FSS, one of India’s largest payments processor and a leading global provider of integrated payment products, and US-based Oracle Financial Services, will collaborate to enhance digital payments for banks.
As part of this strategic relationship, FSS will provide specialized integration and hosting services for Oracle’s cutting-edge Oracle Banking and Payments solutions. FSS will also extend customized solutions to address the corporate and retail payment needs of the banking industry. FSS is a Platinum level member of Oracle Partner Network (OPN).
FSS is a leading payments technology provider for 130 plus banks, with a focus on retail and wholesale payments. Fueled by the advent of online and real-time payments and new technologies, such as AI and blockchain, the payments landscape is changing rapidly. Through this effort, FSS and Oracle plan to meet the needs of banks with a centralized payments system that supports real-time payment processing and straight-through processing for cross-border transactions.
This collaboration will enable banks to successfully execute digital payment strategies, using an enterprise-class, open and modern retail and corporate payments’ solution. This will help banks to integrate payment processing, lower infrastructure overheads, minimize the impact on host systems for implementing regulatory changes, reduce corporate disputes related to payments, and enable SWIFT GPI initiatives for real-time global transactions.
Commenting on the collaboration Mr. Ram Chari, Global Business Head, FSS stated, “Our alliance with Oracle is strategic in nature. 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, optimizing resources and enhancing the customer experience.”
Commenting on the relationship, Venky Srinivasan, Group Vice President & Head of Sales – APJ & MEA, Oracle Financial Services said, “Banks are under more pressure than ever before to modernize 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 modernized payments infrastructure whilst reducing cost and complexity.”
Oracle Banking Payments is a complete next-gen payment processing solution that unites disaggregated payment operations in a common shared payments service infrastructure, simplifying operations and maximizing agility and efficiency. The solution is comprised of three components — core processing, messaging and connectivity and is customizable to the bank’s needs.
For enterprises, Oracle Banking and Payments is closely coupled with Virtual Account Management, enhancing customer visibility into capital and liquidity positions and automating the reconciliation process for effective payables and receivables management.
Under the umbrella of the agreement, FSS can additionally bundle its end-to-end payment offering with Oracle Financial Services Analytical Applications, Oracle Banking Digital Experience, Oracle FLEXCUBE and Oracle Banking Platform, offering banks a one-stop shop for their digital payment needs.