FSS (Financial Software & Systems Pvt. Ltd.), a global leader in payments technology and transaction processing has been chosen by IDFC Ltd. to provide end-to-end payments technology support for its upcoming banking operations this year.
This partnership will allow FSS to establish complete payments technology infrastructure for the upcoming IDFC Bank with services ranging from payments processing, card management, reconciliation to payment gateway for e-commerce, and Aadhaar Enabled Payments for financial inclusion.
In addition, FSS will install and manage the Bank’s ATM network and provide cash recyclers to accept and dispense cash. This deal reinforces FSS’ position as a comprehensive payments processor, and FSSNeT hosted platform as a reliable option for banks/financial institutions to accelerate their go-to-market plans.
Speaking on the occasion, Mr. Avtar Monga, COO, IDFC Ltd. said, “IDFC has chosen a binary strategy to operate in India, with one set of branches out of metropolitan cities and the others in bottom-of-the-pyramid districts. Therefore, it is important that we establish a payments technology infrastructure that will enable us to provide a uniform banking experience across both our urban and rural customer segments. We intend to leverage FSS’ domain knowledge in payments technology, their leadership position in hosted services and their understanding of the Indian banking industry to deliver a robust technology payments platform.”
Commenting on the partnership, Mr. Nagaraj Mylandla, Managing Director, FSS, said, “We are delighted to partner with IDFC Ltd. to build their payments technology infrastructure on a hosted platform for their upcoming Bank. Being associated with IDFC gives us a wonderful opportunity to transfer the knowledge and experience gained over two decades and deliver the best-in-class payments technology infrastructure for them.
“I am confident that our integrated ‘Bank in a Box’ offering will power IDFC to operate seamlessly and provide a superior banking experience to their customers.”
FSS has spearheaded the growth of retail & whole sale 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 banks, some of the world’s largest processors and retailers.