Chennai: FSS (Financial Software and Systems)- India’s leading processor and payment technology company today launched Embark, an Acquiring Platform as a Service offering for Acquiring Banks, and Payment Aggregators to facilitate digital inclusion for micro, small and medium enterprises (MSME). Embark is a reliable, cost-efficient payment acceptance tools to expand the addressable market, engage with customers in new ways and thrive in today’s digital economy.

MSME’s form the backbone of the economy, contributing 35% to the country’s GDP. Yet, the segment remains underpenetrated and an approximate 95% MSME operate in a cash economy.

Embark, a multi-faceted payment acceptance platform, orchestrates interconnections between crucial ecosystem players banks, processors, merchant acquiring institutions and MSMEs to address this opportunity and create exponential value. With Embark acquiring banks gain access to an underpenetrated MSME market via strategic partnerships, without having feet on the street, transforming the economics of MSME acquiring.

This alleviates acquisition and servicing costs and brings efficiencies into a high-volume, low-value business. Payment Aggregators benefit as they do not have to tie-up with each bank individually. Embark provides a single-entry point that reduces the time and effort spent on complex integrations, enabling them to focus on core business activities. Speaking on the launch K Srinivasan, Global Chief Revenue Officer FSS, stated: 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, a crucial step for building an atma-nirbhar India. We want banks and other ecosystem players to collaborate with us in this journey and create a true network effect that would encourage adoption of digital payments and spur local entrepreneurialism and commercial activity. Commenting on the latest offering Sandeep Gomes, Global Business Head Acquiring FSS, stated: The digital wave is reinventing the MSME marketplace. Embark offers industry players a real opportunity to profitably tap into the underserved MSME segment by adopting ecosystem models to create a ubiquitous payment acceptance network and achieve service differentiation on the strength of innovative products and superior business models. An all-in-one acquiring platform, Embark brings the following benefits: Omni-channel digital payment acceptance capabilities online, mobile in-store channels, and a range of payment methods on a single platform to expand into new markets and support new customer journeys.

Complete set of transaction capabilities spanning processing, authentication, authorization, and settlement End-to-end operations support including payments integration, connectivity to card and other payment rails, terminal and security certification and compliance Access to innovative payment propositions enabling MSME’s to launch new services Robust risk management and fraud detection capabilities to improve authorization rates Unified reporting and built-in analytic tools for insights into business performance An improved access to reliable easy to access payment services infrastructure improves adoption among MSME and promotes business growth. In addition, digital transactions leave an auditable trail that can be leveraged to gain access to institutional credit for further business expansion. 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, Middle East, Africa, and APAC and has 2,500 experts on-board. For more information, visit www.fsstech.com

Source: PTI