FSS (Financial Software and Systems), a global payments technology company, confirmed today its expansion strategy for its European operations, which includes the creation of a regional headquarters in Amsterdam.
Servicing 100+ leading financial institutions globally, FSS has a presence in the UK, and is making significant investments in the region to expand its footprint in mainland Europe to strengthen customer delivery capabilities and grow market share.
FSS has adopted a two-pronged approach to capitalize on the rapidly growing market. One, the company is working with leading banks and processors to help modernize legacy technology infrastructure. Two, it is leveraging its deep payment expertise to partner with new entrants including fintech companies and payment processors to develop innovative payment propositions and help them scale efficiently. In the last six months, the company has added five new fintech companies to its rapidly growing customer portfolio. This includes QRails, a Denver USA-based financial services technology company, for its SCA compliant 3DS 2.0 solution.
Digital payments in Europe, according to CapGemini World Payments Report 2018, are on a strong growth trajectory, with the number of non-cash transactions expected to grow from 132.2B in 2019 to 151.1B in 2021, a CAGR of 6.96%. Digitization, shifting consumer preferences and regulatory reforms including Payment Services Directive (PSD2) are transforming the European payment landscape. FSS plans to address growing business opportunities through its next generation products technology and solutions offerings. Specifically, the company is focusing on leveraging its global expertise to deliver new propositions in the areas of Prepaid Card Management, Omni-channel Acquiring, AI-based Payments, Strong Customer Authentication, and Smart Reconciliation solutions to compete more effectively, enter new markets, and better serve its customers.
Speaking on the company’s plans Ram Chari, Global Business Head, FSS said. “FSS is a global payment company and Europe occupies a central position in our global expansion strategy. Every aspect of the payments business is changing. and our customers are looking for a reliable partner to navigate the new technology and regulatory headwinds that are impacting business. FSS, with its deep expertise across the payment spectrum, is a reliable partner for transformation and delivery of new generation payments.”
Commenting on the company’s strategy, Haresh Hemrajani, Regional General Manager - Europe, FSS said, “We’ve added a number of new logos, and have nearly doubled our front-line staff during the last year. Our recent successes demonstrate that our solutions are resonating with the market. Our vision is clear, we will further expand our team, deepen our partnerships with customers across multiple European markets and importantly, grow our presence to ensure that we can engage at the front-line in a region which is recognized the world over as a significant player in the shaping of next-generation payments.”
An approximate forty per cent of the company’s investments are directed towards innovation and with Europe a true melting pot for new ideas, our expansion strategy for the region will help us to define our work in the months to come. As part of its growth charter for the region FSS is focused on bringing a range of propositions to financial institutions to improve business performance. This includes:
• The delivery of the next stage of 3DSecure in order to meet with the 2019/2020 timeline set out in the European second Payments Services Directive;
• The increased need for a frictionless payment experience whilst meeting increased pressure for risk-free, fully secure transactions between multiple and diverse parties;
• Leverage Voice Commerce to differentiate banking services and deepen consumer engagement
• Increased leverage of Big Data, with a particle focus on analytics best-practice to support enhanced business performance;
• The rise of real-time transaction rails and the resulting pressures placed on existing platforms and systems as ‘in-flight’ changes are made to accommodate the need for speed;
• The accelerated APIfication of innovation as new entrants and open-banking regulations place renewed business relevance on APIs, several European banks are at the forefront of exploration in this area.
FSS will also be exhibiting its products at Money2020 in Amsterdam 3-5 June (Stand L62) and will be presenting its views on new growth opportunities in the region.