Post on 19-Nov-2021
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FSS Bill Pay
Accelerate Recurring Revenue, Keep your Customer Happy
Bill Payments are a utility service but are increasingly becoming a vital touch point for payment providers to engage customers and build long-term relationships. With advances in digital technology, customers expect seamless, friction-free payments, processed in real-time, over their preferred channels.
Today’s bill payment solutions have a renewed role in helping payment providers deliver
omni-channel billing and payments experiences that empowered customers now expect.
FSS can help payment providers achieve differentiation and leadership, leveraging its strong set of domain skills and global experience of working with incumbent and greenfield payment providers.
Designed to respond with agility to market trends, FSS Bill Pay, a full-stack, digital bill payment platform, consolidates bill presentment, payment processing, a range of added value capabilities and data insights to help payment providers differentiate their offerings and meet service expectations of empowered customer and diverse biller segments. Centred around consumers’ needs, FSS Bill Pay is built around three core principles:
The Bill Pay Promise
OPEN
Exposes APIs to embed bill payment capabilities in a range of owned as well as third party applications.
EXPANSIVE
Dedicated payment processing capability accepts payments originating from any payment instrument, channel and payment network to address a wide customer segment.
INTELLIGENT
Provides insights into customer payment patterns to optimise business performance.
Benefits At a GlanceAssured Revenue Stream
Provides a stable revenue stream due to the recurrent nature of bill payments.
Boosts Customer Satisfaction
Superior multi-channel digital payment experiences improve customer stickiness and lifetime value.
Boosts Operating Efficiencies
Alleviates cost overheads related to customer service, transaction processing, and reconciliation, improving margins per transaction.
Accelerates Collections
Improves collections and reduces days outstanding (DSO) via support for popular payment mediums.
Deliver Customer-Centric Payment Propositions
FSS Bill Pay provides flexible, easy-to-use and payment tools aligned to customers’ transacting journeys. Bills can be viewed on demand and customers can pay using their preferred payment mode through any supported channel, improving payment velocity.
Value FSS Delivers
ANY CHANNEL
Kiosk
Online Portal
Mobile App
In-Store (PoS Payments)
Voice Bots
Digital Banking
Social Channels
QR Codes
Google Wallet
Apple Wallet
RTP Rails ( UPI)
Debit + PIN
Debit +CVV
Debit + OTP
Prepaid Cards
Credit Cards
Net Banking Rails
Regional Pay Wallets
ANY INSTRUMENT
ANY PAYMENT TYPE
Prepaid
Postpaid
One-Time
Auto Pay
Full Payment
Partial Payment
Equated Monthly Instalments
School Fees
Citizen Payments
Everyday Bill Payments
Insurance
Utility Payments
ANY USE CASE
Bill Pay provides a widening array of added value capabilities, enabling payment providers to expand their customer base and deliver engaging digital experiences.
Deepens Digital Engagement with
Added Value Capabilities
Voice Bills
Transforms the payments experience by enabling customers to track and pay bills using voice bots. All transactions are protected via a Voice PIN and are verified using out of band dual factor authentication.
Single Click, Multi-Payments
Allows customers to bundle payments to diverse billers in a single transaction. At the backend Bill Pay automatically splits and settles the transaction with respective billers.
Autonomous Payments
Puts payments in an auto-pilot mode by empowering customers with a set of programmable controls – date, frequency, and amount thresholds –for auto-debiting accounts.
Scan and Go Payments
Allows customers to pay bills by scanning QR codes. Bill Pay supports payments using proprietary as well as standard QR codes including Bharat QR.
Pay By Link
Embeds a secure payment link within text messages, email, social channels, QR codes and digital invoices. The link directs customers to an FSS or an external hosted checkout page for completing the transaction using a payment mode of their choice.
Intelligent Alerts
Engages customers through the payment journey – with prebuilt notifications for upcoming, missed, or overdue payments as well as payment status and confirmation alerts.
Multi-Lingual Support
Allows customers to customize the language on invoices and checkout forms, boosting customer retention rates.
FSS Bill Pay extends multiple integration modes for rapid biller onboarding. Billers can integrate their application with FSS Bill Pay using a comprehensive set of Developer APIs and integration tools or by using standard file formats. Billers can opt for an approach that best fits their organization’s business requirements, preferred integration method, and security requirements.
Orchestrates Expansive
Biller Ecosystems
ONLINE STANDARD APIS
Supports standard API integration
kit for billers OFFLINE INTERFACE
Integration uses agreed file formats between
biller and the Bill Pay system
ONLINE INTERFACE
System integration based on specification
shared by billers
Omni-channel payment processing capabilities accept and process payments originating from in-store, mobile or online channels. Payment providers have the flexibility to integrate payment processing capabilities directly into their Bill Pay portal or opt for a branded hosted payment checkout. A dedicated transaction processing capability improves ratio of successful transactions and saves transacting costs by eliminating reliance on third party payment processing providers.
