FSS introduces Smart Recon platform with ML and cloud support

By Edil Corneille

Chennai-based company FSS (Financial Software and Systems) announced the introduction of critical increments to its Smart Recon platform. The new system will leverage machine learning (ML) and automate manually intensive processes and improve the speed, accuracy, and reliability of the payment reconciliation process. FSS is a global payment product provider and processor, and recently partnered with Airpay in end August to accelerate electronic payments acceptance by micro, small, and medium-sized enterprises (MSMEs).

FSS Smart Recon provides an end-to-end, automated solution for reconciliation management across payment workflows, with built-in support for complex, multi-source, multi-file many-to-many reconciliation scenarios. The notable enhancements include a machine learning-based settlement process for improved speed and accuracy; Universal Data Wizard and enhancements to General Ledger Tally for improved time to market; and cloud-enablement for improved scale and cost efficiency.

Deployed by global banks and payment processors, FSS Smart Recon is a unified system for reconciling digital payments and incorporates data import, transformation and enrichment, data matching, exception management and timely reporting and analytics.

Krishnan Srinivasan, Global Chief Revenue Officer FSS stated, “FSS is a leader in the payment reconciliation space, with 25+ deployments globally. Our Smart Recon solution has been deployed by Tier One banks, neo banks, MNOs and merchant aggregators. Across segments and markets, we are seeing a significant demand for modernisation of back-office operations. Customers are increasingly pivoting away from in-house payment reconciliation systems with semi-automated processes towards service-based contracts backed by new-age technology platforms.”

The company mentioned that collectively the enhancements provide a 40 percent improvement in time to market for greenfield implementations, a sizable 30 percent improvement in reconciliation time cycles, and an overall 25 percent reduction in direct costs as compared to partially automated processes.

Sathish N, Dy CPO, FSS said, “Payment reconciliations have become exceedingly complex and simplicity and speed is crucial for banks and financial institutions in the wake of an ever-increasing influx of transaction data. With our continuous innovation-led model and investment on right technology like Machine learning, AI and cloud computing, banks and financial institutions will benefit from flexible and scalable processes and improved speed and accuracy of reconciliation.”

FSS Smart Recon functionality can be accessed from the Oracle cloud providing greater deployment flexibility to customers. The availability via a cloud platform is said to transform the economics of ownership for financial institutions and neo-banks and customers wishing to migrate from legacy systems, in particular.