June 24, Colombo: Hitachi-Omron Terminal Solutions, Corp. on Wednesday announced that it has signed a business alliance agreement with Lankan tech company Interblocks Limited and will invest in Interblocks.
Through this alliance, Hitachi-Omron Terminal Solutions, which has advanced technologies and products suited cash processing such as Automated Teller Machines (ATMs), will expand its switching processing systems ("switches"), and various solutions to strengthen the company's omni-channel banking solution business for the financial and payment service industry, mainly in Asian markets, using the broad array of software products and solutions provided by Interblocks, and with a focus on the customer base of Hitachi-Omron Terminal Solutions.
Digitalization is a priority for financial institutions, given the modern-day upsurge in the use of smartphones and other mobile devices, as well as an increase in payment transactions. There is a need for financial institutions to adapt to the rise of digital channels such as smartphones and tablet PCs, in addition to existing channels such as ATMs and bank branches. The business environment has been changing rapidly as a result of emerging trends, such as FinTech, which facilitates the diversification of financial services, making it essential for financial institutions to provide seamless and prompt financial services to enhance overall user convenience.
Interblocks, with which Hitachi-Omron Terminal Solutions has formed a business alliance, has sophisticated software development capabilities for financial and payment services and offers a spectrum of expandable products and services tailored to a range of channels. Interblocks currently operates businesses mainly in Asia, including countries such as Sri Lanka and the Philippines. The company provides a broad lineup of solutions for switches conforming to IFX * standards for communication messages, which is flexible to connect and align various channels and systems including ATMs, multi-vendor ATM applications, payments using mobile devices, and other systems.
Hitachi-Omron Terminal Solutions will commence its provision of switches and other solutions for open and diversified channels by integrating Interblocks' broad range of software products and solutions to its own product and service lines. This will allow the company to promptly provide omni-channel banking solutions for both cash and non-cash transactions such as ATMs and other machines, mobile wallets, by leveraging on Interblocks' multi-vendor applications, and one-to-one services linked to switches.
Hitachi-Omron Terminal Solutions will support the provision of financial services that responds to increasingly diverse channels, primarily those provided by financial institutions in Southeast Asia and other countries across Asia. In addition, the company will expand the scope of its businesses by improving its software development capacity, product lines and will extending its businesses to include software solutions.