FSS, Oracle partner over digital payments
India's FSS, a provider of integrated payment products, and Oracle Financial Services have joined forces to enhance digital payments for banks.
The partnership will see FSS and Oracle offering a centralised payments system that supports real-time payment processing and straight-through processing for cross-border transactions.
In addition, FSS will provide specialised integration and hosting services for Oracle’s Banking and Payments solutions, and customised solutions for corporate and retail payments for the banking industry.
According to the companies, the introduction of online and real-time payments, as well as new technologies, such as AI and blockchain, has rapidly changed the payments landscape.
This collaboration will help banks to integrate payment processing, reduce infrastructure overheads, lower the impact on host systems for implementing regulatory changes, minimise corporate disputes related to payments, and enable SWIFT GPI initiatives for real-time global transactions, says Nagaraj Mylandla, MD of FSS.
According to Venky Srinivasan, group VP & head of Sales – APJ & MEA, Oracle Financial Services, the collaboration with FSS will enable Oracle to address the needs of banks for streamlined and modernised payments infrastructure as well as reduced cost and complexity.