History & Milestones
HMA Data Systems Pvt. Ltd. (HMAD) – 1988
HMAD (the parent & promotor co.), the provider of electronic security solutions for banks and financial institutions, began its operations, way back in 1988.
Diebold - HMA – 1992
- Diebold - HMA Pvt Ltd, 50:50 joint venture, formed in the year 1992, between Diebold Inc. USA & HMA Data Systems Pvt Ltd, India, offered a wide range of innovative and cost-effective self-service products & technological banking solutions. The company offered the Total Implementation Solution that allowed single window-shopping for banks for all their ATM needs
- A brand built over a decade, installed over 3000 ATMs in the Indian Market. During the Year 2002, introduced India’s first ATM for visually impaired, for ICICI bank.
- The joint venture company, with the market share, over 55%, crossed a turnover of more than USD 27 mn, till the parent company, on mutual consent, exited from the partnership in May 2003.
ISC Investment & Finance (P) Ltd. (ISC), formerly India Switch Company – 1995ISC promoted by HMAD during the year 1995, has a proud history of pioneering in Business Process Outsourcing, Transaction Processing, Electronic Fund Transfer and Manager Services & Networking.
- SWADHAN – 1996 : HMA Group that has been a trendsetter in the country, promoted the First Shared Payment Network Service for Indian Banks Association (IBA) – A network, with participation of more than 50 private, public & foreign banks, enabled country-wide banking operations through more than 800 ATMs. It provided the bank’s customers, convenience of 24/7 banking, through ATMs and facilitated transactions in excess of Rs.100 mn from over 21,52,028 Swadhan enabled cards.
- TRIMS- 2001 : Owing to the rising need of banks, ISC launched ‘TRIMS’ – the ‘Total Retail Infrastructure Management Services’ that provided comprehensive self-service network & enabled the banking sector to outsource their entire gamut of retail delivery channels.
- CashTree – 2003 : ISC, introduced, Shared Payment Network - ‘CashTree’ - for a consortium of banks namely BoI, Syndicate Bank, Indian Bank, Union Bank of India & United Bank of India. This facility helped customers of respective banks to access 3,000 ATM countrywide with a minimum transaction cost. ISC was the service provider for this prestigious project, which went live on 26 July 2003. Subsequent projects carried by India Switch Company were Mobile ATMs. ISC was also the 3rd party service provider for Visa & Master Card member banks in India.
- BANCS - 2004 : With the rising keenness of Bank’s to move to networks where Banks themselves will have more role in formulating customer-oriented policies, a viable option of a shared network with an advisory board was introduced. BANCS – a consortium of member banks with one settlement bank. With the advent of BANCS and tie-up with Visa International in the Debit Processing Service, India Switch Company gained a strong footing in the payment system and EFT (Electronic Fund Transfer) markets.