Chennai, October, 2017: FSS, a Payments and Fintech leader, announced that their Payment Gateway has recorded a new milestone in transaction volumes processed. During the Great Indian Festive sale, between 21st and 24th September, FSS Payment Gateway processed 25% of total transactions generated during the shopping bonanza.
During the four days, FSS Payment Gateway scaled smoothly to handle high traffic volumes with total traffic volumes soaring to 7.9M transactions and transaction value of US$ 310M. Over 95% transactions were processed successfully, with 100% uptime during peak transacting hours.
Suresh Rajagopalan, President – Software Products, commenting on the new milestone, stated, “The Great Festive Sale is a real test of performance for any payment service provider. With over US$ 500,000 in sales being generated per minute, during peak transacting hours, the overall speed and the availability of the supporting payment infrastructure is of strategic business importance. Our ability to efficiently process high workloads and deliver an assured service experience to shoppers, strongly reinforces our credentials as the leading global Payment Gateway service provider.”
For banks and merchants, capacity planning and provisioning to meet seasonal traffic bursts can be complex and expensive. Deployed over FSSNeT, FSS private cloud, the FSS Payment Gateway can aid merchant acquirers and banks cost-efficiently increase transaction processing capacity to meet seasonal demands.
FSS Payment Gateway enables acquirers to offer customers a simple, fast and secure payment processing service. The Gateway, supports e-payments and m-payments, enabled through a single API, simplifying integration with merchant systems and accelerating time to market. Merchants can accept international as well as regional payment instruments in a secure PCIDSS 3.2 environment, lowering compliance complexity and costs whilst providing customers peace of mind to shop with confidence.
FSS has spearheaded the growth of retail and wholesale payments in India by serving banks, financial institutions, merchants, governments and other verticals through a rich portfolio of innovative software products, software services and hosted payment services. The rapidly growing FSS clientele includes over 100 leading global banks, some of the world’s largest processors and retailers.
Financial Software and Systems (FSS) is a leader in payments technology and transaction processing, offering a diversified portfolio of software products, hosted payment services and software services built over 25 years of comprehensive experience across payments spectrum.
FSS, through its innovative products and services, caters to the wholesale and retail payments initiatives of leading banks, financial institutions, processors, merchants, governments and regulatory bodies. Its end-to-end payments suite powers retail delivery channels such as ATM, PoS, Internet, Mobile and Financial Inclusion as well as critical back-end functions such as cards management, reconciliation, settlement, merchant management and device monitoring
Headquartered in Chennai, India, the company services 100+ customers across the globe, which include leading public and private sector banks in India and some of the large Banks, FIs, Processors and Prepaid Card issuers are customers of FSS across North America, UK/Europe, ME/Africa and APAC and has a team of over 2500 experts serving the clients across the globe.
FSS Products: The comprehensive portfolio of payments products offered in licensed and hosted model are designed to address diversified needs across the payments ecosystem. The products are technologically advanced, PA-DSS & PCI-DSS certified, and are highly scalable. The wide range of offerings from FSS includes solutions for merchant management, card lifecycle management, internet and mobile payments gateway, reconciliation and settlement, financial inclusion, social/ mobile banking, device monitoring, mandate management system and payments hub.