The need to enable PSPs and harness the potential of unified payment interface [UPI] as well as generate new monetization opportunities are some of the reasons Financial Software and Systems [FSS] http://www.fsstech.com has augmented its UPI 2.0 platform to improve customers’ convenience.
With FSS UPI 2.0, customers can set-up auto-debit instructions in a single click or by using voice prompts. Aside from this, the AutoPay is also compliant with NPCI guidelines.
It has the ability to unlock 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 and payees) to set-up auto-debit instructions for regular payments using a mobile app or by scanning a QR code.
With FSS UPI, other payments are seamlessly executed in the background without manual intervention. This is another way FSS is maximizing customer convenience.
Customer’s digital authorization and control
Using the PSP UPI app, customers can digitally set-up authorization, view, modify and manage mandates with a single click. This allows the customers to ascertain visibility and control over the payment arrangements.
With the 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.
This includes account creation and activation (create UPI id, create a virtual private account), manage mandates, enquire balance, check transaction status (collect money), receive alerts (fund transfer status notification). The transactions are secured using data encryption and out-of-band authentication mechanisms such as a one-time password.
AutoPay and conversational banking capabilities
At the launch of UPI 2.0, Natarajan Sathish who is the Deputy Chief Product Officer, FSS explained that “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 payment experiences.
“With FSS AutoPay and conversational banking capabilities, FSS provides PSPs a compelling, new way to embed themselves deeper into their customers’ lives and further adoption of UPI-based payments.”
UPI Gateway support
The underlying FSS UPI Gateway supports standard secure interfaces for integration with third-party FinTechs and Voice Commerce systems.
FSS UPI mobile SDK provides third-party providers – banks, fintech, retailers, telecoms, insurers and wallet providers – a quick out-of-the-box integration capability, which enabled UPI services within the existing app in a few hours.
Range of services
This spans a broad range of services – consumer to business transactions (subscriptions and monthly payments), B2C (business to consumer payments, which allows the option of ‘buy now, pay later’ e-commerce initiatives, corporate pay-outs (payroll) and B2B (business-to-business payments involving supply chain transactions).
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.