Money & Banking

FSS launches eFinclusiv AEPS 2.0

Our Bureau Mumbai | Updated on May 19, 2020 Published on May 19, 2020

Digital payments player FSS (Financial Software and Systems) on Tuesday announced the launch of eFinclusiv AEPS 2.0, which is expected to strengthen last-mile banking services.

“Amidst the transforming dynamics of the global pandemic, FSS eFinclusiv AEPS 2.0 is aimed at enabling digital financial service providers offer secure, low-cost financial tools that expand the usage of digital banking products across diverse customer groups, and moderate and low-income segments in particular,” it said in a statement.

The move comes amidst significant growth in transactions through Aadhaar-enabled payment system with the government releasing cash subsidy to help beneficiaries in the lockdown.

FSS eFinclusiv 2.0 has new features for digital financial service providers and customers, including UPI to withdraw funds, it said.

Customers will not have to carry cards or recall their Aadhaar number anymore as banking correspondents who have a micro-ATM can initiate a withdrawal request on behalf of the customer by entering the UPI virtual private address and PIN, it said.

Customers will also be able to view their bank account balance before confirming the payment, and the money is instantly debited from their account, giving them a real-time view of their available finances, it added.

“The new innovations available in Version 2.0 are designed to strengthen last-mile cash-in, cash-out networks and improve efficiencies in delivering essential banking services to 1.3 billion Indians,” said Sathish N, Deputy CPO, FSS.

Banks, including India Post Payments Bank, have deployed FSS eFinclusiv AEPS.

Published on May 19, 2020

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