Digital payments and processing company Financial Software and Systems, or FSS, has launched eFinclusiv AEPS 2.0 to strengthen the last mile banking services. The product is aimed at enabling digital financial service providers offer secure, low-cost financial tools that expand the usage of digital banking products across diverse customer groups, and moderate and low-income segments in particular. The wide scale social and economic challenges of the COVID-19 pandemic are providing a strong incentive for citizens, business, and governments to pursue digital solutions more actively, the company felt and leading incumbent banks, as well as neo banks have deployed FSS eFinclusiv AEPS to roll-out cost-efficient distribution infrastructure and provide customers easy access to bank accounts. Across banks, between April and May, transactions have recorded a 500% growth, as customers in the remotest hamlet of the country can avail doorstep banking services eliminating the risk of stepping outside to visit a bank branch. FSS eFinclusiv 2.0 offers new features for digital financial service providers to deliver innovative services, rapidly expand scale and improve operational efficiencies. Sathish N, Deputy CPO, FSS, said the new innovations available in Version 2.0 are designed to strengthen last mile cash-in, cash-out networks and improve efficiencies in delivering essential banking services to 1.3 billion Indians.
