back Back

FSS Aadhaar Enabled Payment System (AePS) selected by IPPB

By Edil Corneille

January 13, 2021

  • Fss Technologies
  • India
Share

FSS, India Post Payments Bank, Financial Software and Systems, IPPB, Aadhaar Enabled Payment System, AePS, India, banking Chennai-based FSS (Financial Software and Systems), a global payment processor and provider of integrated payment products, announced its partnership with India Post Payments Bank (IPPB). The collaboration entails the usage of FSS’ Aadhaar Enabled Payment System (AePS) to deliver interoperable and affordable doorstep banking services to customers across India. This is expected to promote financial inclusion among the underserved and unbanked segments of India.

The AePS solution by FSS combines the low-cost structure of a branchless business model, digital distribution, and micro-targeting that lowers acquisition costs and improves reach.

Leveraging its vast network of over 136,000 post offices, and 300,000 postal workers, IPPB has been set up with the vision to build an accessible, affordable, and trusted bank to deliver banking at the customer’s doorstep. With the launch of AePS services, IPPB now has the ability to serve all customer segments, including the nearly 410 million Jan Dhan account holders in India.

Krishnan Srinivasan, Global Chief Revenue Officer, FSS said, “We are proud to be IPPB’s technology partner in this monumental nation-building exercise. The collaboration is evidence of FSS’ deep payments technology expertise and commitment to bringing viable, market-leading innovations that promote financial deepening. FSS’ AePS solution combined with IPPB’s expansive last mile distribution reach empowers citizens of the country with a range of digital payment products and advance India’s vision towards less-cash economy.”

“Through the vast reach of Department of Posts network along with the advent of the interoperable payment systems to drive adoption, IPPB is uniquely positioned to offer a range of products and services to fulfil the financial needs of the unbanked and the underbanked at the last mile. Having launched AePS services, the Bank has become the single largest platform in the country for providing interoperable banking services to customers of any bank. The strategic partnership with FSS provides us with an opportunity to expand the portfolio of financial services and improve customer experience whilst maintaining operational efficiency, thus building a digitally inclusive society,” said J. Venkatramu, MD & CEO, India Post Payments Bank.

The infrastructure created by IPPB addresses the accessibility challenges faced by customers in the traditional banking ecosystem.

The operation of FSS’ AePS solution is based on agents performing transactions on behalf of customers using a tablet, micro-ATM or a POS device. The system is device agnostic and can accept transactions originating from any terminal. Customers of any bank can access their Aadhaar-linked bank account by simply using their fingerprint for cash withdrawal, balance enquiry and transfer of funds into an operating IPPB account, right at their doorstep. FSS’ AePS exposes APIs to third parties to develop an expansive services ecosystem and extend a broad suite of financial products and tools including micro-insurance, micro-savings, micro-finance, mutual fund investments, enabling the bank to further the adoption of services among low and moderate-income consumers.

Previous Article

January 13, 2021

Visa and Plaid announces termination of merger agreement

Read More
Next Article

January 13, 2021

Paysafe’s digital payments service NETELLER rolls out new upgrades

Read More








IBSi Daily News Analysis

fraud,

March 05, 2024

Fss Technologies

Regulated firms at risk of financial crime due to lack of daily customer due diligence

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Unitas Wholesale taps Acquired.com for Open Banking payments

Read More

Today

Huawei Cloud & PayTabs team to boost digital payments in MENA

Read More

Today

OneBanx names Javed Anjum as CEO

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023