India-based payments technology company Financial Software and Systems (FSS) is expanding its presence to support digital payments in the Kingdom of Saudi Arabia (KSA).
This expansion is part of its commitment to help Saudi banks boost their digital payment capabilities.
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Banks in the Gulf are looking to take advantage of new payment flows driven by the power of Smart Cities, Smart Customer, Smart Stores and Smart Homes.
FSS will help tier one banks and payment processors in the Kingdom to fast-track digital transformation initiatives.
FSS is already a payment technology supplier in the Gulf Cooperation Council (GCC). More than 40 banks in the region use its solutions.
In Saudi, the company is working with acquirers and in-country channel partners for entering the market.
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By GlobalDataFSS said that it will partner with fintechs to support the shift from siloed product-centric banking to omni-channel, API-driven banking models.
It will provide merchants with a centralised platform for processing online and in-store transactions.
It will support real-time transaction rails and modernisation of existing platforms and systems.
FSS will focus on analytics, with increased leverage of Big Data, to manage risk and costs.
FSS global chief revenue officer Krishnan Srinivasan said: “To deepen digital payments in KSA, it is important for each payment ecosystem player to understand the potential and determine its unique winning approach.
“That is where FSS as a processor as well as an enterprise-grade payments technology company can make a monumental difference to KSA’s payment vision.
“We are making significant investments to bring innovative digital payment solutions tailored to the needs of the KSA market as well as building a strong network of local partners to strengthen our delivery and support capabilities in the country.”
KSA aims to achieve 70% non-cash transactions by 2030, which will open revenue opportunities for both banks and fintechs.
New market entrants, expanded value chains and the demand for personalised payment experiences will also disrupt the Saudi payments industry.
In September 2020, FSS said that it is using machine learning and cloud to automate the payment reconciliation process.
Earlier this year, FSS was in the news for collaborating with Czech Republic-based payments firm Fair Play Pay to secure online payment processing.
