Blockchain technology wins big at ‘FSS Payments Productathon 2017’

• Winning product used disruptive blockchain technology for a secure & frictionless business payments.
• Winner received cash reward of INR 250,000 while the 2nd & 3rd place winners took home INR 150,000 and INR 100,000, respectively.

Chennai, July 7, 2017: FSS, a Payments & Fintech leader, announced the winners of FSS Payments Productathon 2017, today. The winning team was “Trektics” which developed Treasury Management System (TMS) to addresses payments issues like delayed settlements, counter-party authentication difficulty, untraceable, intermediaries, and database inefficiency.

Announced in January 2017, Payments Productathon is hosted by FSS in association with NASSCOM and TiE, Chennai with an aim to at fostering innovative and disruptive ideas. Participants were presented with multiple themes like IoT, Smart Cities, Mobility, Cloud Payments, BoT / AI, Blockchain, Cash & Cardless World.

CaptureDeveloped using permissioned Blockchain technology and Hyperledger Fabric 1.0, Trektics’ TMS offers a market payments platform, with smart contracts and zero knowledge proof features. Artificial Intelligence (AI) and Internet of Things (IoT) also gained the jury’s attention at FSS Payments Productathon 2017.

Pally, the first runner up, is a “Tax Saver chat bot” that advises people to do their tax saving investments by reading their pay slips. While, the second runner up used IoT to assist selling and cross selling of banking products. Jarvis, a financial chat bot that helps create highly intelligent system to improve the interaction between customers and application, received special recognition.

Speaking at the felicitation event, Mr. Suresh Rajagopalan, President – Software Products, FSS, said, “We are overwhelmed with the response Productathon has received. Digital payments is the most exciting space, today. While on the one hand retail banking technology is changing constantly, on the other wholesale banking customers are demanding faster, simpler and secure payment solutions. Many of the ideas presented have the capacity to disrupt and define the future of digital payments in both retail and wholesale banking space.

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We are quite excited to work on transforming them into products that we can offer our clients.”

FSS has spearheaded the growth of retail & whole sale payments in India by serving banks, financial institutions, merchants, governments and other verticals through a rich portfolio of innovative software products, software services and hosted payment services. The rapidly growing FSS clientele includes over 100 leading global banks, some of the world’s largest processors and retailers.

For more information on FSS Payments Productathon please visit http://www.fsstech.com/events/

 

About FSS:

Financial Software and Systems (FSS) is a leader in payments technology and transaction processing, offering a diversified portfolio of software products, hosted payment services and software services built over 25 years of comprehensive experience across payments spectrum.

FSS, through its innovative products and services, caters to the wholesale and retail payments initiatives of leading banks, financial institutions, processors, merchants, governments and regulatory bodies. Its end-to-end payments suite powers retail delivery channels such as ATM, PoS, Internet, Mobile and Financial Inclusion as well as critical back-end functions such as cards management, reconciliation, settlement, merchant management and device monitoring.

Headquartered in Chennai, India, the company services 100+ customers across the globe, which include leading public and private sector banks in India and some of the large Banks, FIs, Processors and Prepaid Card issuers are customers of FSS across North America, UK/Europe, ME/Africa and APAC and has a team of over 2000 experts serving the clients across the globe.

For more info visit www.fsstech.com

FSS Products: The comprehensive portfolio of payments products offered in licensed and hosted model are designed to address diversified needs across the payments ecosystem. The products are technologically advanced, PA-DSS & PCI-DSS certified, and are highly scalable. The wide range of offerings from FSS includes solutions for merchant management, card lifecycle management, internet and mobile payments gateway, reconciliation and settlement, financial inclusion, social/ mobile banking, device monitoring, mandate management system and payments hub.

For editorial queries, contact:

Sandhya Raman @ sandhyar@fss.co.in / corpcomm@fsstech.com
Anisha Gopinath @ Anisha.Gopinath@hkstrategies.com / 9921158595