FSS rolls out solution to help MSMEs fast track digital journeys

FSS rolls out solution to help MSMEs fast track digital journeys
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14 Aug, 2020

Chennai based financial services company Financial Software and Systems (FSS) has launched a new acquiring-platform-as-a-service solution. 

The solution, dubbed EmBark, works by orchestrating interconnections between players in the financial ecosystem such as banks, processors, merchant acquiring institutions and micro, small and medium enterprises (MSMEs).

It is targeted at acquiring banks -- financial institutions that process credit or debit card payments on behalf of a merchant-- and payment aggregators to improve digital inclusion of MSMEs. 

According to FSS, 95% of the MSME market still functions in an all cash economy. EmBark will help in digitization of the physical transactions. 

The company also said that the solution will reduce MSME's  “feet on the street” dependency.

“Medium and small businesses are on the frontlines of the Indian economy. With EmBark our objective is to align with the governments of India’s vision to bring MSMEs into the digital payment fold,” K Srinivasan, Global Chief Revenue Officer FSS said in a statement

The platform is expected to provide a singular place for payment aggregators to transact with different banks, removing the need for individual tie-ups with banks. The single entry point will help reduce the time and effort for complex integrations and enable customers to focus more on core business activities.

“We want banks and other ecosystem players to create a true network effect that would encourage adoption of digital payments and spur local entrepreneurialism and commercial activity,” Srinivasan added.

Features of the platform include omni-channel digital payment acceptance capabilities for online, mobile and in-store channels, along with transaction capabilities for processing, authentication, authorization and settlement.

The platform also provides end-to-end operations support including payments integration, connectivity to card and certifications for terminal and security compliance.

In terms of security, it is equipped with risk management and fraud detection capabilities for improved authorization rates.  

FSS also added that digital transactions would make the transactions more auditable and would help its users to gain access to institutional credit for further business expansion.