FSS and Oracle partner to transform digital payments in Africa

FSS, one of India's payments processor and a global provider of integrated payment products, and US-based Oracle Financial Services, have announced a collaboration to enhance digital payments for banks.

As part of this strategic relationship, FSS will provide specialized integration and hosting services for Oracle's cutting-edge Oracle Banking and Payments solutions. FSS will also extend customized solutions to address the corporate and retail payment needs of the banking industry. 

FSS is a payments technology provider for 130 plus banks, with a focus on retail and wholesale payments. Fueled by the advent of online and real-time payments and new technologies, such as AI and blockchain, the payments landscape is changing rapidly. Through this effort, FSS and Oracle plan to meet the needs of banks with a centralized payments system that supports real-time payment processing and processing for cross-border transactions. 

This collaboration will enable banks to execute digital payment strategies, using an open retail and corporate payments' solution. This will help banks to integrate payment processing, lower infrastructure overheads, minimize the impact on host systems for implementing regulatory changes, reduce corporate disputes related to payments, and enable SWIFT GPI initiatives for real-time global transactions. 

Oracle Banking Payments is a complete next-gen payment processing solution that unites disaggregated payment operations in a common shared payments service infrastructure, aimed at simplifying operations. The solution is comprised of three components -- core processing, messaging and connectivity and is customizable to the bank's needs. 

 For enterprises, Oracle Banking and Payments is closely coupled with Virtual Account Management, enhancing customer visibility into capital and liquidity positions and automating the reconciliation process.  

Under the umbrella of the agreement, FSS can additionally bundle its end-to-end payment offering with Oracle Financial Services Analytical Applications, Oracle Banking Digital Experience, Oracle FLEXCUBE and Oracle Banking Platform, offering banks a solution for their digital payment needs.