Technology can enable banks and their customers to interact remotely in a trusted way through existing local retail outlets. Customers can be issued bank cards with appropriate personal identification number (PIN) - based or biometric enrollment security features, and the local store the "banking agent"can be equipped with a point-of-sale (POS) device controlled by and connected to the bank back end system using a phone line.

With appropriate technology, the costs of bank service distribution can be reduced, while still effectively controlling banking risks. In its most basic form, a retail outlet serving as an agent for a bank is a transactional channel permitting bank customers to deposit and withdraw cash into or from their account, as well as to perform a range of electronic transactions, including inquiries on account balances or recent movements and money Transfers between accounts.

Trust between the bank and the customer can be created through the Technology based transaction process.

Technology based transaction process ensures:

• Authentication of all parties Customer's cash transactions are offset against the agents bank account
• Real-time authorization of transactions
• Automatic receipt generation etc.

Through this technology based mechanism, the banking agent becomes a channel for exchange of cash and bank obligations between the customer and the bank. These transactions pass through the agents bank account in a way that exactly offsets the cash it has taken in or handed out to the customer. Trust in transactions flowing through agents is ensured primarily through the deployment of an appropriate technology, backed by a contract between the agent and its bank that specifies how the technology is to be used and their respective roles and responsibilities.

FINO provides various elements of this architecture. The front-end services can be provided through portable, biometric wireless terminals. The terminals carry a client application that can support savings, withdrawl, sale, void, refund, settlement and other typical transactions.

The transactions are routed to the FINO Switch. The switch then routes the transactions to the host for customer account management. FINO's reporting system can also be interfaced to the host for analytical reporting. The various elements can be used independently with other banking systems or as an integrated end-to-end solution.