FSS and Vopy to address demand for embedded payments in Europe
By Leandra Monteiro
FSS (Financial Software and Systems), a global provider of integrated payment products and a payment processor, has been selected to work with Vopy Payments in a partnership designed to support European digital commerce growth through a premium embedded finance approach.
Embedded finance – which supports the integration of financial services into products and business processes of non-banks – is becoming increasingly relevant in Europe fuelled by Open Banking and digital transformation, with global growth predicted to exceed $138 billion in 20261.
FSS is among the leading providers of card issuance products globally, managing 800 plus million payment cards for Tier One banks and payment processors and is already helping to support the growth of embedded payments across multiple global markets. Vopy and FSS will collaborate closely, offering greater value to customers by combining FSS’s Unified Card Issuance Platform with particular emphasis on card management, support around 3DSecure adoption with FSS’s Access Control Server and integration of FSS’s Reconciliation Solutions.
Speaking on the partnership Vopy CEO, Kim Forsell said, “Our goal is to fully maximise the embedded finance opportunity with a broad solution set encompassing not only payments but also digital lending, saving and investment applications, leading ultimately to a fully rounded business proposition enriched with unique marketing and business services. We therefore needed a partner who shared our vision and selected FSS because it has a proven and robust payment processing solution and an experienced team of domain specialists to support continual innovation. Leveraging their know-how, we can refine our payment solutions bringing innovative added value services to the market to deliver superior, secure payments experiences.”
The partnership will focus on driving payments excellence for leading consumer brands among telecom providers, social network platforms, consumer tech and other business verticals across multiple markets in Europe, before extending into other markets in other regions.
“The global demand for embedded payments is increasing but none more so from businesses within Europe,” commented Krishnan Srinivasan, Chief Operating Officer FSS PayTech. “It’s testament to players such as Vopy that consumers and businesses across the region are already benefiting from their innovative, robust and secure solutions. We are confident that this partnership will accelerate their development even further and, in turn, contribute significantly to Europe’s digital payments ecosystem. We are happy that we can play a part in this, as a key contributor and partner to Vopy.”