Cost-efficient Transaction Processing
Easy to integrate cross-platform payment processing capability
Custom-branded online checkout
Support for multi-instrument, multi-currency payments Native OTP
Maximizes Revenue with
Tailored Fee ModelsBill Pay offers a wide choice of models to help billers monetize their product portfolio. Bill Pay supports varied business models including one-time fee, bundled fee, fixed fee, discounted fee, freemium, subscription-fee, and metered, consumption-based fee. In addition, the system has built-in support for coupons, free trials, prorations, add-ons, and overages.
To maximize revenues, payment providers can customize fee models along multiple dimensions – periodicity, prepaid and post-paid, payment channels, biller category, individual fee profile with the flexibility to swiftly iterate models in alignment with emergent market trends.
Improves Biller Stickiness
FSS Bill Pay helps payment providers deliver an optimal services experience whilst reducing the cost to serve. A built-in mobile responsive self-service console enables billers to flexibly manage accounts, track transactions, view transaction trends, analyse business performance and raise queries and disputes.
Rationalizes Cost to Serve
FSS Bill Pay Complaints Management portal enables customers to log and track transaction and service-related complaints. Automation of complaint related workflow for faster resolution prevents churn and improves customer lifetime value.
Minimises Risk Exposure and
Protects RevenueFSS Bill Pay offers a comprehensive set of anti-fraud tools to safeguard customers and minimise risk loss. This includes:
Tailored Risk Rules
To meet business protection needs, supports custom velocity and volume checks, along a range of parameters - periodicity, biller, channel, and source IP.
Profile Billers and Customers
Set-up criterion for blocking and white-listing customer and biller profiles.
Alerts and Notifications
Monitors and flags all transaction and system related events, enabling faster detection of abnormal activity.
Integrates with FRM Systems
Interfaces with enterprise fraud and risk management tools and additional identifier databases to create risk profile for customers and transactions.
Safe and Secure
Compliant with PCIDSS 3.2 standards, Bill Pay meets established industry standards safety of information and payments.
Boost Performance with
Data-Driven InsightsBill Pay offers 40+ reports to service provider to make informed business decisions. Additionally, FSS offers Analytics-As-a-Service to help payment providers leverage transacting and operating data to boost business outcomes.
Data-Driven
Aggregate Transaction Trends
Improves sales targeting by planning sales and promotion strategies based on preferred payment methods, merchant category, time of shopping and location.
Biller Performance
Classify billers based on recency, frequency and volume of activity, collection rates, chargebacks to finetune biller acquisition and retention models.
Customer Reports
Analyse growth, churn, and retention rates with automatically generated reports to refine go-to-market strategies.
Operational Reports
Adjust strategies to reduce transaction declines as well as lower chargebacks and disputes.
Architected for Agility and InnovationFSS Bill Pay solution is a modern payments platform which is agile, flexible, and scalable.
Innovation
Designed for an Open Payments Era
An API-first application makes it easier to connect with existing front and back-office systems saving, integration costs and effort and improving time to market.
Open APIs allow payment providers to support multiple open payments initiatives, accelerating innovation via integration with external marketplaces and ecosystems opening new monetization models.
Comprehensive Componentized Payments Suite
The solution comprises three components – Bill Payments, Payment Processing and Reconciliation. Services providers can choose to implement the complete solution or necessary components in line with their business needs.
Scalable, Extensible Platform
A payments platform built for scale, which processes growing digital payments volumes, as well as enables payment providers to accelerate building complementary capabilities in line with changing industry dynamics.
Flexible Deployment ModelsFSS Bill Pay can be deployed on-site or used a service (SaaS) on FSSNeT, FSS secure private cloud. An As-a-Service model variabalises costs and offers several advantages.
Lower compliance overheads - Save on PCI costs
Seamless access to the latest innovations – without time-consuming upgrades or expensive
customizations
Accelerate time to market-Speed of integration; days not months
PA
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FA
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LA
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Biller Management
Customer Management
Fee Definition
Self Service Portals
Dashboards
Risk and Security Management
CBS
Biller IT Systems
Recon
FSS PayPulse
Voice Commerce
ACS/Risk Modules
SMS Gateway
POS
Online
Voice Assistants
Mobile Wallet
Digital Banking
An Inside View
Financial Software and System (FSS) is a leader in payments technology and
transaction processing. The company offers an integrated portfolio of
software products, hosted payment services and software solutions built over
30+ years of experience. FSS, end-toend payments products suite, powers
retail delivery channels inclusing ATM, POS, Internet and Mobile as well as
critical back-end functions including cards managements, reconciliation,
settlement, merchant management and device monitoring. Headquartered
in Chennai, India, FSS services leading global banks, financial institutions,
processors, central regulators and governments across North America,
Europe, Middle East, Africa and APAC and has 2,500 experts on-board.
For more information, write to products@fsstech.com
About FSS