Payment technology and transaction processing firm Financial Software Systems (FSS) has formed a strategic partnership with systems integrator Just In Time Group (JIT) to expand its market footprint in Sri Lanka.
Under the agreement, JIT will provide regional banking know-how, system integration skills, post-sales support and overall project coordination for implementation of FSS products. This will enable banks and payment service providers to rapidly bring payment solutions to the market.
Sri Lanka, a fast-developing economy in the Asian region, is poised for rapid growth in digital payments. With strong economic growth, broadening Internet and smart phone usage, and a growing digitally savvy population, banks are rapidly embracing digitalisation to capitalise on the demand momentum. Financial institutions across the board are modernising their payments infrastructure to improve revenue outcomes, leverage efficiency, and maintain the highest standards of security and service for customers.
FSS offers an integrated portfolio of digital payments solutions that can be deployed in-house, hosted on FSSNeT (FSS private data centre) or on a public cloud. As part of its go-to-market strategy, FSS and JIT would bring a range of innovative products to customers in Sri Lanka. This includes Issuance – (Card Management, Instant Electronic PIN, Toggle – a card control mobile application), Acquiring (Internet Payment Gateway), Digital Security (3D Secure and Token Vault) Smart Back-Office (ATM Monitoring and Reconciliation) Digital Banking (Mobile Banking, QR Codes) to the Sri Lankan market.
Suresh Rajagopalan, President of Software Products at FSS, said: “Financial institutions and payment service providers on the digital transformation path are increasingly investing in building lean, agile infrastructure to improve response time to the market and deliver differentiated offerings. FSS’ end-to-end expertise in digital payments combined with JIT’s integration experience and round-the-clock, on-demand support will deliver compelling value for financial institutions and their customers.”
Piumika Ranasinghe, Head of Sales at JIT, added: “Combined with JIT’s reach, the partnership will bring best of breed products and services to the market. FSS Digital Banking solutions are a perfect fit for banks who want to transition to New Age Banking. JIT’s expertise in Project Management and post-sales support will further enhance this partnership.”
FSS has spearheaded the growth of retail and wholesale payments globally through a rich portfolio of payments products and services. The rapidly growing FSS customer base includes 100 leading banks as well as some of the world’s largest processors and retailers. In India, FSS customer portfolio comprises 35 plus leading public and private sector banks.
JIT is a veteran in the local ICT arena, with a history spanning 21 years as a leading ICT Systems and Solutions Integrator in Sri Lanka.