India Post Payments Bank (IPPB) has partnered with Financial Software and Systems (FSS) to provide different banking services to the unbanked and underserved community.
Under the agreement, the recently launched state-owned challenger bank will deploy the FSS Payments-in-a-Box solution to provide banking services to rural households, women and SMEs.
The FSS solution
The FSS’ Payments-in-a-Box solution comprises omni-channel payment acceptance and transaction processing. In addition, there are smart reconciliation capabilities to manage customer relationships across all channels.
Further, the deployment of the solution will facilitate back-office work and help in enhancing operational efficiency.
India Post Payments Bank MD and CEO Suresh Sethi 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 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.”
On the partnership, FSS chairman and managing director Nagaraj Mylandla 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.”
Furthermore, the FSS Payments-in-a-Box solution will allow IPPB to transform the financial services system. It achieves this by digitising all touch points. It also enables the customers to make payments and transfer funds through various channels and instruments.