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India Posts Bank to use FSS system

India Post Payments Bank will be making use of the ‘Payments-in-a-Box solution of Financial Software and Systems (FSS) to bring a wide range of affordable, quality banking and payment services to financially underserved customer segments, especially in rural areas and for small and medium enterprises and women. FSS Payments-in-a-Box comprises a comprehensive set of solutions to bring customers and everyday merchants into the digital payments mainstream, generating critical network effects for furthering adoption and usage. This includes omni-channel payment acceptance, transaction processing and smart reconciliation capabilities to manage the customer and merchant relationships across all transacting channels and through the payment lifecycle. FSS will also handle complete back-office operations of the bank. The bank has an extensive postal delivery network comprising 150,000 access points to tap this massive potential and grow market share. The solution will enable the bank to digitize every touch point in customers’ financial lives to make payments using a range of channels and instruments. Suresh Sethi, MD & CEO, India Post Payments Bank said FSS’ technology solutions are powering the bank towards achieving the objective to build a less cash ecosystem by enabling last mile digital payment services. Speaking on the partnership, Nagaraj Mylandla, chairman and MD, FSS stated the company is committed to this prestigious nation building exercise with IPPB that will connect Bharat through digital payments.

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