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FSS commits support to Canada’s payments future

FSS commits support to Canada’s payments future | Fintech Finance

FSS (Financial Software and Systems), a global  payments technology company, confirmed today its expansion strategy for Canada in order to  support the realization of the country’s payments infrastructure modernization plan set for roll out in 2021. 

Payments Canada (the Government delegated payments association), Banks and numerous  financial, payments and technology providers are unifying efforts to provide Canadian consumers  with a future-proof platform offering realtime, enhanced and secure payments across multiple  channels and devices for all physical, online, wire and person to person transactions.  

FSS is already working with leading Canadian banks and processors to help modernize legacy  technology infrastructure. It is also leveraging its deep payment expertise to partner with new  entrants including fintech companies and payment processors to develop innovative payment  propositions and help them scale efficiently, particularly as Canada’s leading banks gear towards  cloud solutions, predicted to be 70% of all tech spend by 2021/22. 

With shifting consumer preferences and regulatory reforms such as Europe’s Payment Services  Directive (PSD2) already transforming payment landscapes elsewhere in the world, FSS plans to  address growing business opportunities in Canada through its next generation products  technology and solutions offerings. Specifically, the company is focusing on leveraging its global  expertise to deliver new propositions in the areas of Prepaid Card Management, Omni-channel  Acquiring, AI-based Payments, Strong Customer Authentication, and Smart Reconciliation  solutions.  

Commenting, Jayesh Sawant – VP & Head, Payments Practice & Innovation, FSS said. “FSS is a  global payment company and Canada occupies a key position in our global expansion strategy.  Every aspect of the payments business is changing but in Canada the pace of this change is rapid  despite the current pandemic situation. Banks, Financial Institutions & Fintechs are exploring the  options to expedite the development of a modern payment framework by looking at Product or  Software as a service. We want them to know that FSS Technologies Canada has unique payment  products to help achieve their business objectives.”

Commenting on the company’s strategy, Krishnan Srinivasan – Chief Revenue Officer, Global,  FSS said, “We’ve added a number of new logos and have nearly doubled our front-line staff across  all regions during the last year. Our recent successes demonstrate that our solutions are  resonating within the markets where we are now based making us even more determined to engage at the front-line in Canada to help its players realise their new payments ecosystem.” 

As part of its growth charter for Canada FSS is focused on bringing a range of propositions to  financial institutions to improve business performance. This includes: 

  • The increased need for a frictionless payment experience whilst meeting increased pressure  for risk-free, fully secure transactions between multiple & diverse parties; The rise of Real-time Transaction Rails and the resulting pressures placed on existing  platforms and systems as ‘in-flight’ changes are made to accommodate the need for speed; Increased leverage of Big Data, with a particular focus on analytics best-practice to support  enhanced business performance;
  • The accelerated APIfication of innovation as new entrants and open-banking regulations  place renewed business relevance on APIs; 
  • The shift from a legacy licensing model to a service model within Banks and Financial  Institutions; 
  • The rise of the ‘cloud’ with 80% of organisations predicted to migrate toward the cloud by  2025
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