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FSS to provide UPI platform for 6 major Indian Banks

13 April 2016  |  1328 views  |  0 Source: FSS

FSS, a leader in payments technology and transaction processing, today announced partnership with 6 major Banks to provide UPI solution.

FSS is the one among the first payments technology companies to be providing UPI PSP solution on a hosted platform for major Banks across the country.

Unified Payment Interface (UPI) facilitates easy and seamless person-to-person (P2P) and person-to-merchant (P2M) transaction experience for end customers.

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, with a click of a button.

Commenting on FSS UPI solution, Mr. Nagaraj Mylandla, Managing Director, FSS, said, “I congratulate NPCI for launching UPI, an excellent 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 are proud to be associated with this new venture.

“FSS UPI will facilitate these six Banks to offer UPI services instantly to their 80 million plus customers. We expect UPI to gain immense popularity, due to the ease of use and our infrastructure is ready to handle the huge surge in the 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.”

In addition to assisting the Bank 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 a large Merchant base.

FSS has spearheaded the growth of retail & whole sale 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, the FSS domestic client portfolio includes over 35 banks – featuring the majority of public and private sector banks in the country.

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