This partnership will enable FSS to provide its omni-channel acquiring platform to BRAC Bank to onboard merchants and enable digital payment acceptance across multiple touchpoints - in-store, mobile and online.
Chennai-headquartered FSS (Financial Software and Systems), a global provider of integrated payment products, on Wednesday announced its collaboration with Bangladesh’s BRAC Bank to help support the growth of digital commerce in the country.
This partnership will enable FSS to provide its omni-channel acquiring platform to BRAC Bank to onboard merchants and enable digital payment acceptance across multiple touchpoints – in-store, mobile and online.
According to the eCommerce Association of Bangladesh (e-Cab), digital payments over the last three years, have recorded a 100% year-on-year growth. The e-commerce industry in the country is expected to grow to $3 billion by 2023, driven by growing consumer preference for online and touch-free payments. The FSS platform will help BRAC Bank take advantage of the digital boom and accommodate new, in-demand digital and omni-channel commerce journeys.
The platform consolidates online, mobile, and in-store payment acceptance onto a single system to help merchants expand their digital business.
Archit Mylandla, executive director, FSS said; “Bangladesh continues to be a fertile and growing market for payments innovation in the South Asian region. We look forward to collaborating with BRAC Bank to expand its merchant payment capabilities and advance adoption of digital payments in Bangladesh. Our globally proven technology platform gives BRAC Bank the scalability and the flexibility needed to evolve with the market through continual product innovation and delivery of superior payments experiences to merchants.”
With the solution offered by FSS, merchants have access to an integrated payment platform that consolidates digital and physical transactions.
Khairuddin Ahmed Bappy, head of merchant acquiring, BRAC Bank, said: “As part of our transformation efforts, it’s vital that we’re working with experienced partners such as FSS, who can help us rapidly scale and bring innovative service experiences to merchants. The partnership helps us to lead the development of Bangladesh’s payments ecosystem and connect it with the wider region—and the rest of the world. FSS extensive experience gives us the technology foundation and the adaptability needed to rapidly grow our market share and readily support a broad range of merchants, with different risk levels, payment needs, and customer preferences.”