Vortex Engineering

Vortex Engineering
Founded 2001
Headquarters No 6B, 6th Floor, IIT Madras Research Park, Chennai, India
Area served
 Financial Institutions and banks
Key people
 L. Kannan, Founder-CTO;
Products ATMs, Cash Acceptors
Services ATM Managed Services
Number of employees
 201-500
Website vortexindia

Vortex Engineering is an India-based company making self-service transaction systems (such as ATMs) for banks. Vortex also offers services for ATM Management.

Vortex ATMs are also now used in several countries outside India, especially in Asia & Africa. Vortex is backed by investors: Tata Capital, Aavishkaar, Ventureast, Oasis and IFC (A World Bank subsidiary).

History

Vortex was founded by an IIT Madras alumni, L.Kannan in 2001. Around 2004-05, they ventured into ATMs. Their first pilot deployment was for disbursal of NREGA wages through their ATMs in Tamil Nadu, in association with IIT Madras in 2008.[1]

They made their first major break though with the winning of an order for 545 ATMs including 300 solar powered ATMs from the State Bank of India.[2][3][4] Vortex ATMs are now currently used in almost all states of India.

Products & Services

Vortex has specifically designed ATMs that could operate(up-to 50-degree-Celsius) at any conditions in the world. The ATMs manufactured by Vortex consumes very less power and constitutes very less mechanical and electrical parts as compared to other conventional ATMs. [5] All the Vortex ATMs come with solar power options for greater availability in areas having severe power shortage, whereas no other ATM is commercially viable to be operated with solar power due to its higher power consumption..[6]

Software

Vortex Ecoteller is the only Automated teller machine operates on Linux platform.

Awards & Recognition

The company has been selected as one among the 10 start-ups that will change your life by TIME magazine. Vortex has won the following recognitions - Srijan Award 2009 for Technology Innovation in Financial Inclusion, Finalist for The Wall Street Journal Asian Innovation Awards 2010,[7][8] one of Technology Pioneers 2011 by the World Economic Forum.[9] Vortex has also been selected to join the Business Call to Action (BCtA) global initiative,[10] which encourages private sector efforts to develop inclusive business models that can have both commercial success and a positive impact in development. Recently Vortex has been awarded with Frost & Sullivan-Technology Innovation Award-2012 for Solar Powered ATM. Vortex ATMs have been pioneered as the first ATMs to be used for transparent last mile delivery of government welfare schemes like MGNREGA. [11][12] Vortex Engineering and their founders featured in amazing Indians on times now [13]

References

  1. ↑ http://www.hindu.com/2008/11/23/stories/2008112352350300.htm
  2. ↑ http://www.thehindu.com/2010/03/12/stories/2010031254731600.htm
  3. ↑ http://www.financialexpress.com/news/Vortex-set-to-install-300-solar-ATMs-in-rural-SBI-branches/589748/
  4. ↑ http://www.finextra.com/news/fullstory.aspx?newsitemid=21179
  5. ↑ http://indiagetgreenblog.com/tag/atm-machines/
  6. ↑ http://www.cnbc.com/id/101521523
  7. ↑ http://online.wsj.com/article/SB10001424052748704103904575336092096124172.html
  8. ↑ http://online.wsj.com/article/SB10001424052748703700904575391460677186520.html?mod=WSJASIA_hpp_MIDDLEThirdNews
  9. ↑ http://www.weforum.org/en/Communities/Technology%20Pioneers/TechnologyPioneers/index.htm
  10. ↑ http://www.un.org/apps/news/story.asp?NewsID=40730&Cr=poverty&Cr1=
  11. ↑ http://www.nrega.net/ict/sucessstories/ATMSuccessStories.pdf
  12. ↑ http://www.nrega.net/ict/information/ongoing-ict-projects
  13. ↑ http://www.timesnow.tv/Changing-the-face-of-rural-banking/videoshow/4441103.cms

External links

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