Targeting the the unbanked and under-banked population, Amdocs in association with Triotech will enable State Bank of India (SBI) to offer mobile financial services in India. Using BSNL's network, the newly launched Amdocs Mobile Financial Services solution will be delivered under a five-year contract. This service will offer customers of any mobile operator to get a mobile wallet account. Amdocs Mobile Financial Services solution is developed by Utiba, a company acquired by Amdocs in March. The solution delivers a single mobile wallet which enables users to mange manage and control their finances and aloows money transfer, bill payments, m-commerce, loans, insurance, credit along with loyalty points and top-up transaction. 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.
