Cloud technology is known to enhance privacy through its homogeneous architecture and centralised security, and guard against DDoS attacks
FinTech BizNews Service
Mumbai, December 8, 2023: RBI governor after MPC meet today proposed to establish a cloud facility for FIs in India. How will cloud facility help financial institutions in India? V. Balasubramanian, CEO, FSS Cash Tech, explains, RBI's proposal to establish a cloud facility for the Indian financial sector is a move in the right direction. We've seen numerous instances of data breaches and all of us understand the importance of keeping customer data secure. Cloud technology is known to enhance privacy through its homogeneous architecture and centralised security, and guard against DDoS attacks. FSS has also recognized that cloud technology is the way forward in digital payments, which is why we have built FSS Blaze. In a world that is becoming increasingly digital, a cloud facility will be a win-win for everyone involved – regulators, companies and customers. RBI’s move will accelerate the cloud movement in India, pushing for more Made in India Initiatives. We should have Bharat Cloud even for payments in India.”
About Financial Software and Systems (FSS):
Financial Software and Systems (FSS) is a globally leading provider of payments technology and a transaction processor. The company offers an integrated portfolio of software products, hosted payment services, and software solutions built on over three decades of global experience. FSS’s end-to-product portfolio includes Card Issuance, Omni-channel Acquiring and Merchant Management, Payment Analytics, Digital Security, Reconciliation and Settlement, and ATM Monitoring and Management. Headquartered in Chennai, India, FSS is India's largest on-demand processing facility - FSSNeT, processing 3 billion+ transactions annually. The company manages and operates 25,000+ ATMs nationwide and 600M+ Mobile Banking Transactions Annually. FSS is also a strategic payments partner for leading global banks, financial institutions, processors, central regulators, and governments across North America, UK, Europe, Middle East, Africa, and APAC and has 2,500 domain specialists on board. Being a payments innovation pioneer through the decades with World-Class Solutions, the company has been empowering 150+ Customers in more than 26 countries.
