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FSS to enable frictionless payments for Denver-based QRails

Naseer Nasim, CEO of QRails

Financial Software and Systems(FSS) and QRails Inc, a financial services provider, have partnered in order to provide strong customer authentication and bring about frictionless payments. The partnership will see QRails embed its 3DS 2.0 solution, FSS Secure3D, along with the payment processing and program management services.

Naseer Nasim, CEO of QRails, commented: “Our industry mandates the highest levels of transaction security, but our clients and cardholders require a frictionless experience. FSS is the ideal partner to enable both and ensure strong security without impacting convenience. We are excited to offer this capability to our clients with an innovative partner like FSS.”

According to the supplier, FSS Secure3D is focussed on providing an approach to authenticate customers, prevent fraud and has been developed to learn customer transactional patterns. It deploys advanced machine learning algorithms to learn customer transaction behaviour to detect anomalous transactions and continually adjust risk controls in line with evolving fraud patterns. This allows the users a combination of merchant, cardholder, device, location and transaction related parameters to risk score each transaction and determine if it was initiated by a legitimate cardholder. This model aims to improve customer experience, reduce false positives and minimize fraud.

“With increased online purchases–especially through mobile devices—consumers expect simplicity and speed. This puts pressures on issuers and merchants to meet consumer demands for simpler e-commerce transactions while mitigating fraud risks. FSS’ Secure3D 3DS 2.0 solution augments the innovative QRails platform to promote secure frictionless payments”, Ram Chari, Global Head – FSS, said.

Established in 1991 and headquartered in Chennai, Financial Software and Systems (FSS) is a digital payment and financial technology company offering an integrated portfolio of software products, hosted payment services and software solutions. FSS, end-to-end payments products suite, powers retail delivery channels including ATM, POS, Internet and Mobile as well as back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring.

Founded in 2016, QRails Inc provides third-party processing, outsourcing and consultancy services to prepaid, debit and credit card issuers. With an API-friendly technology platform and SaaS delivery model, QRails offers a range of differentiated solutions, enabling issuers to offer customers Open Banking-ready functionality and integration with both banking and non-banking services and loyalty schemes.

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