Payments solutions providers FSS (Financial Software and Systems and Arab Financial Services (AFS) have entered into an agreement to bring omni-channel payment acceptance solutions to banks in the region.
The partnership combines FSS’ technology expertise in acquiring and payments with AFS’ payments processing and hosted services capabilities to help acquiring banks rapidly grow their merchant acceptance business.
FSS and AFS have launched services in Oman and Bahrain and will soon expand into other markets. Within nine months, AFS has brought four financial institutions onto the platform.
The Middle East is at the threshold of a significant development phase in digital payments and commerce. According to Booz Allen Hamilton, the market is expected to grow threefold due to a large base of digitally empowered consumers and a favourable regulatory environment.
Through this partnership banks would benefit from the ability to rapidly deploy omni-channel acceptance solutions, eliminating heavy upfront Capex investments as well as the complexity of integrating acceptance platforms with multiple interchanges. The complete business solution includes payment acceptance for in-store and online transactions as well as merchant onboarding, settlement, risk management and reporting.
Ram Chari, Chief Operating Officer, FSS, said: “With our full-services Acquirer Stack, AFS brings industry-leading capabilities to deliver new commerce experiences, better serve merchants and accelerate the growth of digital payments in the region.”
B. Chandrashekar, Chief Executive Officer, AFS, added: “[FSS’] world class processing platform and ability to support product innovations helps us bring differentiated solutions that will materially increase the adoption of digital payments and effectively foster the creation of an inclusive digital economy.”