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September 8, 2020

FSS automates payment reconciliation process with machine learning capabilities

India-based global payment processor Financial Software and Systems (FSS) is leveraging machine learning (ML) and cloud to automate the payment reconciliation process.

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  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
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FSS is adding enhancements to its Smart Recon platform, which provides an end-to-end, automated solution for reconciliation management across payment workflows.

The enhancements include an ML-based settlement process, Universal Data Wizard and General Ledger Tally, and Cloud-enablement.

These increments will improve the speed, accuracy, and reliability of the payment reconciliation process, the company claims.

They will collectively deliver a 40% improvement in time-to-market, a 30% improvement in reconciliation time cycles, and a 25% reduction in direct costs.

FSS global CRO Krishnan Srinivasan said: “Our Smart Recon solution has been deployed by Tier One banks, neo banks, MNOs and merchant aggregators.

“Across segments and markets, we are seeing significant demand for modernization of back-office operations.

“Customers are increasingly pivoting away from in-house payment reconciliation systems with semi-automated processes towards service-based contracts backed by new-age technology platforms.”

FSS deputy CPO Sathish N said: “Payment reconciliations have become exceedingly complex and simplicity and speed is crucial for banks and financial institutions in the wake of an ever-increasing influx of transaction data.”

The ML-based settlement process run by FSS Smart Recon will help to identify potential discrepancies at the source and provide a resolution in 80% less time.

The FSS Universal Data Wizard brings down the time to implement new products by 40%. General Ledger Tally solution will further optimize the implementation cycle time.

Customers can access the FSS Smart Recon platform from the Oracle cloud.

The platform supports ATM, e-commerce, wallets, IMPS and UPI instant payments, NEFT, RTGS, and QR Code payments.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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