Bengaluru, India, September 10, 2018: India Post Payments Bank, the country’s largest digital-first bankis leveragingFinancial Software and Systems (FSS), a leader in payments technology and transaction processingsystems, through their Payments-in-a-Box solutionto bring a wide range of affordable, quality banking and payment services to financially underserved customer segments – especially rural households, small and medium enterprises and women.
India represents one of the largest market opportunities for payments totaling USD 1 Trillion by 2023. The ongoing technology revolution combined with enabling regulatory policy framework and the Indian government’s strong push to digitalize the economy is fast transforming the country’s payments landscape. Currently,800M Indians have bank accounts, creating a ready market of consumers eager to partake new products and services.
With FSS Payments-in-a-Box, India Post Payments Bank can leverageits extensive postal delivery network comprising 150,000 access points to tapthis massive potentialand grow market share. FSS Payments-in-a Box comprisesa comprehensive set of solutions to bring customers and everyday merchants into the digital payments mainstream, generating critical network effects for furthering adoption and usage.
Specifically, this includes omni-channel payment acceptance, transaction processing and smart reconciliation capabilities to manage the customer and merchant relationships across all transacting channelsand throughthe payment lifecycle. Additionally,FSS assumes a single mantle of responsibility for complete back-office operations, enabling the bank to maintain operational efficiencies and optimize costs.
Speaking on the partnership, Mr. Nagaraj Mylandla, Chairman and Managing Director, FSS stated, “We are proud to partner with the India Post Payments Bank to bring innovative digital payment products that would have a far-reaching impact on the growth of digital payments in the country and contribute to the government’s Digital India vision. As a technology company, FSS has a 27-year demonstrable track record of innovation and successful delivery of large-scale payment projects for Central regulators and leading banks globally. We are extremely committed to this prestigious nation building exercise with IPPB that will connect Bharat through digital payments.”
Shri Suresh Sethi, MD & CEO India Post Payments Bank stated, “The aim of India Post Payments Bank is to build the most accessible, affordable and trusted bank for the common man and to spearhead the financial inclusion by removing the barriers for the unbanked and underbanked population. FSS’ technology solutions are powering us towards achieving our objective to build a less cash ecosystem by enabling last mile digital payment services.”
FSS Payments-in-a-Box enables India Post Payments Bank to digitize every touch point in customers’ financial livesto make payments using a range of channels and instruments.
The India Post Payments Bankis enrolling billers and merchant’s country-wide to create a wide acceptance network where consumers can make payments. Using FSS Omni-channel acquiring solutions the bank is enabling micro-merchants to accept payments over any channel –Online, UPI, QR Codes, Aadhaar and IPPB accounts. At the backend, FSS Merchant Management and Merchant Settlement Solutions streamline all aspects of merchant management including on-boarding fee calculation, reconciliation and settlement.
Other solutions include FSS ACS, FSS Payment Processing and Switching and FSS Smart Recon. FSS ACS (3D Secure) fosters trust in online transactions by authenticating customer identity and delivering a smooth transaction experience. FSS Payment Processing and Switching (FSS IMPS Gateway and Financial Switch) provide routing, authentication and authorization services for all payment transactions. FSS Smart Reconciliation Solutions (FSS Smart Recon) supports reconciliation-related activities for various interbank transaction channels i.e. Micro-ATM, POS, IMPS, APBS, NACH, UPI, Mobile Banking.