FSS offers banks a 'platform as a service'

15th August 2020
FSS offers banks a 'platform as a service'

New Delhi,  August15  2020: FSS (Financial Software and Systems), India’s leading processor and payment technology company  has  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 cost-efficient payment acceptance tools to expand addressable market, engage with customers in new ways and thrive in today’s digital economy.
EmBark, 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.  
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.
Say  K Srinivasan, Global Chief Revenue Officer FSS: “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.”