FSS Prepaid CMS Gets an Upgrade for Its Features and Supports Instant Lending

Suresh Rajagopalan, President of Products Business

FSS announces the addition of upgraded features to its Prepaid Card Management Systems (CMS). 

FREMONT, CA: FSS (Financial Software and Systems), a globally renowned provider of payment products and processor, announces the addition of upgraded capabilities to its Prepaid Card Management System (Prepaid CMS) to provide higher value to its cardholders. Prepaid card issuers now can issue instant, open-loop virtual co-branded merchant wallets combined with added value services like instant lending at the point of purchase to set apart their card products and drive higher spend rate per cardholder.

Being recognized as one of the Top 25 Banking Tech Solution Providers in 2018, by the APAC CIO Outlook magazine, FSS’s Prepaid CMS advanced API-based framework ensures rapid merchant enrolment, instant virtual card, and wallet creation, and the integration with merchant IT systems. FSS Prepaid CMS platform supports to its full suite of capabilities to better manage the lifecycle of the card, with added flexibility to load, delete, and amend applications, ensuring quick roll-out of customer-centric card programs. Currently, Prepaid CMS has been deployed by other leading prepaid processors globally and supports 150M cards. 

In the prepaid market segment that is commoditized, open APIs and banking generate possibilities for issuers to obtain additional value. FSS Prepaid CMS, via its advanced open API framework, allows prepaid card issuers to orchestrate customer-facing merchant ecosystems to broaden the scope of services and capture newer revenue streams. Card issuers can immediately provide exclusive merchant-branded wallets that is linked to a customer’s primary prepaid card account with just a few clicks. Issuers can also tap into popular spend categories to support a range of innovative consumer-centric propositions. 

Instant lending via prepaid cards enables card issuers to have a healthy relationship with the customer. Prepaid cardholders also have the option to top-up cards for paying orders, earn and track cashback, and access exclusive sales and offers. Customers also have the chance to obtain an additional line of credit on the same card depending on terms pre-determined by the issuers, eradicating the hassle of submitting paperwork again when they shop at a different merchant store.

While speaking on the new capabilities N. Sathish, Deputy CPO FSS, stated; “Enabling customer-facing ecosystems/marketplace are the primary driver of future value creation for digital commerce, in the open banking world. By opening the FSS Prepaid CMS platform to third party merchants, we allow card issuers orchestrate an extensive digital services ecosystem, multiplying opportunities for engagement and value creation. The combination of co-branded merchant wallets with added value services such as instant lending at checkout will help issuers build a satisfied and loyal base of prepaid cardholder and improve spend per card.”