BancNet Picks FSS to Maximise Billing and Settlement Efficiencies
by Fintech News Philippines October 27, 2021Financial Software and Systems (FSS), a global provider of integrated payment products and a payments processor, announced a partnership with BancNet, a Philippines-based interbank network connecting the ATM networks of local and offshore banks.
FSS’ Business Support Suite enables BancNet to bring efficiencies of speed and scale to automate billing, as well as settlement for all switched transactions among participants.
The suite is a full stack offering which consolidates critical operations, such as partner management, fees computation, partner settlement, billing and dispute management, for a wide set of transactions, onto a single platform.
As a result, BancNet will be able to reduce operational costs, improve control and visibility across payment processes and lower risk exposure for member banks.
In 2020, BancNet reported that it had processed a record one billion transactions through its platform.
BancNet is a consortium of 124 members comprising banks, cooperatives, electronic money issuers, affiliate switch networks and independent ATM deployers in the Philippines.
It currently operates a network that spans more than 22,000 ATMs and 400,000 POS terminals.
Krishnan Srinivasan
Krishnan Srinivasan, Chief Operating Officer, FSS PayTech stated,
“We are proud to collaborate with Philippines’ largest payments consortium to modernise core billing, settlement processes and dispute management among participants for smooth functioning of the payments system.
The partnership affirms FSS’ ability to work with central institutions and deliver large-scale digital transformation projects.”
Arnel Lim, Chief Operations and Technology Officer at BancNet said,
“The efficiency from automating billing and settlement processes, including dispute management among the participants, helps us gain member trust, attracts more participants and more transactions onto our network, advancing our efforts to build inclusive digital payment ecosystems at scale.”
Featured image: Edited from Unsplash
