Mumbai (India): FSS (Financial Software and Systems), a globally leading provider of integrated payment products and a payments processor, today announced its collaboration with BRAC Bank, the leading bank in Bangladesh, to catalyze the growth of digital commerce in the country. This partnership will enable FSS to provide its Omni-channel Acquiring Platform to BRAC Bank to onboard merchants and enable digital payment acceptance across multiple touchpoints - in-store, mobile and online.
According to the eCommerce Association of Bangladesh (e-Cab), digital payments over the last three years, have recorded 100% year-on-year growth. The e-commerce industry is expected to grow to US$3 billion by 2023, driven by growing consumer preference for online and touch-free payments. FSS Omni-channel Acquiring Platform helps BRAC Bank to take advantage of the digital boom and accommodate new, in-demand digital and omni-channel commerce journeys.
A modular offering, FSS Omni-channel Acquiring Platform consolidates online, mobile, and in-store payment acceptance onto a single system to help merchants expand their digital business. The platform supports a wide range of global and alternate regional payment methods and adapts to any channel or shopper journey. Merchants can introduce a range of innovative payment capabilities such as Quick Response (QR) codes on standard POS and e-commerce channels or contactless (tap and pay) payments to deliver superior, secure transacting experiences to customers.
Speaking on the collaboration Archit Mylandla, Executive Director, FSS said; “Bangladesh continues to be a fertile and growing market for payments innovation in the South Asian region. We look forward to collaborating with BRAC Bank to expand its merchant payment capabilities and advance adoption of digital payments in Bangladesh. Our globally proven technology platform gives BRAC Bank the scalability and the flexibility needed to evolve with the market through continual product innovation for delivering a superior payments experience to merchants.”
Speaking on the partnership, Khairuddin Ahmed Bappy, Head of Merchant Acquiring, BRAC Bank, stated; “As part of our transformation efforts, it's vital that we're working with experienced partners such as FSS, who can help us rapidly scale and bring innovative service experiences to merchants. The partnership helps us to lead the development of Bangladesh’s payments ecosystem and connect it with the wider region—and the rest of the world. FSS extensive experience gives us the technology foundation and the adaptability needed to rapidly grow our market share and readily support a broad range of merchants, with different risk levels, payment needs, and customer preferences.”
With the solution offered by FSS, merchants have access to an integrated payment platform that consolidates digital and physical transactions. The platform consolidates discrete channel-centric merchant operations and offers advanced capabilities that deliver superior value to merchants. This includes single onboarding irrespective of channel, centralized merchant management, accounting and settlement, advanced transaction surveillance and cross-channel merchant insights. The solution provides merchants the flexibility to adopt a progressive approach to digitization, integrate with a single channel and seamlessly add-on channels and payment instruments to meet evolving business demands.
About FSS
Financial Software and Systems (FSS) is a leader in payments technology and transaction processing. The company offers an integrated portfolio of software products, hosted payment services, and software solutions built over 30+ years of experience. FSS, end-to-end payments products suite, powers retail delivery channels including ATM, POS, Internet, and Mobile and critical back-end functions including cards management, reconciliation, settlement, merchant management, and device monitoring. Headquartered in Chennai, India, FSS services leading global banks, financial institutions, processors, central regulators, and governments across North America, UK, Europe, ME, Africa, and APAC and has 2,500 experts on board. For more information, visit www.fsstech.com.
About BRAC Bank
BRAC Bank Limited, Bangladesh’s leading Bank, began with the vision to provide banking solutions to the ‘unbanked’ Small and Medium Entrepreneurs. BRAC Bank is the first Bangladeshi Bank to be rated the best by three of the top domestic credit rating agencies in Bangladesh (CRAB AA1/ST-1, CRISL- AA+/ ST-1 and Emerging Credit Rating- AA+/ ST-1) and two of the world’s leading credit rating agencies (S&P Global Ratings - B+ and Moody's Investor Service - Ba3) – portraying quality portfolio, higher capital base, stability and steady growth trends. In 2020 the bank’s total revenue stood at Tk. 20,508 million in 2020 and a net profit of Tk. 4,541 million.
