News

India Post Payments Bank taps FSS to bring banking, payment services to underserved populations

September 14, 2018

India Post Payments Bank is using the Payments-in-a-Box solution from Financial Software and Systems, a provider of payments technology and transaction processing systems, to bring a range of services to India's financially underserved populations — including rural households, women and small and medium-size enterprises.

With FSS Payments-in-a-Box, IPPB can leverage its extensive postal delivery network of 150,000 access points to increase its market share, according to a press release.

Payments-in-a-Box includes omnichannel payment acceptance, transaction processing and smart reconciliation capabilities to manage the merchant-customer relationships throughout the payment lifecycle.

The solution enables IPPB to digitize every touch point in customers' financial lives. The bank is enrolling billers and merchants nationwide to create a broad acceptance network.

Using FSS omnichannel acquiring solutions, the bank enables micro-merchants to accept payments over any channel via online, UPI, QR code, Aadhaar and IPPB accounts.

At the backend, FSS merchant management and settlement solutions streamline all aspects of merchant management including on-boarding fee calculation, reconciliation and settlement.

"The aim of India Post Payments Bank is to build the most accessible, affordable and trusted bank for the common man, and to spearhead financial inclusion by removing the barriers for the unbanked and underbanked population," Shri Suresh Sethi, IPPB managing director and CEO, said in the release. "FSS technology solutions are powering us towards achieving our objective to build a less-cash ecosystem by enabling last mile digital payment services."