NOIDA, India and JOHNS CREEK, Ga., June 28, 2021 (GLOBE NEWSWIRE) — EbixCash Private Limited, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries today announced that India’s second largest Government owned bank – Punjab National Bank (PNB), has selected EbixCash as its Network Integrator (NI) for desgning,, monitoring and managing its Enterprise Wide Area Network (EWAN) across India for a period of 3 years beginning July 1, 2021. The agreement involves the deployment of 1000+ dedicated EbixCash employees to assess, optimize and manage the EWAN, Data Center and Disaster Recovery Sites (DRS) spread pan-India across the PNB headquarters, 24 zonal offices , 161 circle offices and 16,250 branches.
With more than 180 million customers country-wide, PNB is a leading banking institution with a global expanse, and the 2nd largest Government owned bank in India. PNB has emerged as a leading financial institution following its merger with Oriental Bank of Commerce and United Bank of India and the addition of nine Regional Rural Banks under its aegis.
PNB is an early adopter of technology and a market leader in providing technology-driven, customer-centric products and services. All the branch operations are performed through its Centralised Core Banking Solution (CBS). The CBS covers all the branches, ATM’s and SOLs (Service Outlets), which are connected to the Data Centre and DRS through the country-wide EWAN.
Robin Raina, Chairman, President & CEO Ebix Inc, said, “This is a significant and highly prestigious win for EbixCash, to have been selected by one of the largest banks in the country, to service their networking needs. PNB is a technology driven bank that has always shown the way to other financial institutions in terms of its use of technology. We see this as a great step forward for our RCS IT consulting division, in terms of both top line generation and demonstrating its subject matter expertise. Also, this contract reinforces EbixCash’s positioning as India’s only end-to-end financial services player, with a disruptive pioneering position in back-end technology solutions as well as in the front end, distribution, exchange and consulting arenas.”
About EbixCash
EbixCash is a leader in domestic and international money remittance, foreign exchange (Forex), travel, pre-paid and gift cards, utility payments and software solutions for lending, wealth management, bus exchanges and insurance in India and other markets. EbixCash’s “Phygital” strategy combines over 320,000 physical distribution outlets in India and ASEAN countries with an Omni-channel online digital platform. EbixCash ’s Forex operations have a leadership position in India with operations in 20 international airports, including Delhi, Mumbai, Mumbai, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year (pre-COVID-19). EbixCash’s inward remittance business is the clear market leader in India, processing approximately $5 billion in gross annual remittance volume (pre-COVID-19). Through its travel portfolio of Via and Mercury, EbixCash is also one of Southeast Asia’s leading travel exchanges with over 200,000 agents, 25 branches and over 9,800 corporate clients, processing an estimated $2.5 billion in gross merchandise value per year (pre-COVID-19). For more information, visit the Company’s website at www.ebixcash.com
About Ebix, Inc.
With 150+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix develops and deploys a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service (“SaaS”) enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.
The Company’s EbixCash Financial exchange subsidiary is a leader in domestic and international money remittance, foreign exchange (Forex), travel, pre-paid/gift cards, utility payments, software solutions for lending, wealth management, bus exchanges and insurance in India and other markets. Ebix and its subsidiaries employ thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
CONTACT:
Darren Joseph
678 -281-2027 or IR@ebix.com
David Collins or Chris Eddy
Catalyst Global – 212-924-9800 or ebix@catalyst-ir.com
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