Despite the Covid-19 pandemic raging across the world, India’s payments technology and transaction processing major Financial Software and Systems (FSS) gained a firm foothold in the Canadian market bagging the mandate from Everlink Payment Services Inc to modernise its card issuance infrastructure, said top company officials.
“The multi-year deal was concluded during the Covid-19 pandemic. With our solutions in place, Everlink can launch prepaid cards. Everlink has over 230 credit unions with a cumulative number of accounts of about five million,” K.Srinivasan, Chief Revenue Officer-Global at FSS told IANS over the phone from Dubai.
The over Rs 1,100 crore turnover FSS would implement its Unified Card Management System to manage debit and prepaid cards issuance from a single platform and also support transaction processing and programmes for prepaid cards.
As part of the deal, FSS would replace the existing card issuance system with an application programming interfaces (API) based card management framework to simplify operations, reduce total cost of ownership (TCO) and mitigate obsolescence risk.
“In Canada, debit cards are more in use than credit cards. Prepaid cards are yet to become active. We will be delivering out services out of our centre in Chennai. We expect to go on live in Everlink in January 2021. The contract is for five years,” Srinivasan added.
According to Mark Pipplinger, President and CEO of Everlink, Canadian consumers are rapidly adopting newer payment products like co-badged prepaid and contactless cards.
He said Everlink needed a flexible solution, capable of modernising our card management to extend its portfolio of products and service in an increasingly competitive and changing market.
“The Canadian market relies heavily on card spending and is digitising rapidly. It is a market where FSS is deeply committed to work with partners such as Everlink,” FSS Founder, Chairman and Managing Director, Nagaraj V. Mylandla said.
Elaborating further on FSS’ Canada plans Srinivasan said the company will focus on leveraging its global expertise to deliver new propositions in the areas of prepaid card management, omni-channel acquiring, artificial intelligence based payments, strong customer authentication, and reconciliation solutions.
As regards other overseas markets, Srinivasan said FSS sees good potential in the Asia Pacific as more countries are looking at switching systems and benefit administration through prepaid cards.
For FSS, the major overseas markets are South Africa, the Middle East and some African countries. The company is also there in some European nations and in the US.
As regards the Covid-19 impact, Srinivasan said as of end of June, the business has revived back to 70-80 per cent of the business prior to the pandemic outbreak.
With four rounds of funding raised — the last one in 2015 from Azim Premjin — FSS is planning to go for the next round of funding by 2021.
The other major revenue stream for FSS with a headcount of over 2,400 is managing and running over 27,000 automatic teller machines (ATM) for over 30 banks in India.