reconciliation processes are now under close scrutiny.

The effective management of the reconciliation process is essential to the success of any organisation and this is particularly true in the case of financial organizations. The main objective of performing reconciliation is to identify incompatibilities in data and achieve resolution because, when done in the right way, it draws attention to issues early in the process which reduces downstream effects, offers visibility into the processes, and reduces costs by at least 20%.

Elaborating on the partnership, Mani Mamallan Founder, Chairman & Managing Director of Electronic Payment and Services (P) Ltd said, “Since our inception, EPS has been a pioneering secure payment in the banking industry. We continue to pursue innovative solutions to the ever-growing needs of the banking industry and this tie – up with M/s Ascent Technology Consulting, a renowned global company proves that we are committed to offering a secure and seamless customer experience to our customers. It is a significant part of our growth strategy, since we have always believed in expanding our horizons by stepping into mutually beneficial partnerships.

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We are now one step closer in our customer – centric mission to become a one stop point for the different financial needs that our customers need. Reconciliation is a vital to every financial institution and the process calls for immense effort and a meticulous eye to detail. We are certain that our team along with Ascent will help our customers secure themselves and grow to be a trusted organization for their banking customers. Ascent have carefully built a wonderful reputation and we take great pride in being a partner in this relationship.”

Initially, EPS was primarily addressed as an end-to-end Automated Teller Machine (ATM) Operations & Outsourcing Services, but they intend to soon become an end-to-end Technology Solutions Provider for banks.

Commenting on the tie – up, Kundan Shekhawat, Founder & CEO of Ascent Technology said, “We have worked with some of the best teams in the world, and EPS is definitely one of them. Both companies share a very customer – centric mission with our biggest focus is on offering clients the flexibility to choose an engagement model which suits their needs.

The drive for financial inclusion and improvements in technology have both been a positive aspect for banks, however they also face a whole new set of challenges. The reconciliation process has and will always remain one of if not the most important process in a bank’s day to day working and we will utilize technology and our talented workforce for our client’s optimum benefit. This is our first partnership with an Indian company and we are glad that it happened to be EPS.”

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