Chennai, November 07, 2023 — Financial Software & Systems Pvt Ltd (FSS), a leading global provider of payments technology solutions, today announced that it has recently launched its IoT & AI/ML-enabled ATMs in India.
ATM operators have long been struggling with thin margins while facing multiple challenges in managing an ATM site and enabling the ATMs with cutting-edge technologies of IoT (Internet of Things), AI (Artificial Intelligence) and ML (Machine Learning) is expected to resolve 60% of ATM Issues remotely without any manual intervention.
FSS have been one of the leading managed services providers in the country for the last 17 years. Currently, the company services 25,000 ATMs for many private and public sector banks across India. FSS has already deployed IoT solutions for one of India’s leading private banks
The present ATM monitoring solutions are not able to identify or predict the point of failure, causing a delay in issue resolution. With this digital transformation, FSS will offer significant efficiency gains in areas of fault prediction, detection, and remote resolution.
Speaking on this development,Mr. V Balasubramanian, CEO, FSS CashTech, said,“ATMs play a pivotal role in India’s cash-driven economy. However, minimal technological advancements have been made to better the ATM landscape & operators are finding it difficult to keep this business profitable. With this technological initiative, we aim to revitalize the ATM industry in India by optimising ATM operations with tech and automation, resulting in enhanced ATM management, improved efficiency, increased uptime, and better customer experience.”
FSS is committed to the advancement of ATM services & management & digital transformation. Through collaboration with banking partners, FSS seeks to enhance security, streamline operations, and improve the ATM experience for all stakeholders. At present, FSS manages and operates 25,000 ATMs across the country, processing 7 billion transactions annually for 20 banks with its proprietary Transaction Switching Infrastructure. FSS recently launched its SaaS platform BLAZE, an advanced payments technology platform, designed to meet the diverse needs of banks and financial institutions and expects it to generate 70% of the company’s revenue by FY26.
About Financial Software and Systems (FSS)
Financial Software and Systems (FSS) is a globally leading provider of payments technology & a transaction processor. The company offers an integrated portfolio of software products, hosted payment services, & software solutions built on over three decades of global experience. FSS’s end-to-product portfolio includes Card Issuance, Omni-channel Acquiring & Merchant Management, Payment Analytics, Digital Security, Reconciliation & Settlement, & ATM Monitoring and Management. Headquartered in Chennai, India, FSS is India’s largest on-demand processing facility – FSSNeT, processing 3 billion+ transactions annually. The company manages & operates 25,000+ ATMs nationwide and 600M+ Mobile Banking Transactions Annually. FSS is also a strategic payments partner for leading global banks, financial institutions, processors, central regulators, and governments across North America, UK, Europe, Middle East, Africa, and APAC and has 2,500 domain specialists on board. Being a payments innovation pioneer through the decades with World-Class Solutions, the company has been empowering 150+ Customers in more than 26 countries.
FSS has already deployed IoT solutions for one of India’s leading private banks, specifically targeting their agency bank IT systems.
