What Tosan (Kish Ware) does

Tosan (legal name: Development of Software Systems Negin - توسعه سامانه‌های نرم‌افزاری نگین) is an Iranian banking and financial software provider founded in 1999 in Tehran. The company designs, develops, and operates a comprehensive suite of banking technology products including third-generation core banking systems (Benko), second-generation core banking (Frangin), payment switches (Sipa), inter-bank fund transfer systems (Sadra), foreign exchange systems (Exir), digital banking channels (internet, mobile, phone banking), business intelligence, fraud detection, AML, and remote identity verification (Faceet). Tosan's technology is built on service-oriented architecture (SOA), multi-layer modular design, and deployed on its own TIA942-compliant data center infrastructure (HP, Cisco, APC) that hosts systems for 10+ banks.

The company operates a B2B enterprise software and services business model, generating revenue through software licensing, ongoing support/maintenance contracts, managed data center services, and professional services including consulting, infrastructure provisioning, and 24/7 operational management. Approximately 65% of historical revenue has been allocated to support services versus 35% to new product development. Tosan serves 50+ enterprise clients across Iranian banks, credit institutions, government agencies (Judicial Authority, Tavanir, Ministry of Economic Affairs, National Library), and 22 of 28 Iranian insurance companies via its Bimayar bancassurance platform. The company holds ISO/IEC 27001:2013, PCI-DSS, and ISRA Sharia Compliance certifications, and is publicly listed on the First Board of Iran Fara Bours under ticker "Tosan".

Tosan monetizes through direct enterprise sales targeting banks and financial institutions, with distribution supported by regional offices in Kuala Lumpur and Cyberjaya (Malaysia) for Southeast Asia expansion. The company exports products to 6+ countries including the Philippines, Malaysia, UAE, Turkey, South Korea, and Russia. Its Forbix neobank platform and NSPAY payment platform represent consumer-facing extensions of its enterprise core. The ecosystem of ~38 affiliated companies, combined with deep integration to Iran's Central Bank, SWIFT/SEPAM networks, and national identity infrastructure (Sabt Ahval, Shahkar), creates significant lock-in for clients running mission-critical banking operations.

Name

Tosan (Kish Ware)

Legal name

شرکت توسعه سامانه‌های نرم‌افزاری نگین (توسن)

Website

https://tosan.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Tosan is an Iranian banking software provider, founded 1999, offering core banking systems, payment switches, digital banking channels, fraud/AML, and e-government platforms to 50+ banks, financial institutions, and government agencies, with ~1,000 employees.

Ownership category

akta.pro rank

Product category

Banking Software

NAICS

Computer Systems Design and Related Services (54151)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Core Banking & Ledger Systems (Cloud Core, Deposits, Accounts) (FSAGAAAC)

akta.pro secondary industry

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Banking software
• Core banking systems
• Payment switch solutions
• Digital banking platforms
• E-government services

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices6 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Software Licensing and Support: Tosan licenses its banking software products (core banking, payment switches, digital banking) to banks and financial institutions. Revenue includes both initial licensing fees and ongoing support/maintenance contracts. The company maintains legacy products (Farhangin) alongside newer generation products (Banko) simultaneously.
2. Professional Services and Implementation: Includes consulting, training, infrastructure provisioning, site and support services, and operational management. Approximately 65% of annual revenue has historically been allocated to support services versus 35% to new product development.
3. SaaS / Data Center Services: Tosan operates its own data center hosting systems for 10+ banks and financial institutions, providing software as a service with guaranteed uptime and disaster recovery capabilities.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Tosan develops, licenses, and supports comprehensive banking and financial software products for banks, financial institutions, and government agencies. Its portfolio centers on core banking systems (Benko and Frangin) and includes a payment switch (Sipa), digital channels (internet, mobile, phone banking), foreign exchange and trade systems, business intelligence, fraud detection, and e-government integration platforms. The company also operates its own data center hosting banking software for over 10 institutions.

Product overview

Tosan offers a comprehensive portfolio of banking and financial technology solutions organized into a platform-plus-modules architecture. The core offering centers on Benko (third-generation core banking system) and Frangin (second-generation core banking), supported by specialized modules including the Sipa payment switch for card transactions, Exir for foreign exchange and international trade, and Sadra for inter-bank transfers. Digital banking channels include Netvey (internet), Jetvey (mobile), and Phone Banking. The company provides dedicated solutions for government e-services (Satrap, Ebox, Sena, Samad), business intelligence (Avand BI, Raviar operational intelligence, fraud detection, data warehouse), and specialized offerings like the Forbix neo-bank platform, COAX for third-party transaction management, and Faceet for remote identity verification. Professional services include consulting, infrastructure provisioning, disaster recovery sites, and 24/7 operational support.

