FSS (Financial Software and Systems), a global digital payment and financial technology company, has augmented its UPI 2.0 platform with a range of new capabilities to improve customer convenience. This includes AutoPay and voiceactivated account management to enable PSPs harness the potential of UPI, generate new monetization opportunities, and encourage frequent use of digital payments.
Compliant with NPCI guidelines, FSS AutoPay unlocks new revenue opportunities for banks to collaborate with third party FinTechs for the development of new generation digital overlay services.
FSS UPI AutoPay allows customers (payers as well as payees) to set-up auto-debit instructions for regular payments using a mobile app or by scanning a QR code. All subsequent payments are seamlessly executed in the background. Using the PSP UPI app, customers can digitally set-up authorise, view, modify and manage mandates with a single click, ensuring visibility and control over these payment arrangements. With growing adoption of voice-based interfaces, FSS UPI 2.0 allows customers to manage their accounts using voice commands for an easy-to-use, on-the-go banking experience. Customers can use the conversational interface embedded in the UPI app to conduct a range of routine, non-financial transactions.
The transactions are secured using data encryption and out-of-band authentication mechanisms such as a onetime password. Speaking on the launch of new capabilities, N Sathish, Deputy CPO FSS, stated; “The real-time payments landscape is evolving, and improved customer experience is at the heart of this transformation. Instantaneity and invisibility are the defining attributes of future consumer Page 2 of 2 payment experiences.
The underlying FSS UPI Gateway supports standard secure interfaces for integration with third-party FinTechs and Voice Commerce systems. In addition, FSS UPI mobile SDK provides third party providers — banks, fintech, retailers, telecoms, insurers, wallet providers – a quick out-of-the-box integration capability, enabling UPI services within the existing app in a few hours. FSS supports licensed and As-a-Service deployment models in line with PSP business needs. The solution is benchmarked to process 6,600 transactions per second and can scale to accommodate larger workloads.
For more information visit: www.fsstech.com