Online payments firm FSS launches platform for last mile banking services

Chennai-based e-payments services company Financial Software and Systems (FSS) has launched an advanced version of its cash withdrawal platform eFinclusiv AEPS 2.0 to strengthen last-mile banking services.

The new version of the platform, which is based on Aadhar enabled payments system (AEPS), supports unified payments interface so that users do not have to type in Aadhaar number at the time of the transaction, leading to faster account transfers, a statement said.

The new product is aimed at expanding the use of digital banking products in moderate and low-income segments. 

“The new innovations available in version 2.0 are designed to strengthen last mile cash-in, cash-out networks and improve efficiencies in delivering essential banking services to 1.3 billion Indians. In a fast-growing digital financial services market, capabilities built into FSS eFinclusiv AEPS 2.0 would enable a step-change improvement in customer acquisition, transaction rates, depository volumes and agent cost of operations,” Sathish N, deputy CPO at FSS said.

FSS provides software-as-a-service (SaaS) solutions to global banks, financial institutions, payment processors, regulators and governments across North America, Europe, Africa and Asia Pacific countries. It is supported by non-banking finance company Jacob Ballas Capital India, venture capital firm New Enterprise Associates and Wipro’s Azim Premji-owned investment firm Premji Invest, according to information on the company website.

In January, FSS hired former Hitachi Payments CTO Sankarnarayan Lakshmanan as its chief information officer (CIO).