FSS expands its digital payment capabilities in KSA

Tuesday 24 November 2020 14:28 CET | News

FSS (Financial Software and Systems) has announced its commitment to support the country’s banks to offer digital payment capabilities in the Kingdom of Saudi Arabia (KSA). 

KSA is among the advanced digital payment economies in the Gulf Cooperation Council (GCC), with growth propelled by a combination of strategic investments in building digital infrastructure and enabling regulatory policy framework. A proactive proponent of electronic payments, KSA has set an ambitious target to achieve 70% non-cash transactions by 2030, opening revenue opportunities for established banks as well as fintech players. 

FSS has established a presence in the payment technology supplier market in the GCC, and its solutions are used by 40+ banks in the region. In KSA, the company currently works with acquirers and has signed deals with in-country channel partners to strengthen its go-to-market strategy. FSS says it is ready to support the shift from siloed product-centric banking to omni-channel, API-driven banking models, helping banks to collaborate with fintechs.

It also intends on offering merchants a unified platform for processing e-commerce and in-store transactions. The company offers an integrated portfolio of software products, hosted payment services and software solution. These can be aligned around KSA’s Vision 2030 project.

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Keywords: FSS, Financial Software and Systems, Kingdom of Saudi Arabia, KSA, banks, digital payments, digital banking, GCC, API, fintechs, online banking, digital banking
Categories: Banking & Fintech
Countries: Saudi Arabia
This article is part of category

Banking & Fintech