The recent theft of $45 million from two Middle Eastern banks has put top ATM outsourcing companies under the scanner once again. Apparently it was a security breach at two Indian companies that processed credit payments, which led to the theft.
ATM machines were robbed that has raised the question of security with regard to financial outsourcing in the BPO industry. The gang of criminals had broken into these card processing companies and stolen money by increasing withdrawal limits and balances.
The field of ATM outsourcing has been existent for years in spite of the fact that many financial enterprises are yet to be fully aware of the activities in this sector. In addition, many companies in the BPO industry have not realized the potential benefits that ATM outsourcing holds for them.
Many companies refuse or fail to consider turning over the responsible task of financial transactions to another party, which may be due to the risks involved with revealing sensitive data.
Problems with approval required for offshoring and loss of control are other reasons for organizations to back way from this step. This has led to some top ATM outsourcing companies emerging in the front line of the BPO industry.
Prospects for top ATM outsourcing companies
ATM outsourcing can lead to significant cost savings and generate plenty of opportunities for the BPO industry. On average, it would take $50,000 for installing an ATM, which basically depends on the machine type, construction and the location chosen.
The maintenance of an ATM will amount to $18,000 and above. For a single ATM, this will come to $68,000 per year. Many small financial institutions find it difficult to meet these costs. That is where some top ATM outsourcing companies can step in to help.
Companies such as AGS Transact Technologies Ltd. have tapped into the prospects available in this field. This company boasts of having premier public sector and private banks as its clients. Prizm Payments is another company that has successfully emerged in this field.
It offers innovative solutions to banking such as the card reader Swiper that it has launched in collaboration with Mswipe Technologies P Ltd. Another one of the top ATM outsourcing companies that have made a successful foray into this field is AGS Infotech Limited, which offers novel software solutions for banking transactions. The BPO industry stands to gain a lot from the success stories crafted by these enterprises.
In view of the recent heists from ATMs worldwide, the integrity of top outsourcing ATM companies has come under a cloud. However, the various benefits arising from this service are likely to outweigh these shortcomings.