Bangalore, September 2008
Fullerton India has awarded the "Outstanding Support to Technology" award to the Vx610-trueID, a biometric point of sale system for enabling their Micro Finance activities in the Fullerton's Annual Tech Connect 2008 Conference in Mumbai.
This project was developed by VeriFone, world's leading provider of payment solutions in conjunction with Innoviti Embedded Solutions, a pioneer in developing novel transaction processing solutions for the world markets.
The Vx610-trueID system is a biometric enhancement of VeriFone’s portable Vx 610. The system utilizes a fingerprint template stored on a smart card to authenticate a user’s finger, which is scanned on an integrated finger scanner. It comes with optional GPRS support and also online authentication support through Innoviti's trueServer, a secure biometric authentication server.
Fullerton India is a subsidiary of Fullerton Financial Holdings Pte. Ltd., a wholly owned subsidiary of the US $80 Billion Temasek Holdings, Singapore. Fullerton provides a complete range of financial products and solutions, customized to the requirements of mass market and low income population segments. Fullerton India is using the Vx 610-trueID in a Rural Microfinance project developed to create and strengthen local financial structures, such as savings and loans.
The Microfinance Project aims at providing increased financial services to the low-income population not served by the traditional banking sector in rural areas. Mobile bankers or agents are equipped with the Vx 610-trueID terminal visit rural villages to educate and inform low-income consumers and to collect data that can be transferred to a server when they return to the office. The system is used to generate various MIS reports, and to monitor progress of the loan disbursal and collection programs..