- FSS UP1 2.0 creates wider collaboration opportunities between banks and the payments ecosystem, driving transaction volume and velocity.
Chennai; India:FSS, a leader in payments technology and transaction processing, launched its Unified Payment Interface (UPI) 2.0 platform for banks and payment service providers (PSPs). FSS UPI is certified by NPCI, ensuring the solution is compliant, and up-to-date with UPI 2.0 specifications. A trusted provider of UPI solutions to 15+ banks. FSS expects its transaction volumes to double, propelled by strong adoption among merchants and corporates.
UPI provides simple, secure, cost-efficient payment rails for real-time person-to-person and person-to merchant transactions and has recorded exponential growth in the last 12 months. FSS UPI 2.0 will help banks and PSPs capitalize on this growth and fuel rapid expansion of the payment ecosystems. The key UPI 2.0 features include:
- linking overdraft accounts to UPI
- creating one-time mandates, enabling customers schedule payments
- sending digital invoices to the payer’s inbox to establish transaction authenticity
- embedding signature in the QR code for reduced fraud exposure
In particular, banks can leverage UPI and tap into the untapped corporate payments market segment. In addition to standard disbursal and collect payments, mash-up APIs can help banks to extend a host of innovative, relevant services to corporates. For example, businesses could send a pre-authorized payment request to suppliers, with a forward-dated invoice combined with an ability to block funds for certain transactions. Likewise, linking UPI to overdraft accounts instead of regular bank accounts would help corporates meet working capital needs.
For the retail segment, FSS UPI 2.0, in addition to standard services, offers innovative services including Chat and Pay, Loyalty and Rewards and Risk Management-as-a-Service to drive rich, contextual and secure transaction experiences. Chat and Pay provides ease of use by enabling customers interact with a chatbot to conduct transactions. Loyalty and Rewards enable PSPs to apply contextual transactional data and drive customer engagement. Using FSS UPI, banks can also offer added value services such as risk exposure score to customers and merchants to provide added security against data breaches.
Commenting on the launch, Suresh Rajagopalan, President Software Products, FSS, said; “UPI has emerged as India’s Universally Popular Payment Interface. FSS UPI 2.0 opens new opportunities for banks and PSPs to collaborate with Fintech players, merchants and corporates and firm their position in the fast-evolving digital payments segment. FSS is a trusted UPI partner and we are working closely with banks and PSPs to launch innovative overlay services to monetize UPI rails.”
FSS UPI provides the flexibility to issue and manage the complete lifecycle of virtual payment addresses linked to bank accounts as well as routing transactions to the Central Layer (NPCI). Additionally, banks and PSPs can layer additional services to acquire more transactions and deliver higher customer value. Designed to provide omni-channel support, FSS UPI accepts and authorizes payment initiated from multiple channels - mobile, POS, and online - for onward processing by the Central Layer (NPCI). The solution is benchmarked to process 6,600 transactions per second and provides four nines availability to customers.
FSS offers UPI services on a turnkey managed services model. This includes Software-as-a-Service as well as testing, certification, security and regulatory compliance, relieving PSPs of the need to invest and maintain in-house systems as well as the complexity of managing services on their own.
Financial Software and Systems (FSS) is a leader in payments technology and transaction processing. The company offers a diversified portfolio of software products, hosted payment services and software services built over 25+ years of experience.
FSS, end-to-end payments suite, powers retail delivery channels including ATM, POS, Internet and Mobile as well as critical back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring. Headquartered in Chennai, India, FSS services leading global banks, financial institutions, processors, central regulators and governments across North America, UK/Europe, ME/Africa and APAC and has 2,500 experts on-board. For more information visit www.fsstech.com