IPPB deploys FSS Payment Stack

India Post Payments Bank (IPPB) is leveraging Financial Software and Systems (FSS) through Payments-in-a-Box solution to bring wide range of affordable, quality banking and payment services to financially underserved customer segments – especially rural households, small and medium enterprises and women.

With FSS Payments-in-a-Box, IPPB can leverage its extensive postal delivery network comprising 150,000 access points to tap this massive potential and grow market share. The solution comprises of a comprehensive set of solutions to bring customers and everyday merchants into the digital payments mainstream, generating critical network effects for furthering adoption and usage.

This includes omni-channel payment acceptance, transaction processing and smart reconciliation capabilities to manage the customer and merchant relationships across all transacting channels and through the payment lifecycle. Additionally, FSS assumes a single mantle of responsibility for complete back-office operations, enabling the bank to maintain operational efficiencies and optimize costs.

Speaking on the partnership, Nagaraj Mylandla, Chairman and Managing Director, FSS said, “We are proud to partner with the India Post Payments Bank to bring innovative digital payment products that would have a far-reaching impact on the growth of digital payments in the country and contribute to the government’s Digital India vision.”

Suresh Sethi, MD & CEO, India Post Payments Bank said, “The aim of India Post Payments Bank is to build the most accessible, affordable and trusted bank for the common man and to spearhead the financial inclusion by removing the barriers for the unbanked and underbanked population. FSS’ technology solutions are powering us towards achieving our objective to build a less cash ecosystem by enabling last mile digital payment services.”

FSS Payments-in-a-Box enables India Post Payments Bank to digitize every touch point in customers’ financial lives to make payments using a range of channels and instruments.

The India Post Payments Bank is enrolling billers and merchant’s country-wide to create a wide acceptance network where consumers can make payments. Using FSS Omni-channel acquiring solutions, the bank is enabling micro-merchants to accept payments over any channel – Online, UPI, QR Codes, Aadhaar and IPPB accounts. At the backend, FSS Merchant Management and Merchant Settlement Solutions streamline all aspects of merchant management including on-boarding fee calculation, reconciliation and settlement.