FSS plans to ‘EmBark’ MSMEs in their digital journey

NARAYANAN V Chennai | Updated on August 13, 2020

Nagaraj V Mylandla, Founder and CMD, Financial Software and Systems

Digital payment and financial technology company Financial Software and Systems (FSS) on Thursday launched EmBark - an ‘Acquiring Platform as a Service’ to digitally strengthen micro, small and medium enterprises (MSME) sector with reliable, cost-efficient payment acceptance tools.

Designed as a multi-faceted payment acceptance platform, EmBark will provide an interconnection between crucial players in the ecosystem: banks, processors, merchant acquiring institutions and MSMEs.

A merchant acquirer (or acquiring bank) is a bank or financial institution that processes credit or debit card payments on behalf of a merchant.

“We did very well during the demonetisation programme. We enabled digitisation and digital payments and on the ATM side we ensured cash was still available,” Nagaraj V Mylandla, Founder and CMD of FSS told BusinessLine.

“But Covid is a different situation where both cash and digital are required. We were catering to the requirements of our customers mainly banks and merchants and now we are focusing on MSMEs,” he added.

Mylandla also said that EmBark gets extended to its Aadhaar Enabled Payment System (AePS) product and programme which enables financial inclusion of people in rural India.

“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,” Srinivasan added.

EmBark will enable acquiring banks to gain access to hitherto under penetrated MSME market via strategic partnerships thereby removing acquisition and servicing costs. Payment aggregators do not have to tie-up with each bank individually as will EmBark provide a single-entry point that reduces the time and effort spent on complex integrations.

Improved and reliable access to payment services infrastructure adoption among MSME will promote their business growth.

“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,” said Sandeep Gomes, Global Business Head Acquiring FSS.

Published on August 13, 2020

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