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FSS launches eFinclusiv

Payments firm FSS launched FSS eFinclusiv, a second-generation financial inclusion solution that leverages the India Stack to promote financial deepening among underbanked customers. For customers, eFinclusiv supports account opening, cash deposits, withdrawals, money transfers and payments. The system supports card-based and cardless transactions using the customer’s biometric (Aadhaar) throughout the process. For merchants, eFinclusiv enables biometric-based payment acceptance using their mobile device. In addition, eFinclusiv exploits the capabilities of the India Stack to offer electronic KYC, eSign and Aadhar Vault capabilities for cost-efficient and secure services delivery.  FSS eFinclusiv exposes APIS enabling digital service providers profitably collaborate with third party applications. The eFinclusiv APIs includes cash withdrawal, deposits, digital KYC and more. Banks benefit as it helps them deepen the traditional customer-bank relationship and rapidly grow market share. Suresh Rajagopalan, president, Software Products, FSS said eFinclusiv provides a commercially viable pathway to achieve universal financial inclusion by helping digital financial service providers innovate and efficiently deliver a broad portfolio of products.

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