A leader in payments technology and transaction processing— Financial Software and Systems (FSS), has announced partnership with six major banks to provide Unified Payments Interface (UPI) solution. FSS is among the first payments technology companies to be providing UPI PSP solution on a hosted platform for major banks across India.
UPI facilitates easy and seamless person-to-person (P2P) and person-to-merchant (P2M) transaction experience for end customers. Notably, FSS UPI PSP is a comprehensive solution and facilitates Banks, Merchants and Customers to push and pull payments with a single click two factor authentication. It also enables banks to provide real time payments through QR code enabled addresses, along with device fingerprinting for additional security. It supports features like ‘Pay and Collect’ directly to bank account and ‘Refer a Friend’ through social media.
The solution provides banks the ability to integrate multiple channels and perform cross channel migration with ease. With the support of FSS UPI, banks can now provide customers with the facility to transact on-the-go from their mobile phones, at a click of a button.
Managing Director, FSS, Nagaraj Mylandla said, “I congratulate National Payments Corporation of India (NPCI) for rolling out UPI— a brilliant initiative that will change the way banking is done in India. FSS is always committed to supporting the Banks and Financial Institutions to implement programs introduced by Government of India and regulators and is proud to be associated with this new venture.”
“FSS UPI will render its services to the six banks to offer UPI services instantly to their 80 million plus customers. We expect UPI to gain immense popularity because of ease of use and capability of handling massive transaction volumes that is expected through UPI. Our infrastructure can be easily scaled to accommodate more number of banks with whom we are in advanced level of talks currently for FSS UPI solution,” he added.
In addition to assisting the banks to provide the customers with an easy payment facility across channels along with pull and push payments, FSS UPI will also aid banks to penetrate easily into the large merchant base.
FSS has spearheaded the growth of retail and wholesale payments in India through a rich portfolio of payments products and services. The rapidly growing FSS clientele includes over 100 leading global banks as well as some of the world’s largest processors and retailers. In India, FSS domestic client portfolio includes over 35 banks – featuring the majority of public and private sector banks in the country.
It may be noted that 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. Headquartered in Chennai, the company services over 100 customers globally including leading public and private sector banks in India and some of the large international banks.