Tuesday, September 22, 2020
News
NEWS HOME
Ľ
PRESS RELEASES

FSS Brings AutoPay and Conversational Capabilities to UPI
  SocialTwist Tell-a-Friend  
   


Date: 04-08-2020 3:48PM
Source: FSS
Category: Business/ Finance, Banking & Financial Services, General, Consumer Interest, Internet, Information Technology, Banking & Financial Services, Accounting And Management, Business Services, Retailers, Technology, It & Tech
Location: Chennai, Tamil Nadu, India

Business Wire India
FSS (Financial Software and Systems), a global digital payment and financial technology company, has augmented its UPI 2.0 platform with a range of new capabilities to improve customer convenience. This includes AutoPay and voice-activated account management to enable PSPs harness the potential of UPI, generate new monetization opportunities, and encourage frequent use of digital payments.

Coinciding with the nation-wide launch by NPCI, two of the country’s leading banks were among the first to go live with FSS UPI AutoPay. Compliant with NPCI guidelines, FSS AutoPay unlocks new revenue opportunities for banks to collaborate with third party FinTechs for the development of new generation digital overlay services. This spans a broad range of services – consumer to business transactions (subscriptions and monthly payments), business to consumer payments (‘buy now, pay later’ -- e-commerce initiatives) corporate pay-outs (payroll) and business-to-business payments (supply chain transactions).

FSS UPI AutoPay allows customers (payers as well as payees) to set-up auto-debit instructions for regular payments using a mobile app or by scanning a QR code. All subsequent payments are seamlessly executed in the background, without any manual intervention, maximizing customer convenience. Using the PSP UPI app, customers can digitally set-up authorise, view, modify and manage mandates with a single click, ensuring visibility and control over these payment arrangements.

With growing adoption of voice-based interfaces, FSS UPI 2.0 allows customers to manage their accounts using voice commands for an easy-to-use, on-the-go banking experience. Customers can use the conversational interface embedded in the UPI app to conduct a range of routine, non-financial transactions. This includes account creation and activation (create UPI id, create virtual private account), manage mandates, enquire balance, check transaction status (collect money), receive alerts (fund transfer status notification). The transactions are secured using data encryption and out-of-band authentication mechanisms such as a one-time password.

Speaking on the launch of new capabilities, N Sathish, Deputy CPO FSS, stated; “The real-time payments landscape is evolving, and improved customer experience is at the heart of this transformation. Instantaneity and invisibility are the defining attributes of future consumer payment experiences. With AutoPay and conversational banking capabilities, FSS provides PSPs a compelling, new way to embed themselves deeper into their customers’ lives and further adoption of UPI-based payments.”

The underlying FSS UPI Gateway supports standard secure interfaces for integration with third-party FinTechs and Voice Commerce systems. In addition, FSS UPI mobile SDK provides third party providers -- banks, fintech, retailers, telecoms, insurers, wallet providers – a quick out-of-the-box integration capability, enabling UPI services within the existing app in a few hours. FSS supports licensed and As-a-Service deployment models in line with PSP business needs. The solution is benchmarked to process 6,600 transactions per second and can scale to accommodate larger workloads.
About FSS

Financial Software and Systems (FSS) is a leader in payments technology and transaction processing. The company offers an integrated portfolio of software products, hosted payment services and software solutions built over 29+ years of experience. FSS, end-to-end payments products 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


More Press Releases

DSIJ Academy Adjudged the Best Stock Market Training Institute

Eatonís Twin Vortices Series Helps Hydrogen Fuel Cell Modules Operate at Peak Efficiency

Manage a Medical Emergency with an Online Personal Loan from Bajaj Finserv

HPE Completes Acquisition of SD-WAN Leader Silver Peak

Cube Highways Acquires Farakka-Raiganj Highways Limited

Coca-Cola India Aids the Rejuvenation of Sukkhad River in Alirajpur, Madhya Pradesh to Benefit Over 8,500 Lives

India Protein Score - New Report Identifies Indiaís Top Protein Rich Prepackaged Foods

Vernacular.ai Is Chosen to Be a Part of the World Economic Forumís Global Innovators Community

CGTN:†China Makes Proposals for UN's Role in Post-Pandemic Era

Changa App Set to Become One of the Top Short Video Platforms in India

Empathy in the Teamís Actions Has Given a New Meaning to the Companyís Work: Subodh

Singapore Government Extends National Digital Identity Programme With Face Verification Solution From iProov and Toppan Ecquaria

MeeamiTech Launches AI Based Noise Suppression for Windows, Android and iOS and Mac OS to Eliminate Background Noise from Voice and Video Calls

Hiranandani Signature Designated IFSC Offers Ready to Move in Commercial Spaces

After Securing Government Permissions on Drone Deliveries, Omnipresent Set to Disrupt Logistics in India

Adosphere Upskills 1.20 Lakh Gujarat Government Teachers Through Workplace from Facebook

Harbhajan Singh Launches Amulya Mica Imperial Premium Laminates Veneer Collection

PerkinElmer Launches Solus Listeria monocytogenes ELISA Assay for Testing Across Food and Environmental Samples

Matt Roney Named as Lumileds Chief Executive Officer

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
AIU seizes 1.8 kg gold from Calicut Airp...
2G scam case: Delhi HC reserves order on...
Lok Sabha adjourned for an hour followin...
NIA raids several locations in Kashmir i...
India, China discuss border disputes for...
RS Deputy Chairman brings tea for protes...
More...    
 
 Top Stories
HCs across states witness surge in ... 
No compulsion to invest in small/mi... 
B'luru serial blasts: Key accused h... 
No new Covid-19 cases reported in N... 
Social distancing costs a German fo... 
Time to be future-ready, future-fit... 
CM Relief Fund scam: Andhra govt to... 
Farm Bills well-intentioned, but wh...