FSS: Payment Systems Experts
Suresh Rajagopalan, President of Products BusinessAdditionally, banks must not only work toward scaling system infrastructure but also possess a sophisticated data infrastructure to harness insights for future decision making. Helping businesses in this tight spot, Financial Software, and Systems (FSS) delivers a complete spectrum of payment products, platforms, and solutions committed to redefining payments and to enable banks to remain competitive at the forefront of the digital payments curve.
Being one of those rare companies that have dominated the payment systems landscape for almost three decades in India, and having a strong presence in the Middle East, Africa, APAC, and North America, FSS holds the position of a predominant leader in payments technology and transaction processing.
“FSS has been exceedingly innovative and agile—steering through major technological disruptions—from ATMs to open banking that have defined the retail payment space,” explains Suresh Rajagopalan, President Software Products. As a company we are very flexible and can work with banks and payment processors of any size—from leading Tier One Banks and large processors globally to small regional banks.”
The company offers an integrated payments portfolio spanning issuing, acquiring, digital banking, payment analytics, digital security, smart reconciliation and payment processing.
Our integrated product portfolio and understanding of the payments domain, has enabled new age banks like IDFC to go live in a very short time,” explains Rajagopalan. Another leading Payment Bank in India, apart from the Core Banking System, has selected FSS complete payment stack to power services to its customers.
FSS’ acquiring solutions provide a single window capability to large merchants to connect to over 30 plus banks for payment processing. FSS maintains 40 percent market share in processing e-commerce volumes and has introduced innovations such as Debit and PIN, Tokenization and real-time merchant and risk analytics.
FSS Card Management System—the company’s flagship product for issuers—has set a record by issuing 600 million cards globally. Rajagopalan cites an impressive case study where FSS assisted a top 50 global bank that required a card management infrastructure to meet its growing cardholder base. FSS helped the client seamlessly migrate 220 million cardholders from a multi-vendor switch environment to a new platform. The client now can issue 600,000 cards and support 50,000 post-issuance functions. Its Card Management System has been deployed by countries in Africa for powering credit transfers to millions of low-income beneficiaries.
FSS also possesses a scalable reconciliation offering holding 75 percent share in India’s reconciliation marketplace. The company’s ATM Monitoring solution monitors a fleet of 40,000 ATMs round-the-clock in the country.
FSS’ vast portfolio also includes Digital Banking and Unified Payments Interface (UPI) systems for 30 banks. With an increasing number of customers and merchants adopting UPI, the company is helping banks improve transaction volumes by bringing innovations such as biometric-based and NFC-based UPI payments.
FSS supports banks with other services such as risk management, biometric-based authentication, and tokenization.
The company's latest offering includes FSS Paynalytix As-a-Service and FSS Instant Payments. In the wake of ongoing payment disruption, FSS Paynalytix As-a-Service is designed to assist banks harness large volumes of data to improve customers and merchant engagement, detect transactional risk in real-time and improve operational and revenue efficiencies.
With its Instant Payments offering, FSS would work with Central regulators to build real-time payment and settlement rails, transforming payment infrastructure in the country. For a company that is aiming to double revenues in the next three years, the move is highly strategic, as it entrenches its solutions in the center of the payment ecosystem in a country and further strengthens its position as an unrivaled payments player.
FSS’ acquiring solutions provide a single window capability to large merchants to connect to over 30 plus banks for payment processing. FSS maintains 40 percent market share in processing e-commerce volumes and has introduced innovations such as Debit and PIN, Tokenization and real-time merchant and risk analytics.
FSS Card Management System—the company’s flagship product for issuers—has set a record by issuing 600 million cards globally. Rajagopalan cites an impressive case study where FSS assisted a top 50 global bank that required a card management infrastructure to meet its growing cardholder base. FSS helped the client seamlessly migrate 220 million cardholders from a multi-vendor switch environment to a new platform. The client now can issue 600,000 cards and support 50,000 post-issuance functions. Its Card Management System has been deployed by countries in Africa for powering credit transfers to millions of low-income beneficiaries.
FSS also possesses a scalable reconciliation offering holding 75 percent share in India’s reconciliation marketplace. The company’s ATM Monitoring solution monitors a fleet of 40,000 ATMs round-the-clock in the country.
FSS’ vast portfolio also includes Digital Banking and Unified Payments Interface (UPI) systems for 30 banks. With an increasing number of customers and merchants adopting UPI, the company is helping banks improve transaction volumes by bringing innovations such as biometric-based and NFC-based UPI payments.
FSS supports banks with other services such as risk management, biometric-based authentication, and tokenization.
The company's latest offering includes FSS Paynalytix As-a-Service and FSS Instant Payments. In the wake of ongoing payment disruption, FSS Paynalytix As-a-Service is designed to assist banks harness large volumes of data to improve customers and merchant engagement, detect transactional risk in real-time and improve operational and revenue efficiencies.
With its Instant Payments offering, FSS would work with Central regulators to build real-time payment and settlement rails, transforming payment infrastructure in the country. For a company that is aiming to double revenues in the next three years, the move is highly strategic, as it entrenches its solutions in the center of the payment ecosystem in a country and further strengthens its position as an unrivaled payments player.
FSS News
Mobile retail commerce sales by 2023, according to industry reports, would account for an approximate 52% of total online sales. The recent enhancements help acquirers take advantage of this trend and boost conversions at checkout via delivery of effortless payment experiences. Customers merely select their preferred Wallet at checkout, enter a biometric imprint or PIN, and the payment is done. There are no input-intensive forms to fill in or fumbling for a plastic card to enter the account number, card expiration, and security code.
For acquirers, setting up wallets for payment acceptance is a seamless process and takes a few minutes. The wallets can be integrated directly onto the merchants mobile website using a SDK or their desktop website. Whilst existing merchants have to opt-in for activation, with just a few lines of code, new merchants can quickly integrate the Wallet into their checkout process, allowing customers to transact in a familiar way at their favorite merchants. Alternately acquirers can use a white-labeled, out-of-the-box checkout hosted on the FSS Payment Gateway for wallet payment acceptance, benefitting smaller merchants who lack technical expertise. Read more