Partnership to enable banks and financial institutions capitalize on emerging digital payment opportunities
Financial Software Systems (FSS), a global leader in payments technology and transaction processing, announced a strategic partnership with Just In Time Group (JIT), a systems integrator with over two decades of experience, to expand its market footprint in Sri Lanka. As part of the partnership, JIT would provide regional banking know-how, system integration skills, post-sales support and overall project coordination for successful implementation of FSS products. This would enable banks and payment service providers to rapidly bring innovative payment solutions to the market.
Sri Lanka, a fast-developing economy in the Asian region, is poised for rapid growth in digital payments. With strong economic growth, broadening Internet and smart phone usage, and a growing digitally savvy population, banks are rapidly embracing digitalization to capitalize on the demand momentum. Financial institutions, across the board, are modernizing their payments infrastructure to improve revenue outcomes, leverage efficiency, and maintain the highest standards of security and service for customers.
FSS offers an integrated portfolio of digital payments solutions that can be deployed in-house, hosted on FSSNeT (FSS private data center) or on a public cloud. As part of its go-to-market strategy, FSS and JIT would bring a range of innovative products to customers in Sri Lanka. This includes Issuance – (Card Management, Instant Electronic PIN, Toggle – a card control mobile application), Acquiring (Internet Payment Gateway), Digital Security (3D Secure and Token Vault) Smart Back-Office (ATM Monitoring and Reconciliation) Digital Banking (Mobile Banking, QR Codes) to the Sri Lankan market.
Commenting on the partnership, Suresh Rajagopalan, President Software Products, stated; “We are excited to be working with JIT, as it provides us a stronger footing in the market. Financial institutions and payment service providers on the digital transformation path are increasingly investing in building lean, agile infrastructure to improve response time to the market and deliver differentiated offerings. FSS’ end-to-end expertise in digital payments combined with JIT’s integration experience and round-the-clock, on-demand support will deliver compelling value for financial institutions and their customers.”
Speaking on the partnership, Piumika Ranasinghe, Head of Sales at JIT stated, “JIT is glad to partner with FSS, the leading Payment Systems Company in India. Combined with JIT’s reach, the partnership would bring best of breed products and services to the market. FSS Digital Banking solutions are a perfect fit for banks who want to transition to New Age Banking. JIT’s expertise in Project Management and post-sales support would further enhance this partnership.”
Recently, FSS and JIT organized Payment Focus@Sri Lanka, an event focused on the future of digital payments and products and platforms banks could deploy to capitalize on unfolding opportunities in the Sri Lanka payments domain. The attendees included 10 of the leading Banks in Sri Lanka as well as speakers from LankaPay and FSS.
FSS has spearheaded the growth of retail and wholesale payments globally through a rich portfolio of payments products and services. The rapidly growing FSS customer base includes 100 leading banks as well as some of the world’s largest processors and retailers. In India, FSS customer portfolio comprises 35 plus leading public and private sector banks.
JIT is a veteran in the local ICT arena, with a history spanning 21 years as a leading ICT Systems and Solutions Integrator in the country. JIT was recently listed in the latest edition of the APAC CIO Outlook magazine’s Top 25 Govt. and Public-Sector Technology Providers 2017. JIT was the only Sri Lankan company featured and recognized in the magazine’s annual listing of the Top 25 Government and Public-Sector Technology Providers for 2017.