Chennai, India and Stockholm, Sweden, Sept. 16, 2021 — FSS (Financial Software and Systems), a leading global provider of integrated payment products and a payment processor, has been selected to work with Vopy Payments in a partnership designed to support European digital commerce growth through a premium embedded finance approach.
Embedded finance – which supports the integration of financial services into products and business processes of non-banks – is becoming increasingly relevant in Europe fuelled by Open Banking and digital transformation, with global growth predicted to exceed $138 billion in 2026[1]. FSS is among the leading providers of card issuance products globally, managing 800 plus million payment cards for Tier One banks and payment processors and is already helping to support the growth of embedded payments across multiple global markets. Vopy and FSS will collaborate closely, offering greater value to customers by combining FSS’s Unified Card Issuance Platform with particular emphasis on card management, support around 3DSecure adoption with FSS’s Access Control Server and integration of FSS’s Reconciliation Solutions.
“Our goal is to fully maximise the embedded finance opportunity with a broad solution set encompassing not only payments but also digital lending, saving and investment applications, leading ultimately to a fully rounded business proposition enriched with unique marketing and business services,” said Vopy CEO Kim Forsell. “We therefore needed a partner who shared our vision and selected FSS because it has a proven and robust payment processing solution and an experienced team of domain specialists to support continual innovation. Leveraging their know-how, we can refine our payment solutions bringing innovative added value services to the market to deliver superior, secure payments experiences.”
The partnership will focus on driving payments excellence for leading consumer brands among telecom providers, social network platforms, consumer tech and other business verticals across multiple markets in Europe, before extending into other markets in other regions.
“The global demand for embedded payments is increasing but none more so from businesses within Europe,” commented Krishnan Srinivasan, Chief Operating Officer FSS PayTech. “It’s testament to players such as Vopy that consumers and businesses across the region are already benefiting from their innovative, robust and secure solutions. We are confident that this partnership will accelerate their development even further and, in turn, contribute significantly to Europe’s digital payments ecosystem. We are happy that we can play a part in this, as a key contributor and partner to Vopy.”
About FSS
Financial Software and Systems (FSS) is a leader in payments technology and transaction processing. The company offers an integrated portfolio of software products, hosted payment services and software solutions built over 27+ years of experience. FSS, end-to-end payments products suite, powers retail delivery channels including ATM, POS, Internet and Mobile as well as critical back-end functions including cards management, reconciliation, settlement, merchant management and device monitoring. Headquartered in Chennai, India, FSS services leading global banks, financial institutions, processors, central regulators and governments across North America, UK, Europe, ME, Africa, and APAC and has 2,500 experts on-board. For more information visit www.fsstech.com
About Vopy
Vopy provides cloud-based infrastructure, built on blockchain technology, to integrate financial services into the customer user experience of any business. Vopy provides a variety of white labelled digital services such as payments, lending, and savings. Vopy´s target partners are recognized consumer brands with global market reach. Our mission is to enhance our partners customer experience by embedding financial services seamlessly into their core service offerings, leveraging our value proposition to increase customer lifetime value and enable new revenue growth. Vopy is based in Stockholm, Sweden. Since the beginning of 2017 the company has established a presence in several regions in different continents. For more information visit www.vopy.com.
[1] 20 July 2021 “Why the Future of Fintech is Embedded Finance” research paper from Juniper Research.