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FSS Prepaid CMS to support open marketplace and instant lending

fss, India, Financial Software and Systems, payments, APIFSS (Financial Software and Systems), a Chennai-based global provider of payment products and payments processor, announced the addition of capabilities to its Prepaid Card Management System (Prepaid CMS) to deliver greater value to cardholders. Prepaid card issuers can now issue instant, open-loop virtual co-branded merchant wallets paired with added value services such as instant lending at the point of purchase to differentiate their card products and drive higher spend per cardholder.

Through its advanced open API framework, FSS Prepaid CMS enables prepaid card issuers to orchestrate customer-facing merchant ecosystems to expand the scope of services and capture new revenue streams. Card issuers can instantly provision exclusive merchant-branded wallets linked to a customer’s primary prepaid card account with a few clicks. Issuers can tap into popular spending categories to fuel a range of innovative consumer-centric propositions.

N. Sathish, Deputy CPO, FSS encapsulated, “Enabling customer-facing ecosystems/marketplace are the primary driver of future value creation for digital commerce, in the open banking world. By opening the FSS Prepaid CMS platform to third party merchants, we allow card issuers orchestrate an extensive digital services ecosystem, multiplying opportunities for engagement and value creation. The combination of co-branded merchant wallets with added value services such as instant lending at checkout will help issuers build a satisfied and loyal base of prepaid cardholder and improve spend per card.”

Issuers can offer added value services such as instant access to credit to fund customer spend and drive sales. At affiliate merchant stores, shoppers can opt for an instant open-loop physical or virtual prepaid card, loaded with the amount needed to fund the purchase. The loan amount is for a specific purpose and issuers can define as well as monitor spend limits per merchant.

Instant lending via prepaid cards allows issuers to have a broader relationship with the customer. Prepaid cardholders can top-up cards to pay for orders, earn and track cashback, and access exclusive sales and offers. Customers can also obtain an additional line of credit on the same card based on terms pre-determined by the issuers, eliminating the hassle of submitting paperwork again when they shop at a different merchant store.

FSS Prepaid CMS advanced API-based framework supports rapid merchant enrolment, instant virtual card, and wallet creation, as well as integration with merchant IT systems. FSS Prepaid CMS platform supports the complete gamut of capabilities to manage the lifecycle of the card, with the flexibility to load, delete and amend applications, enabling the quick roll-out of customer-centric card programs. FSS has mentioned that currently, Prepaid CMS has been deployed by leading prepaid processors globally and supports 150 million cards.

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