FSS (Financial Software and Systems), a global payments technology company, confirmed its expansion strategy for Canada in order to support the realization of the country’s payments infrastructure modernization plan set for roll out in 2021.
Payments Canada (the Government delegated payments association), Banks, and numerous financial, payments, and technology providers are unifying efforts to provide Canadian consumers with a future-proof platform offering realtime, enhanced and secure payments across multiple channels and devices for all physical, online, wire and person to person transactions.
FSS is already working with leading Canadian banks and processors to help modernize legacy technology infrastructure. It is also leveraging its deep payment expertise to partner with new entrants including fintech companies and payment processors to develop innovative payment propositions and help them scale efficiently, particularly as Canada’s leading banks gear towards cloud solutions, predicted to be 70% of all tech spend by 2021/22.
With shifting consumer preferences and regulatory reforms such as Europe’s Payment Services Directive (PSD2) already transforming payment landscapes elsewhere in the world, FSS plans to address growing business opportunities in Canada through its next-generation products technology, and solutions offerings. Specifically, the company is focusing on leveraging its global expertise to deliver new propositions in the areas of Prepaid Card Management, Omni-channel Acquiring, AI-based Payments, Strong Customer Authentication, and Smart Reconciliation solutions.
Commenting, Jayesh Sawant – VP & Head, Payments Practice & Innovation, FSS said. “FSS is a global payment company and Canada occupies a key position in our global expansion strategy. Every aspect of the payments business is changing but in Canada, the pace of this change is rapid despite the current pandemic situation. Banks, Financial Institutions & Fintechs are exploring the options to expedite the development of a modern payment framework by looking at Product or Software as a service. We want them to know that FSS Technologies Canada has unique payment products to help achieve their business objectives.”
Commenting on the company’s strategy, Krishnan Srinivasan – Chief Revenue Officer, Global, FSS said, “We’ve added a number of new logos and have nearly doubled our front-line staff across all regions during the last year. Our recent successes demonstrate that our solutions are resonating within the markets where we are now based making us even more determined to engage at the front-line in Canada to help its players realize their new payments ecosystem.”
As part of its growth charter for Canada FSS is focused on bringing a range of propositions to financial institutions to improve business performance. This includes:
- The increased need for a frictionless payment experience whilst meeting increased pressure for risk-free, fully secure transactions between multiple & diverse parties; • The rise of Real-time Transaction Rails and the resulting pressures placed on existing platforms and systems as ‘in-flight’ changes are made to accommodate the need for speed; • Increased leverage of Big Data, with a particular focus on analytics best-practice to support enhanced business performance;
- The accelerated APIfication of innovation as new entrants and open-banking regulations place renewed business relevance on APIs;
- The shift from a legacy licensing model to a service model within Banks and Financial Institutions.
- The rise of the ‘cloud’ with 80% of organizations predicted to migrate toward the cloud by 2025.
