BS/2 Expands Cooperation with Iranian Counterparts

In February 2017, the Iranian Adonis Electronic Services Development Co. (Adonis) Managing Director Mohammad Ali Gogani, Board Member Mohammad Reza Eskandari, and Commercial Manager Ahmad Jalili visited Penkių kontinentų bankinės technologijos (BS/2).

Adonis ESD Co. was established on 22nd May 2012 to provide and support payment machines and equipment. The company specializes mainly in providing various E-payment machines and equipment (cash dispensers, acceptors, etc.); sales of EastCom ATMs; support and maintenance of NCR, EastCom, and Wincor Nixdorf ATMs; offering comprehensive software and hardware solutions within the ATM network; sales, transportation, installation and site preparation of ATMs. Due to an extensive network of operational and repair service offices, Adonis provides support and maintenance services in all corners of Iran for various ATM brands such as EastCom, Wincor Nixdorf, and NCR.

During the meetings, Adonis and BS/2 shared their experiences and discussed the prospects of further cooperation, including the development of software from BS/2 and its use in the Iranian market. The guests were acquainted with the specialized software solutions developed by the Lithuanian company. Of particular interest to the Iranian colleagues were ATMeye.iQ fraud prevention and video monitoring system, Cash Management.iQ cash flow management and optimization solution, and the latest VTM.iQ software and hardware platform for banking, insurance and other transactions. The Adonis managers were also interested in the possibility of their staff training and professional development.

Today, Iran is of utmost interest from the business community worldwide – and is one of the most technologically advanced countries in Asia, with the 4th biggest GDP economy in the Muslim world – and the 2nd in the entire Middle East (after Turkey). The Iranian banking sector parameters correspond to those of emerging markets, including the accessibility of banking services.

According to 2016 World Bank data:

• 92% of Iranians have a general bank account;
• 75% of Iranians have a debit card;
• 32% of Iranians have ever used borrowed funds in financial institutions;
• 4% of Iranians have a mobile cash account.

The Iranian banking sector is now represented by twenty private and eight state-owned banks with a loan portfolio of $224 billion (similar to that of South Africa).

By the current legislation, banks are entitled to conduct a sufficiently wide range of financial transactions that formally meet the norms of the Sharia. All “financial contracts” are treated as agreements between the two parties for the right of joint use or possession of the property, that is, to all that has financial value and market circulation.

All banks in Iran are engaged not only in financial, but also indirect investment activities. The main spheres of investment in Iran are petrochemicals, roads, housing construction, agro-industrial and livestock sectors, and metallurgy.