Reported by: banking|Updated: January 15, 2021
Financial Software and Systems, or FSS, said it is partnering with India Post Payments Bank to promote financial inclusion among underserved and unbanked segments. As part of the collaboration, the payments bank will use FSS’ Aadhaar Enabled Payment System (AePS) to deliver interoperable and affordable doorstep banking services to customers across India. FSS’ AePS solution combines the low-cost structure of a branchless business model, digital distribution, and micro-targeting that lowers acquisition costs and improves reach. This strategic partnership offers significant opportunities to bring millions of unbanked customers into the financial mainstream. The bank today has the ability to serve all customer segments, including nearly 410 million Jan Dhan account holders, giving a fresh impetus to the inclusion of customers facing accessibility challenges in the traditional banking ecosystem. Krishnan Srinivasan, Global Chief Revenue Officer, FSS, said FSS’ AePS solution combined with IPPB’s expansive last mile distribution reach will empower citizens of the country with a range of digital payment products and advance India’s vision towards less-cash economy. J. Venkatramu, MD and CEO of India Post Payments Bank, said having launched AePS services, the bank has become the single largest platform in the country for providing interoperable banking services to customers of any bank and the strategic partnership with FSS provides it with an opportunity to expand the portfolio of financial services and improve customer experience whilst maintaining operational efficiency, thus building a digitally inclusive society.