Posted by New Delhi: FSS has launched EmBark – an ‘Acquiring Platform as a Service’ that allows acquiring banks, payment aggregators to enable digital inclusion for micro, small and medium enterprises (MSME).
EmBark, according to FSS is a reliable, cost-efficient payment acceptance tools to expand addressable market, engage with customers in new ways and today’s digital economy.
MSME contributes around 35% to the country’s GDP. Yet, the segment remains underpenetrated and an approximate 95% MSME operate in a cash economy.
EmBark is a multi-faceted payment acceptance platform that orchestrates interconnections between ecosystem players – banks, processors, merchant acquiring institutions and MSMEs.
With EmBark acquiring banks gain access to an underpenetrated MSME market via strategic partnerships and transforming the economics of MSME acquiring.
This alleviates acquisition and servicing costs and brings efficiencies into a high-volume, low-value business. Payment Aggregators benefit as they do not have to tie-up with each bank individually.
EmBark provides a single-entry point that reduces the time and effort spent on complex integrations, enabling them to focus on core business activities
FSS (Financial Software and Systems)is a payment processing technology company.
“With EmBark our objective is to align with the governments of India’s vision to bring MSMEs into the digital payment fold, a crucial step for building an atmanirbhar India,” said K Srinivasan, Global Chief Revenue Officer FSS
“We want banks and other ecosystem players to collaborate with us in this journey and create a true network effect that would encourage adoption of digital payments and spur local entrepreneurialism and commercial activity,” added Srinivasan.
“EmBark offers industry players a real opportunity to profitably tap into the underserved MSME segment by adopting ecosystem models to create a ubiquitous payment acceptance network and achieve service differentiation on the strength of innovative products and superior business models,” added Sandeep Gomes, Global Business Head Acquiring FSS
An all-in-one acquiring platform, EmBark brings the following benefits:
- Omni-channel digital payment acceptance capabilities– online, mobile in-store channels, and a range of payment methods on a single platform to expand into new markets and support new customer journeys.
- Complete set of transaction capabilities spanning processing, authentication, authorisation, and settlement
- End-to-end operations support including payments integration, connectivity to card and other payment rails, terminal and security certification and compliance
- Access to innovative payment propositions enabling MSME’s to launch new services
- Robust risk management and fraud detection capabilities to improve authorisation rates
- Unified reporting and built-in analytic tools for insights into business performance
Improved access to reliable easy to access payment services infrastructure improves adoption among MSME and promotes business growth. In addition, digital transactions leave an auditable trail that can be leveraged to gain access to institutional credit for further business expansion.