FSS launches ‘Embark’ to digitally strengthen MENA MSMEs
By Edil Corneille
FSS Technologies (Financial Software and Systems), a payment technology and payment processing company, announced the launch of ‘Embark’, an Acquiring Platform as a Service offering for acquiring banks and payment aggregators. Embark facilitates digital inclusion of micro, small and medium enterprises (MSME), with reliable, cost-efficient payment acceptance tools to expand addressable market, engage with customers in new ways and thrive in today’s digital economy.
K Srinivasan, Global Chief Revenue Officer, FSS enunciated, “Medium and small businesses are on the frontlines of the global economy. With Embark our objective is to bring MSMEs into the digital payment fold, a crucial step for sustainable economic and payments growth across markets. We want banks and other ecosystem players to collaborate with us in this journey and create a true network effect that would encourage adoption of digital payments and spur local entrepreneurialism and commercial activity.”
Embark, a multi-sided payment acceptance platform, orchestrates interconnections between crucial ecosystem players – banks, processors, merchant acquiring institutions, and MSMEs — to create exponential value. The solution brings the following benefits:
- Omni-channel digital payment acceptance capabilities– online, mobile in-store channels, and a range of payment methods on a single platform to expand into new markets and support new customer journeys.
- Complete set of transaction capabilities spanning processing, authentication, authorisation, and settlement.
- End-to-end operations support including payments integration, connectivity to card and other payment rails, terminal and security certification and compliance.
- Access to innovative payment propositions enabling MSME’s to launch new services.
- Robust risk management and fraud detection capabilities to improve authorisation rates.
- Unified reporting and built-in analytic tools for insights into business performance.
Sandeep Gomes, Global Business Head Acquiring, FSS encapsulated, “The digital wave is reinventing the MSME marketplace across the globe. Embark offers industry players a real opportunity to profitably tap into the underserved MSME segment by adopting ecosystem models to create a ubiquitous payment acceptance network and achieve service differentiation on the strength of innovative products and superior business models.”
With Embark, acquiring banks gain access to an underpenetrated MSME market via strategic partnerships, transforming the economics of MSME acquiring. This alleviates acquisition and servicing costs and brings efficiencies into a high-volume, low-value business. payment aggregators benefit as they do not have to tie-up with each bank individually. The solution by the company provides a single-entry point that reduces the time and effort spent on complex integrations, enabling them to focus on core business activities.
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