FSS partners BancNet for automate billing and settlement

Monday 25 October 2021 12:56 CET | News

India-based FSS, a global provider of integrated payment products has partnered with BancNet, the Philippines ATM switch operator.

The partnership is meant to bring efficiencies of speed and scale to automate billing, and settlement for all switched transactions among participants, and to provide BancNet’s members with an efficient dispute platform facility.

BancNet is a consortium of 124 members comprising banks, cooperatives, electronic money issuers, affiliate switch networks and independent ATM deployers in the Philippines. A full stack offering, the Business Support Suite offers critical operations, such as Partner Management, Fees Computation, Partner Settlement, Billing and Dispute Management, for an array of transactions, onto a single platform.

The Business Support Suite automates back-office functions and helps maintain financial integrity of the ecosystem, mitigate risk, and foster trust amongst scheme participants. With the Business Support Suite, BancNet can streamline billing, settlement, and dispute management between member institutions for transactions originating from any delivery channel such as ATM, POS, and Internet Gateway. Through partnerships with multiple interchanges – Visa, MasterCard, KFTC , JCB and UnionPay -- the system supports billing and settlement for transactions between member and non-member institutions.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, settlement, ATM, risk management
Categories: Banking & Fintech
Countries: Philippines
This article is part of category

Banking & Fintech

Industry Events