BLAZE was designed to increase efficiency, ensure high durability during peak workloads, improved fraud prevention, and enhanced services to banks and financial institutions while simplifying choices and bolstering confidence of end consumers.
Using the BLAZE architecture, the FSS Payment Gateway can handle more than 5,000 transactions per second (TPS) to ensure a higher number of successful transactions during peak hours. BLAZE enables banks to deliver higher TPS to align with the growing digital commerce adoption in India.
BLAZE aims to address the challenges faced by Banks that currently operate on legacy monolithic infrastructures, such as the flexibility of enabling quick system integrations, inability to provide exceptional customer experience for ease of payments, and ensuring cost efficiency for lower cost per transaction. The adoption of BLAZE will also enable financial institutions to roll out innovative payment offerings to market at a much faster speed, enhance their competitive edge and attract new customers.
Officials from FSS said that through BLAZE they have created a payments industry-focused platform, which will help banks achieve their digital transformation goals. BLAZE enables banks and financial institutions to deliver novel and innovative payment experiences to their customers. With its scalability, security, and adaptability, this platform is set to pave the way for the next generation of payment technologies.
BLAZE distinguishes itself in the payments sector through its unique attributes. It emphasises security with design principles aligned with industry standards, ensuring data protection, and deterring fraud. The platform's open architecture enables seamless integration with current systems, promoting compatibility across payment operations. BLAZE's standout feature lies in its real-time data analytics, enabling businesses to optimise payment processing and promptly address any payment concerns.
With this launch, FSS expects to create a substantial impact on the rapidly evolving payments landscape. At present, BLAZE is accessible to customers in select markets such as India, Middle East, and Africa and the company plans to progressively introduce it in additional markets in the upcoming months.
Financial Software and Systems (FSS) is a provider of payments technology and a transaction processor. FSS is one of India's largest on-demand processing facilities - FSSNeT, processing 3 billion+ transactions annually. The company manages and operates 40,000+ ATMs nationwide and 600 million mobile banking transactions annually. FSS is also a strategic payments partner for global banks, financial institutions, processors, central regulators, and governments across North America, UK, Europe, Middle East, Africa, and APAC and has 2,500 domain specialists on board. The company has been empowering 150+ customers in more than 26 countries.
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