24 Jan FSS partners with banking platform YAP UAE to deliver secure digital-first transactions across Africa
FSS (Financial Software and Systems) is collaborating with independent digital banking platform YAP to deliver secure, digital-first card experiences to consumers across Africa and the Middle East.
FSS, one of the global leading providers of integrated payments, is aiming to deliver greater value to its customers as well as providing extra security via its virtual card issuance and 3D secure adoption. Working alongside YAP, services will initally be rolled out in the UAE before being available in other Gulf Council Cooperation (GCC) markets and Ghana.
As digital wallets become more prevalent, the demand from consumers for new methods of payment alongside great user experience and convenience is deemed to be increasing; particularly in the Middle East and Africa.
FSS believe it can meet the demand with its partnership with YAP as it provides instant, open loop virtual cards linked to its wallet app. These cards offer unique security features such as a unique card number, a unique CVV, and an expiration date for utility payments and online shopping. The platform also offers added security via its 3D Secure system to safeguard customers against transaction fraud.
The cards also offer the user the option to turn cards on and off, as well as setting card usage limits for specific time frames, amounts, and approved merchant categories as needed. Transactions remain secure as all transactions must be authenticated using EMV 3D Secure 2.2. Additionally, FSS Secure3D analyses cardholder transaction patterns and spend behaviours to detect suspicious activity, allowing for fraud to be stopped before an account is debited.
Speaking on the collaboration, Masood Khan, YAP UAE CEO, said: “The pace of digital adoption across demographic groups in the UAE has accelerated over the past 12 months. Customers choose which platform they want to use based on the user experience. Through our partnership with FSS, we are providing secure, digital-fist card products designed to help customers manage their entire payments and personal finance ecosystem.”
Speaking on the partnership, Jaishankar A L, CEO FSS said: “FSS Unified Card issuance platform powers 800 million cards globally and is designed to help the world’s most innovative financial institutions launch game-changing products. We are delighted to work with YAP, on its ambitious goal to be the region’s leading digital bank and making secure digital payments seamless and accessible to everyone.”
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