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India’s FSS, Oracle Financial Services collaborate to boost digital payments

FSSIndian payments technology and transaction processing provider FSS and US-based Oracle Financial Services are collaborating to boost digital payments for banks, according to media reports.

As per the deal, FSS will provide specialized integration and hosting services for Oracle Banking and Payments solutions. Through the deal, the companies plan to meet the needs of banks with a centralized payments system that supports real-time payment processing and straight-through processing for cross-border transactions.

“Banks are under more pressure than ever before to modernize their services to better and more quickly serve customers and remain competitive. They also must improve their own operational processes to reduce costs. The collaboration of Oracle and FSS will enable us to address the needs of banks for streamlined and modernized payments infrastructure whilst reducing cost and complexity,” said Venky Srinivasan, Group Vice President & Head of Sales – APJ & MEA, Oracle Financial Services.

This partnership will enable banks to execute digital payment strategies, using open and modern retail and corporate payments’ solution. This will help banks to integrate payment processing, lower infrastructure overheads, minimize the impact on host systems for implementing regulatory changes, reduce corporate disputes related to payments, and enable SWIFT GPI initiatives for real-time global transactions, the reports added.

“Our alliance with Oracle is strategic in nature. FSS’ deep experience in delivering end-to-end payment solutions combined with Oracle Global Payments will help us bring a more comprehensive digital payments offering to banks in the markets where we operate. The collaboration will help our customers streamline digital payments in a seamless and secure manner, improving operational efficiencies, optimizing resources and enhancing the customer experience,” said Nagaraj Mylandla, Managing Director, FSS.

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