FSS CMS is equipped with advanced fraud detection mechanisms
FinTech BizNews Service
Mumbai, September 04, 2024: Financial Software and Systems (FSS), a leading global provider of integrated payment products, platforms and services, today announced the launch of its next-generation FSS Card Management System (FSS CMS), powered by the cutting-edge FSS BLAZETM platform.
The FSS Card Management System is an end-to-end solution that supports the entire card lifecycle, from customer on-boarding and card issuance to portfolio management and post-issuance support. Leveraging the power of BLAZETM, a cloud-based microservices platform built by FSS, the new CMS offers several key benefits:
· FSS CMS streamlines card management operations with features like one-click configurations, automated data processing, and seamless integration experience with bank internal systems, reducing manual efforts and improving productivity
· The solution empowers cardholders with a suite of programmable card controls, enabling them to manage their spending, set limits, and receive real-time alerts - all through a modern, intuitive mobile app
· With its API-first technology stack based on Open API and cloud- and microservices-based architecture, FSS CMS enables banks to rapidly launch new card programs and features, keeping pace with evolving customer demands
· The system’s cloud-native design ensures seamless scalability and high availability, allowing banks to handle large transaction volumes and onboard new customers with ease
· FSS CMS works with RuPay, VISA and Mastercard
· FSS CMS is equipped with advanced fraud detection mechanisms, including rule-based transaction controls, card tokenization, and biometric authentication, ensuring secure transactions and compliance with industry standards like PCI-S3.
Commenting on the launch, V Balasubramanian, CEO, Financial Software and Systems, said: “The payments landscape is evolving rapidly, with customers demanding more innovative, seamless and secure payment experiences. FSS CMS, built on our new-age FSS BLAZETM platform, is designed to empower banks and financial institutions to stay ahead of the curve and deliver differentiated card programs that delight customers.”
With more than 220 million debit cards migrated to the FSS CMS platform and the ability to issue 600,000 cards and PINs daily, the solution has already made a significant impact globally. FSS CMS is currently used by some of the largest public and private sector banks in India. As the payments landscape continues to evolve, FSS CMS is poised to play a pivotal role in shaping the future of the industry.
“We’ve built the next-gen FSS CMS with the vision of enhanced customer experience and high level of self-configurability allowing banks to handle new business requirements by way of a few clicks as against a longer cycle of code change,” said Kiran Hejmadi, Senior Vice President – Product, FSS. “In this era of fintech revolution, banks need to stay ahead of the competition and our commitment to innovation for the payments industry will help them achieve market leadership. After BLAZETM, FSS CMS is another step in this direction.”
In August 2023, FSS launched ‘BLAZETM’, an advanced payments technology platform, designed to meet the diverse needs of banks and financial institutions. Using the BLAZETM architecture, the FSS Payment Gateway can process more than 5000 transactions per second.
