Financial news

Financial Software & Systems Pvt Ltd (FSS), a provider of payment technology solutions, has launched a new platform aimed at addressing the evolving needs of banks and financial institutions.

The platform, known as BLAZE, is designed to meet the growing demand for scalability and security within the financial sector. It serves to cater to a wide range of future banking requirements.

One of BLAZE’s notable features is its architecture’s ability to process more than 5,000 transactions per second through the FSS Payment Gateway, highlighting its performance-enhancing capabilities.

Beyond speed and scalability, BLAZE promises to deliver efficiency gains, improved fraud prevention mechanisms, and enhanced services for financial institutions. For instance, the BLAZE-powered FSS Payment Gateway can handle more than 5,000 transactions per second, ensuring robust performance even during peak usage periods, which is crucial in the context of the increasing adoption of digital commerce.

Traditionally, banks relying on legacy systems face challenges in terms of integration, customer experience, and rising transaction costs. BLAZE aims to tackle these challenges by facilitating seamless integrations and enabling financial institutions to swiftly introduce innovative payment offerings, enhancing their competitive edge.

According to V Balasubramanian of FSS, BLAZE represents a significant milestone in their journey of innovation.

“It embodies our commitment to innovation and reflects our vision for the future of payments. We have created a payments industry-focused platform, which will help banks achieve their digital transformation goals. BLAZE enables banks and financial institutions to deliver novel and innovative payment experiences to their customers.”

FSS handles over three billion transactions annually through FSSNeT, operates a nationwide network of 40,000+ ATMs, and manages over 600 million mobile banking transactions each year.