I read an article today from following link.
http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=61106&Cat=3
I think it would be un just that i sit silent that information presented in it is quite distorted. So here are my comments with "Remarks" and "Conclusion". I have worked in TPS for 5.5 years on ATM switch.
All proprietary means that the software is not compliant to ISO standards that are adopted globally by all the financial institutions
Remarks: :) I can only laugh about lack of knowledge of writer. ISO is standard it doesn't dictate you to make a web service like this. Moreover, TPS message formats are compliant with ISO that's why it is running not only in Pakistan but in many ME, Africa countries. Do you consider these countries fool enough. Again, You don't have knowledge about this so don't speak about it.
Since the software is proprietary, banks and ATM switches like 1Link are not allowed to check, audit or see the software code or even touch the machines that this software is installed on.
Remarks: Joke of the century, 1LINK is going through PCI audit and i am quite sure that you only know that PCI used to be slot in PC mother board. So, dude get some knowledge about it. Secondly, softwares are installed on bank's machines and they are in bank premises and under bank control like any other software. Since it is not a open source product like many other so you can't expect to see its code. If you are so desperate in seeing TPS source codes get a job there if you have enough talent :)
TPS is stealing a huge amount of money on a daily basis from bank accountholders. How is this possible? Hundreds of thousands of ATM transactions are made every day. If a virus or special code takes out just one paisa for each transaction, the account holders obviously cannot suspect any wrongdoing. But the company manages to steal a huge amount of money in this way every day from bank accounts
Remarks: Banks can sue you for this dude, Ever heard of "Day end"? When this thing happens core banking in banks post all accounting entries in respective heads and they all should balance all credit must be equal to all debit. This is basic accounting. Again, disappointing who let you write this article :)
He further said that after initial investigation it was believed that it was a mega scam in the banking sector
Remarks: Monopoly is something different than scam. Microsoft is facing multiple suits like this. But if it were a scam and i take 1 paisa out of your account daily then how the hell can day end complete in banks. Go and learn this from some account student of FA.
Sources further said that TPS bribed banks’ IT departments to install its software in banks and avoid audit. Other problems faced by banks due to this monopoly is that when things go wrong they have to wait for long periods for TPS to fix them. It charges them for every change or support. These charges to the banks are passed on to the accountholders as different fees by banks.
Remarks: Suppose even if TPS bribed then i think those involved in those bribes should be caught :). Dude this is not a sarkari bank wehere TPS softwares are installed. TPS software competes with ACI, S1,Euronet etc and then get in. I feel ashamed how on earth you are allowed to right in "THE NEWS" and no body audits you.
They said banks do not have any relationship with TPS, but they still have to pay charges to TPS. The reason is that TPS claims that they own the software installed at 1LINK (the main ATM switch) for bill payment and each entity (any bank) who wants to get connected with 1LINK for bill payment, must pay a licence fee to TPS.
This “system” has been put in place by 1LINK’s initial founders and board and is still prevalent due to the extraordinary bribes paid by TPS to board members of 1LINK. State Bank officials have also been pat of this scheme, sources said.
Remarks: Once again foolish statement. 1LINK is a business entity and they charge not TPS. Again, you can't critize business policy. It would be like i will start shouting why Oracle Database is charged per core not per processor?I think you don't even know what is core and what is processor.
Conclusion: I have worked in TPS for 5.5 years on their main switching products and I feel very sorry to say that writer doesn't even know the basics of accounting and trying to defame a company which is giving pride to Pakistan. Nonetheless, It won't hurt TPS because every knowledgeable person in the field(Banks,Financial Institutions) know TPS worths not only in Pakistan but in other countries. It has competed and replaced many International giants in other countries and If we agree to hypothesis placed by writer then how an earth this software gets place in countries like UAE, Qatar, Kuwait, France, etc,etc.
We are in the habit of degrading our own things like writer did without knowing it completely. Rather than appreciating a company which is home grown and competing with giants not only in Pakistan and outside Pakistan we are trying to insult it.
Last point, Check out ATM services offered by ACI and other giants banks in Pakistan were not even in position to get their own ATM switch if they were to ask them back in late 90s.
I assure one thing very clearly no banking software can steal your money, its a Bank. Everything is present and reconciled. You can always check your statement to be sure. Be it Avanza, be it TPS, be it any other company.
