FSS Technologies Singapore has signed a multi-product deal with ACLEDA Bank to digitally overhaul its merchant operations and automate its terminal monitoring, reconciliation and settlement processes.
With a merchant base in excess of 150,000, and an increasing number of POS terminals, the bank was reportedly already handling one of the largest merchant portfolios in its native Cambodia.
Recognising its own need for a reconciliation and transaction settlement solution, the bank will now deploy FSS Merchant, FSS Active Device Monitoring and FSS Smart Recon; the trio forming the core of the software company’s primary solution.
It’s hoped that the technology will assist the bank in consolidating all of its merchant data into one application, in turn generating significant turn around time (TAT) gains and cost rationalisations.
Dr. In Channy, the bank’s president and group managing director, confirmed that it was the solution’s “previous experience in providing similar technologies…product credentials and demos,” in addition to its prestanding relationship with the bank’s regional partner Conscala, that cemented FFS as the right selection for accommodating “the next phase of growth in our business.”
Conscala, a Singapore-base technology consulting and services company, has an existing partnership with ACLEDA, and further entered a partnership with FSS to provide local account management support.
Speaking on the “ambitious plans” it has in store from the ASEAN region, FSS CEO Jaishankar A L added: “We, along with our partner Conscala, are determined to deliver a strong merchant management system that not only transforms bank’s current merchant business operations but also provides a strong base for scalability for its future business growth.”
FSS Smart Recon, which is benchmarked to process two million records per second, was one of the only solutions that could match such scale and velocity of transactions. Post-deployment, FSS’ solution will help the bank automate reconciliation and settlement processes and reduce manual interventions.