Chennai-based FSS partners with Bangladesh bank for digital commerce growth

Chennai-based FSS (Financial Software and Systems), a leading provider of integrated payment products and a payments processor, on Wednesday announced its collaboration with BRAC Bank, a leading bank in Bangladesh, to catalyse 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 per cent year-on-year growth. The e-commerce industry is expected to grow to $3 billion by 2023, driven by growing consumer preference for online and touch-free payments. FSS omni-channel acquiring platform will help BRAC Bank to take advantage of the digital boom and accommodate new, in-demand digital and omni-channel commerce journeys, the company said in a statement.

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 and delivery of superior payments experiences to merchants.”

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.

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.”