FSS launches new financial inclusion solution eFinclusiv

Mumbai: FSS, a payments and fintech player has launched FSS eFinclusiv, a second-generation financial inclusion solution that leverages the India Stack to promote financial deepening among underbanked customers.

Payments are a two-sided business, with the utility of the payment instrument dependent upon the number of points customers can transact. FSS eFinclusiv, an integrated payments suite, is designed to address the two-sided nature of payments. FSS eFinclusiv leverages the India Stack to bring consumers, merchants and suppliers of financial services, onto a single platform, generating network effects and fuelling transaction growth.

For customers, eFinclusiv supports account opening, cash deposits, withdrawals, money transfers and payments. The system supports card-based and card less transactions using the customer’s biometric (Aadhaar — India’s national ID) throughout the process. For merchants, FSS eFinclusiv enables biometric-based payment acceptance using their mobile device. In addition, FSS eFinclusiv exploits the capabilities of the India Stack to offer electronic Know Your Customer, eSign and Aadhar Vault capabilities for cost-efficient and secure services delivery.

FSS eFinclusiv exposes APIS enabling digital service providers profitably collaborate with third party applications. The eFinclusiv APIs includes cash withdrawal, deposits, digital KYC and more. Banks benefit as it helps them deepen the traditional customer-bank relationship and rapidly grow market share.

“We have shown great progress in improving financial services access in India. This brings sizable business opportunities to capture new markets and drive adoption of financial products among underserved segments. FSS eFinclusiv provides a commercially viable pathway to achieve universal financial inclusion by helping digital financial service providers innovate and efficiently deliver a broad portfolio of products,” said Suresh Rajagopalan, President Software Products – FSS.

Built leveraging the India Stack, FSS eFinclusiv offers a complete digital payments solution for advancing financial inclusion and empowering underserved segments. The key solution components include:

– FSS eKYC: Aadhaar-enabled e-KYC processes help service providers fulfil their Know Your Customer requirements and halves costs and time relative to paper-intensive processes
– FSS eSign: Allows customers with a valid Aadhaar card and a registered mobile number to use the service to sign documents, enabling a range of use cases from remote merchant on-boarding to supplier contacts and payments
– FSS Digilocker Gateway: Allows customers to save as well as fetch personal documents from a cloud-based repository (Digilocker account) for eSigning, Account, Loan Opening, eNACH
– FSS Aadhaar Vault: Tokenizes Aadhaar numbers by replacing underlying value with a unique equivalent. This removes identity information throughout the token domain where data can be vulnerable and, if stolen, used for fraudulent purposes
– FSS API Hub: Exposes APIs for rapid prototyping of a new breed of added value services including micro-loans, micro-savings, insurance, creating additional monetization opportunities for service providers
– FSS Aadhaar Enabled Payment Services: A doorstep agent banking solution, FSS AEPS leverages digital technology to expand the bank’s presence beyond traditional branches and provide services to dispersed rural and peri-urban populations
– FSS AadhaarPay: Builds a scalable, acceptance network by enabling micro-merchants to use low-cost mobile devices for accepting Aadhaar-based payments.

Related posts

Leave a Comment

nineteen − 13 =