CIOInsider India Magazine
Financial Software & Systems: Revolutionizing the Payment Ecosystem to Make it More Inclusive & Efficient
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Today's changing financial situation makes digital transformation imperative. Across many industries, technology is driving innovation, and one of the sectors with the highest growth is financial technology.
Over more than 33 years, Financial Software & Systems (FSS) has been at the forefront of revolutionary changes to the payment landscape in India, including mobile banking, Aadhaar-enabled payment systems, and ATM interoperability. Providing secure, efficient, and inclusive financial solutions,FSS consistently drives the financial services sector's digital transformation.
In an exclusive interview with CIO Insiders magazine, V Balasubramanian, CEO, discusses the organization's offerings, future roadmap for the organization, and much more. Let’s delve into it.
How has FSS evolved from its inception to becoming a leading provider of payment products and services in the global market?
FSS is a 33-year-old company that specializes in payments, and it has revolutionized and transformed the payment systems in India. We pioneered ATM interoperability, allowing seamless withdrawals from any ATM, and were the first to launch the country's debit card, mobile banking, and Aadhaar-enabled payment systems.
We drove innovation in the payment business before NPCI was established
in 2009.Through our continuous efforts, we have transformed India's payment landscape, establishing us as a leading global provider of payment products and services. We are honored to be a ‘Make in India’ business.
Our goal is to give all 1 billion Indians access to financial services by rev-olutionizing the country's payment system
What are the key factors that differentiate FSS's flagship offerings in revolutionizing digital financial services, making it a trusted partner for banks, financial institutions, and the BFSI sector?
One of our signature solutions that is the Payment Gateway, is utilized by HDFC and other Indian banks. In India, our Payment Gateway handles around 40 percent of all e-commerce transactions which forms a considerable portion of the market.
In addition, our system processes 80 percent of all debit cards issued in the nation, including those issued by the State Bank of India, among other Indian banks. This means that almost 80 percent of Indian account holders are impacted by our products. We stand out because of our capacity to manage such a high volume of transactions safely and effectively.
How does FSS leverage its proven domain expertise to enhance customer experience across its services portfolio?
Cybersecurity is critical in the digital sphere, and at FSS, we take our customers' financial transaction security very seriously. In the 33 years of our existence, there have been no hacks into our systems and no infrastructure scams. This flawless record is because of our strong compliance guide lines and cutting edge security measures.
Since we established our own data center 15 years ago to guarantee data security and regulatory compliance, we were early adopters of data localization. Our solutions provide safe, secure, and always accessible transactions with an astounding 99.9999 percent availability.
Many banks such as HDFC which is the largest acquirer of e-commerce tran-sactions in India, use our Payment Gateway. We are the goto partner for financial institutions because we offer an unmatched degree of speed, security, and compliance.
What strategies does FSS employ in
building its team, and what level of
expertise do its members bring to the
organization?
The world of digital payments is quite dynamic where we witness new rules from the Reserve Bank of India frequently and everyday advancements. Therefore, our team must embrace new technologies quickly and possess in-depth domain expertise to stay ahead of the competition. We foster a culture of constant learning and flexibility at FSS.
Every member of the FSS team makes a sub-stantial contribution to transforming the payment industry, and they take pride in the work they do, which is evident in our high ‘Great Place to Work’ scores. This drives our creativity and keeps us at the forefront of the Indian payment system.
What are FSS' plans and developments in its long-term roadmap?
I believe that we have only scratched the surface of the payment industry and have more to give. In India, only 200 million people use UPI currently which results in 13 billion transactions, while an additional 800 million are not yet using it. We expect transaction volumes to skyrocket from 100 to 20,000 transactions per second as more people embrace UPI.
This would require improvements in security and speed and our goal is to make this possible through innovations. We want to make financial services accessible to all people, thereby relieving their financial difficulties.
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