Indian payments processor FSS has partnered with Oracle Financial Services to streamline digital payments for banks.
The collaboration will see FSS providing specialised integration and hosting services for Oracle Banking and Payments solutions.
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Both the companies also plan to deliver the banks with a centralised payments system to enable real-time payment processing and straight-through processing for cross-border transactions.
FSS managing director Nagaraj Mylandla said: “FSS’ deep experience in delivering end-to-end payment solutions combined with Oracle Global Payments will help us bring a more comprehensive digital payments offering to banks in the markets where we operate.
“The collaboration will help our customers streamline digital payments in a seamless and secure manner, improving operational efficiencies, optimising resources and enhancing the customer experience.”
FSS and Oracle will assist banks in implementing their digital payment strategies. The implementation, using an open retail and corporate payments’ solution, will help banks to integrate payment processing and reduce infrastructure costs.
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By GlobalDataIt will also help the banks to enable SWIFT GPI initiatives for real-time global transactions and mitigate the impact of regulatory changes on host systems.
Furthermore, the scope of collaboration allows FSS to integrate its end-to-end payment offering with specific Oracle applications and platforms. The combination will further help the financial institutions to meet their digital payment needs from a single source.
Oracle Financial Services group vice-president and head of Sales – APJ & MEA Venky Srinivasan said: “Banks are under more pressure than ever before to modernise their services to better and more quickly serve customers and remain competitive.
“They also must improve their own operational processes to reduce costs. The collaboration of Oracle and FSS will enable us to address the needs of banks for streamlined and modernised payments infrastructure whilst reducing cost and complexity.”
Headquartered in Chennai, FSS provides payments technology to more than 130 banks. Its product suite powers retail delivery channels as well as critical back-end functions.
Earlier this year, the Indian firm acquired a 46% stake in South Africa’s Ecentric Payment Systems.
