Telinovation Selects SRIT as Its Global Strategic Partner :By - Debasish Choudhury Founder and CEO, Telinovation
Telinovation Communication India, a Bangalore-based e-Payment Software & Solutions Company announced its strategic global partnership with Sobha Renaissance Information Technology (SRIT). With this alignment, SRIT becomes the only third party e-Payment gateway provider in India, the only other in the World being a US-based Enterprise. Telinovation is the innovator of Multi Delivery Amenity Banking (MDAB) payment technology that enables Banks & Amenity providers to have real time fund settlement on various delivery platforms like PoS, Mobile Payment, Web and ATM through card and cash.
A third party e-Payment gateway enables Businesses to sell their products/services through Bank acquired retail without paying any caution money or credit risk worries. For instance, in ticketing, every merchant wants to sell tickets without paying a caution deposit. MDAB based ePOS, when integrated to amenity providers’ online system, will allow the merchant to sell tickets by cash or card to his customers without the merchant having to commit the caution money to the vendor/amenity provider.
Innovations in technology to enable secure, reliable electronic transaction system capable of enduring huge volumes of transactions, thereby overcoming the limitations of other web payment systems including the failure of card processing and credit card limits for online spending, is a major requirement for retail businesses. A payment gateway facilitates the transfer of information between a payment portal (such as a website or IVR service) and the Front End Processor or Acquiring Bank.
Debasish Choudhury, Founder and CEO of Telinovation, said, “We are delighted to have SRIT as our strategic partner & mentor, helping us shorten our ramp up time. With their global market presence, SRIT will enable us to address newer and emerging markets. On the other hand, Telinovation’s solution will provide SRIT with the tools and capabilities to grow its telecom’s managed-IT, Enterprise, and HealthCare Exchange businesses.
Highlighting the benefits of the MDAB technology, Mr. Choudhury said, “With SRIT’s support, Telinovation MDAB will revolutionalise the retail businesses such as ticketing, catalogue selling, pre-paid and post-paid bill collections and money transfers. It will provide amenity providers an ability to reach to millions of stores across multiple countries without any administrative load and credit risks.”
The MDAB solution can be implemented with a minimum requirement of a standard PC having internet connectivity. The terminal independent MDAB client software component resides in merchant PC. The client works as a local Payment Gateway through EDC (any EMV compliant or PCI or PED certified) and accepts debit and credit card with direct bank settlement, as per acquiring settlement norms.
With this strategic alignment already in place, Telinovation is all set to take-off in a big way. The market potential is mind boggling. If you consider just the US Amenity Retail Business, the market size is US$129 billion, spread across railway ticketing ($7 bn), travel amenities ($13 bn), mobile top-ups ($12.5 bn), bill payments ($50 bn), insurance premium payments ($8.7 bn), money transfer ($35 bn), books ($0.75 bn) and entertainment ($ 2 bn).
Telinovation MDAB includes Mobile Payment solution, Net Payment Solution, and Retail Payment. Some of the listed users of Telinovation’s MDAB are Indian Railways, IRCTC, ICICI Bank, Canara Bank, Reliance Communications, Airtel, and Cox&King.
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