FSS-Vopy to work in embedded finance market of $138bn

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Forsell to refine payment solutions for the European market

Chennai-headquartered FSS (Financial Software and Systems), a leading global provider of integrated payment products and a payment processor, has been selected to work with Stockholm-based Vopy Payments in a partnership designed to support European digital commerce growth through a premium embedded finance approach, a market projected to reach US$138 billion in 2026.

“The global demand for embedded payments is increasing but none more so from businesses within Europe,” Krishnan Srinivasan, Chief Operating Officer FSS PayTech, said in a release on 15 Sept 2021, announcing the partnership.

“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,” he 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 and ultimately a fully rounded business proposition enriched with unique marketing and business services,” Vopy CEO Kim Forsell said.

“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,” Forsell elaborated.

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 2026, according to a research paper “Why the Future of Fintech is Embedded Finance” from Juniper Research issued on 20 July 2021.

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.

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.

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 27+ years of experience. FSS, end-to-end payments products suite, powers retail delivery channels including ATM, POS, Internet and Mobile as well as critical back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring. Headquartered in Chennai, 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.

Vopy provides cloud-based infrastructure, built on blockchain technology, to integrate financial services into the customer user experience of any business. Vopy provides a variety of white labeled digital services such as payments, lending, and savings. Vopy´s target partners are recognized consumer brands with global market reach. “Our mission is to enhance our partners customer experience by embedding financial services seamlessly into their core service offerings, leveraging our value proposition; to increase customer lifetime value and enable new revenue growth,” said Stockholm-based Vopy. Since the beginning of 2017, the company has established a presence in several regions in different continents. #technology #Fintech #investment #banking /fiinews.com

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