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State Bank of India selects FSS for digital payments

Friday 8 March 2019 00:44 CET | News

State Bank of India (SBI) has chosen Financial Software and Systems (FSS) to implement its “One Nation, One Card” programme for digital payments.

The news comes just days after SBI and Hitachi Payment Services unveiled a merchant acquiring joint venture (JV) in Mumbai to get at the digital payments market in India.

In this latest deal, FSS explains that traditionally, each transit provider has installed proprietary card acceptance solution, (eg each public transit operator in the country deployed its own solution).

In an urbanising economy like India, the fragmentation has resulted in “limited adoption of cashless solutions”. The National Common Mobility Card programme is designed for interoperability, so customers can pay for transit services and daily purchases using a single card.

FSS through its prepaid digital solution has enabled the bank in issuance of tap-and-pay (contact and contactless) cards.

Commuters no longer need to pay cash at toll stations and ticket kiosks or lock monies across multiple transit cards. Rather cardholders can load monies into the store value account and access fare funds by tapping their card on the terminal reader.

The underlying card issuance platform powering the programme manages transaction clearing and settlement. The functionality includes registration, verification, card issuance, top-up of funds into prepaid wallet, card lifecycle management, reconciliation and reporting.

FFS delivery channels include ATM, POS, internet, mobile – and back-end functions such as cards management, reconciliation, settlement, merchant management and device monitoring.


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Keywords: State Bank of India, Financial Software and Systems, FSS, digital payments
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