Cash management and payment services company CMS Info Systems has secured 30 percent of the automatic teller machines (ATMs) in India through its security application 'ALGO OTC', it told the exchanges on April 19.
ALGO OTC is a machine agnostic security software and is compatible with any ATM original equipment manufacturer (OEM) and safe or vault lock. It is fully compliant with the latest global norms for ATM safety and security and can be deployed banks across the world, as per the statement.
The ALGO OTC application helps banks implement the Reserve Bank of India's (RBI) guidelines on OTC (Over The Counter) Lock Activation to ensure the mitigation of risks during ATM operations, and enhancing security.
The company aims to implement the software application to existing 15,000 ATMs of the largest banks in India in 2023.
Features
Launched in 2019, ALGO OTC application is the world's first fully automated, Artificial Intelligence (AI) powered and mobility-based ATM security software application, as per the company.
AGLO OTC is equipped with first-ever Geo fencing and GPS-enabled user face recognition which helps in reducing risks and fraud during cash replenishment cycle at ATMs across India. It added that since the application is integrated with maker–checker approval, it can be used by any Bank or Vault for cash replenishment, first line maintenance (FLM), second line maintenance (SLM) and Vault-related activities.
Manjunath Rao, President, Managed Services at CMS Info Systems noted that the software can be generated with or without internet connectivity along with a compliant audit trail for future verification, and a backend reporting portal for real-time updates on usage.
"The coverage of ALGO OTC on Indian ATMs is a testimony to CMS’s promise to deliver a secured and compliance framework to banks in consumer’s interest," Rao said.
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