US firm BancBox to set up centre in IT Park

US payment processing company, BancBox, is setting up a development center in Chandigarh.

With an initial investment of one lakh US dollars, the center, which is likely to come up in Chandigarh IT park, will carry out 100 per cent software development in the city. The company as of now is outsourcing its software development work to consultant firms in India, but its own center will drive in "more efficiencies."

Speaking on the sideline of the concluding day of the Destination IT event here on Friday, director of BancBox, Prashant Gupta, said that the company is betting big on the city. "The city has a readily available pool of talent and has the best developed infrastructure," said Gupta. He added that the Banc Box, which developed softwares CFT pay and National Payment Network for the debt payment and auto sector loan repayment services recently came out with the software Banc Box. Gupta added that locating the software development in the city will not only add efficiency but also help push sales revenues of the firm.

"Due to the closer interface with the employees at our development center we will drive in more efficiency. We are trying to hire the space in the IT park here and will like to start soon. We are not opening the development center to cut costs as we have been already outsourcing the development of software to consultants. But with the development center the software development will be done 100 percent from Chandigarh."

The company BancBox which was earlier named National Payment Network has handled the transactions of over 1 billion US dollars in the last five years. The Banc Box director said that following the launch of software Banc Box in the last three months, the company has serviced 20 firms while as it is in the process of filing the business contract with another 150 customers.

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