T Bank Ltd., a commercial bank promoted by Bhutan’s Tashi Group, has moved from a third-party hosted switch to its own in-house EFT Switch and Card Management System from Maximus. Mr. Pema Tshering, Chief Executive Officer of T Bank, said on the occasion of the bank going live “the new Switch and Card Management system will give T Bank’s leverage to offer omni channel services to its customers, connect to India’s Rupay network, and establish the foundation for handling five times the current transaction levels. All these at competitive cost of ownership to the bank.”
T Bank had decided last year to insource its IT operations and in this connection had floated a tender earlier this year. The bank opted for the Maximus Switch suite and accordingly placed the order for the technology early May this year. Maximus completed the migration in a record time of two months, despite the lockdown due to Covid-19 and with most of its technical team working from home. The new EFT Switch is connected to the Bhutan Financial Switch operated by the Royal Monetary Authority of Bhutan and is also networked with the NPCI’s Rupay network. The technology for setting up a merchant payment network has also been provided by Maximus.
With the implementation of EFT Switch, Card Management and Merchant Management technology for T Bank, Maximus has become a dominant payments solution provider in this country. According to V. Shankar, Founder & CEO of Maximus Infoware (India) Pvt. Ltd. “Our commitment is to be a trusted technology provider in the banking, payments and financial services space. Maximus cutting-edge products and services drive some of the most innovative applications in ten countries around the world. We are grateful to T Bank for reposing their confidence in us and we are happy that our team could meet their exacting project deadlines and enable the bank to go live in a flawless manner. Maximus is associated with all the banks in Bhutan as a banking solution provider and this a great privilege for us”.
About T Bank Ltd.
T Bank Ltd is one of the commercial banks in the Kingdom, licensed by the Royal Monetary Authority of Bhutan under the Financial Institutions Act of Bhutan, 1992. It is incorporated under the Companies Act of the Kingdom of Bhutan 2000. It commenced banking operations with the establishment of the bank in 2010. The priority of the bank is to meet the growing demand for modern banking services from the general public.
About Maximus Infoware (India) Pvt. Ltd.
Established in 2007, Maximus offers omni channel solutions for the BFSI, Transit, Smart Cities, Retail and Telecom sectors. Its EFT switching, digital payments, reconciliation, fraud & risk management and cash management solutions use innovative technologies and are state-of-the-art. The product portfolio of the company covers full digital payment, assisted payment and card-based payment rails for Rupay, VISA, MasterCard and other international schemes. Maximus delivers unparalleled service levels to its customers spread across ten countries under both hosted and on-premise deployment models. Its payment products are PA-DSS certified and the IT processing infrastructure is PCI-DSS and ISO/IEC 27001:13001 certified.