FSS (Financial Software and Systems) announced its commitment to support the country’s banks to strengthen digital payment capabilities in the Kingdom of Saudi Arabia (KSA).
KSA is among the advanced digital payment economies in the GCC, with growth propelled by a combination of strategic investments in building digital infrastructure and enabling regulatory policy framework. A proactive proponent of electronic payments, KSA has set an ambitious target to achieve 70% non-cash transactions by 2030, opening promising revenue opportunities for established banks as well as fintech players.
The growth is also poised to bring in disruption from new market entrants, emergence of expanded value chains and increasing demand for frictionless, personalized payment experiences from consumers. Banks are looking to organize their businesses differently and build new capabilities to exploit new payment flows driven by the Power of 4 – Smart Cities, Smart Customer, Smart Stores and Smart Homes. FSS, with its rich digital assets on the Issuance and the Acquiring side, is committed to helping Tier One banks and processors in Saudi Arabia to accelerate digital transformation initiatives – aligned around Vision 2030.
Krishnan Srinivasan, Global Chief Revenue Officer, FSS, said, “To deepen digital payments in KSA, it is important for each payment ecosystem player to understand the potential and determine its unique winning approach. That is where FSS as a processor as well as an enterprise-grade payments technology company can make a monumental difference to KSA’s payment vision. We are making significant investments to bring innovative digital payment solutions tailored to the needs of the KSA market as well as building a strong network of local partners to strengthen our delivery and support capabilities in the country.”
FSS has established a strong presence in the payment technology supplier market in the GCC, and its solutions are used by over 40+ banks in the region. In KSA, the company currently works with leading acquirers and has signed deals with in-country channel partners to strengthen its go-to-market strategy. FSS is ready to support:
- The shift from siloed product-centric banking to omni-channel, API-driven banking models, enabling banks to deepen customer engagement and curate new value pools by collaborating with FinTechs
- The development of next generation commerce, offering merchants a unified platform for processing e-commerce and in-store transactions
- The rise of real-time transaction rails and modernization of existing platforms and systems as ‘in-flight’ changes are made to accommodate the need for speed.
- The increased leverage of Big Data, with a focus on best-practice analytics to manage risk and cost and support enhanced business performance.
- The increased need for a frictionless payment experience whilst meeting increased pressure for risk-free, fully secure transactions between multiple and diverse parties.