Differentiator

Problem solved

Functional benefit

Brands

• Forbix (فوربیکس): Digital banking platform for small and medium-sized businesses (SMEs) and corporate clients, serving as Tosan's neobank offering.
• NSPAY (ان‌اس‌پی)
• Benko (بنکو)
• Farangin (فرانگین)
• Sedra (سدرا)
• Exir (اکسیر)
• SIPA (سیپا)
• Faceet (فیسیت)
• Artak (آرتاک)
• Mahan (مهان)
• Boursar (بورسار)
• Dyar Digital (دیار دیجیتال)
• Tosan Academy (توسن آکادمی)

Products and services

• Benko Core Banking System (بنکو) Third generation centralized core banking system for retail banking, treasury, international trade, and corporate banking operations, built on service-oriented architecture and multi-layer design.
• Frangin Core Banking System (فرانگین)

Quantifiable outcome

• 45% of Iranian banks use Tosan's Core Banking system
• +4 more outcomes

Named customers34 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability13 records

Feature7 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Turkish Chamber of Commerce / IMEX IstanbulminorGTM or Marketing Partner · 1 January 1401Tosan participated in IMEX Istanbul exhibition (22 Mehr 1401) and met with the President of the Turkish Software Developers Guild, Mustafa Çalış. This was an international market development event.
• Favaniran Information Technology (Favaniran-e Etelaat)coreTechnology or IntegrationTosan partnered with Favaniran (the sole producer of comprehensive insurance systems in Iran) through a 1394 MOU to integrate insurance products into Tosan's banking ecosystem. This integration enables BimEYar (insurance broker) product, serving 22 of 28 insurance companies in Iran.
• Data Kavvan-e Tosan (داده‌کاوان هوشمند توسن)coreStrategic or Co-development PartnerTosan acquired 67% of Data Kavvan-e Tosan for 381.9 billion Toman to strengthen in-group synergies and data-driven product development. Data Kavvan specializes in AML and anti-money laundering systems, and Tosan's products (AML product exported to Philippines and Malaysia) are partly driven by this subsidiary.
• Mehrgiti Charity (موسسه خیریه مهرگیتی)minorOthersTosan partners with Mehrgiti charity for educational support of underprivileged students in Sistan and Balouchestan, South Khorasan, and Ilam provinces. Supporting 77 students from disadvantaged areas.
• Association for Support of Working Children (انجمن حمایت از کودکان کار)minorOthersTosan supports the education of 100 working children through the Association for Support of Working Children as part of its CSR program.
• Sharif University of TechnologyminorStrategic or Co-development PartnerTosan Academy partners with universities and supports student programs. Tosan sponsors hackathons and coding competitions at Sharif University including LLM Agents Hackathon, ICT Challenge, MPM mobile programming marathon, and spaghetti coding contests.
• Presidency - Vice Presidency for Science and Technology / National Innovation CenterminorStrategic or Co-development PartnerTosan participated in the permanent exhibition of knowledge-based companies products at the Vice Presidency for Science and Technology. Also participates in ICT Challenge programming competition hosted at the National Innovation Fund.

Scale indicators17 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Temenos: Swiss-listed global leader in core banking software (Temenos Transact), serving retail, corporate, and Islamic banks across 150+ countries. Highly comparable to Tosan as both sell licensed core banking platforms with deep regulatory and Sharia-compliance capabilities to banks.
• Infosys Finacle: Infosys's flagship core banking and digital banking suite, deployed at hundreds of banks globally. Closely comparable to Tosan's Benko/Netvey/Jetvey stack in that it provides a layered core + digital-channel platform for emerging-market and Islamic-banking customers.
• Finastra: UK-headquartered banking software provider (formed from Misys + D+H) offering FusionFabric cloud platform, core banking, lending, and treasury solutions. Comparable to Tosan in serving large banks with multi-product suites and emphasizing open APIs and ecosystem integration.
• Jack Henry & Associates: US provider of core banking, payments, and digital banking technology primarily to community and mid-sized banks. Comparable in product breadth (core + digital + payments) and enterprise B2B sales motion targeting regulated financial institutions.
• TCS BaNCS: Tata Consultancy Services' core banking, payments, and digital banking platform, competing head-to-head against Tosan in many emerging markets. Both target large banks with comprehensive, modular platforms and emphasize regulatory compliance and digital transformation.
• TietoEVRY (Tietoevry Banking): Nordic banking software vendor with deep presence in Nordics and selected emerging markets. Comparable to Tosan in providing core banking, cards, payments, and credit processing modules to retail and corporate banks under long-term license contracts.

Emerging players

• Thought Machine: UK cloud-native core banking platform (Vault) competing to displace legacy core systems at tier-1 banks. Represents the next-generation competitive threat to Tosan's traditional on-premise core banking model as banks increasingly evaluate cloud-native alternatives.

Broad incumbents

• Oracle Financial Services Software: Oracle's banking-software unit offers Flexcube core banking, analytics, and regulatory compliance suites to large global banks. Comparable to Tosan's enterprise banking stack but at a much larger scale and with global reach that exceeds Tosan's regional footprint.
• FIS (Fidelity National Information Services): US-listed banking technology giant offering core processing, payments, capital markets, and wealth solutions globally. While vastly larger and broader than Tosan, it competes in adjacent core banking and payment-switch segments and represents the global incumbent benchmark for scale.

Others

• Sapient (Publicis Sapient) Banking Practice: Global digital transformation consultancy with deep banking practice implementing core and digital banking modernization for tier-1 banks. Relevant as a peer in the digital-banking transformation services space where Tosan also competes for consulting and implementation work.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/tosansolutions
• Facebookfacebook.com/tosansolutions
• LinkedInlinkedin.com/company/tosan-kish-ware-

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tosan (Kish Ware)