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Magellanic Cloud’s iVIS secures eSurveillance contract for Major Public Sector Bank in India

By Gloria Mathias

December 22, 2023

  • AI
  • ATMs
  • Banking Solution

Magellanic Cloud, MCloud, Fintech News, Fintech India, Banking Solution, Banking Technology, eSurveillance, Fintech Solutions, Fintech News, India, Public Sector  Bank, Magellanic Cloud (MCloud) and its subsidiary iVIS combined have secured an order from a public sector bank for the end-to-end implementation and management of eSurveillance services for 2000 ATM sites across India.

The combined contract, awarded through a competitive bidding process, involves the supply, installation, and commissioning of alert-based monitoring and control systems for eSurveillance of the bank’s ATM sites.

This contract spans 5 years and is anticipated to generate a revenue of approximately INR 42 crores. The scope of services incorporates features such as remote surveillance, cloud processing and storage, operational insights, actionable intelligence complemented by alarm triggers in real-time, AI-enabled facial recognition, incident detection, reporting, and analytics.

The scale of the contract positions Magellanic Cloud to achieve healthy profit margins, reinforcing its commitment to delivering top-notch security solutions.

Joseph Thumma Reddy, CEO of Magellanic Cloud, stated, “This order-win reflects the confidence our clients place in our team and the exceptional quality of services we consistently provide. Our subsidiary, iVIS, is skilled in the e-surveillance segment and has a central command centre in its Hyderabad office that already oversees 20,000 ATMs and banking sites across the country. This not only underscores our dominance in the eSurveillance segment but also adds another prestigious client to our ever-expanding list of marquee clientele.”

Murali Mohan Rachapoodi, Co-founder of iVIS, said, “We are thrilled to have secured the contract for executing and overseeing e-surveillance services across the ATM sites of this esteemed public sector bank. Our commitment is rooted in providing a comprehensive and robust defence mechanism that leverages technologies to ensure the highest level of security for our clients. By harnessing the power of AI, ML, and IoT technology, we aim to deliver advanced and adaptive measures to identify and counteract potential threats in real time. This underscores our dedication to fortifying the security landscape and ensuring the safety of our clients.”

This contract win solidifies Magellanic Cloud’s expertise in providing comprehensive eSurveillance solutions tailored to meet the evolving needs of the financial sector.

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