RS Software (India) Ltd. (BSE: 517447; NSE: RSSOFTWARE), the leading vertically integrated technology solution provider to the global electronic payments industry announced its financial performance of the quarter ended September 30, 2018.
Q2FY19 vs Q1FY19 (Q-o-Q)
· 14% growth in revenuesNationa
· 51% growth at contribution level
· Reduction in quarterly loss
Commenting on the business performance, Raj Jain, Chairman & Managing Director, RS Software (India) said, “Our business development efforts are starting to pay back and we have won two major contracts, besides the growth in the existing accounts. Both these contracts are multi-million dollar contracts. The quality of work, and the kind of work is replicable to several other prospect opportunities. They have multi-plier value for business growth in the coming months and years. The Company is on track to work towards its strategy of transition to platforms, products and services.”
The company has achieved the following:
· RS Software has been awarded the contract to build the Fraud and Risk Management system for India by the National Payments Corporation of India (NPCI). With this win RS Software is the only company to build the UPI Platform, the BBPS platform, and now the Fraud and risk management platform for all payment products and channels in India. Together this is the digital payment infrastructure for India, which is transformational for the country.
· The UPI and BBPS platforms are being recognised as global benchmarks for the creation of national level digital payments infrastructure. 30+ countries interested in creating similar infrastructure. We have started to engage with this opportunity.
· Prime Minister Narendra Modi inaugurated FIR transactions from Singapore – yet another milestone for UPI, where RS software contributed in the initial FIR roll-out
· RS Software partners with a US based federally-chartered savings bank to establish a distributed agile development model
· RS Software has helped the Bharat Bill Payment Operating Unit (BBPOU) application to be PA-DSS validated, the global security standard created by the Payment Card Industry Security Standards Council (PCI SSC).
· RS Software has enabled platforms for banks in India that now have more than 28,000 merchants onboarded, processing over 10 million transactions.