FSS prepaid CMS to support open marketplace and instant lending

Thursday 23 July 2020 10:46 CET | News

Financial Software and Systems (FSS), a global provider of payment products and payments processor, has added new functionalities to its Prepaid Card Management System (Prepaid CMS).

Prepaid card issuers can now issue open-loop virtual co-branded merchant wallets paired with services such as instant lending at the point of purchase. In a commoditised prepaid market segment, Open APIs and banking create possibilities for issuers to realise additional value. FSS Prepaid CMS, through its open API framework, enables prepaid card issuers to orchestrate customer-facing merchant ecosystems to expand the scope of services and capture new revenue streams.

For example, create an exclusive merchant cashback or loyalty wallet soon after the customer completes the purchase. Likewise, a food delivery company can issue a commission wallet for home delivery associates or a meal allowance wallet in partnership with select restaurants.

Currently, Prepaid CMS has been deployed by large prepaid processors globally and supports 150 million cards, according to the official press release. 

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Keywords: Financial Software and Systems, FSS, payments , merchants, prepaid card, loyalty, Open Banking, APIs
Categories: Payments & Commerce
Countries: India
This article is part of category

Payments & Commerce