FSS Technologies Singapore Pte Ltd., a provider of banking and payment tech solutions, announced a partnership with ACLEDA Bank, Cambodia’s largest commercial bank, in a multi-product deal “to consolidate and digitally transform its nation-wide merchant operations and automate its terminal monitoring, reconciliation and settlement processes.”
With a base of 150,000+ merchants, and for an increasing number of POS terminals, ACLEDA has been handling “one of the largest” merchant portfolios in Cambodia.
The banking institution required a reconciliation and transaction settlement solution that would match up to the scale and growth of the bank.
FSS’ multi-product solution comprising of FSS Merchant, FSS ADM (Active Device Monitoring) and FSS Smart Recon will “help ACLEDA consolidate all merchant related data across multiple systems under one application, provide real-time insights into their multi-estate POS network and reduce downtime.”
FSS Solution will “help ACLEDA in bringing merchant operations under one interface that would lead to significant TAT gains (Turn Around Time) and cost rationalizations.”
Dr. In Channy, President & Group Managing Director of ACLEDA Bank Plc, said:
“It was imperative for us to first streamline and consolidate our merchant management systems before we could focus on the next phase of growth in our business. ACLEDA was looking for a reliable technology provider who could not only provide a comprehensive solution but could also handle the scale and help us optimize our current operations. FSS was quick to understand our core issues and identify business needs.”
He added:
“FSS’ years of experience providing similar technology solutions, product credentials, demos, and a strong relationship with our regional partner Conscala, gave us the confidence to go ahead and partner with FSS and transform our merchant systems and reconciliation operations.”
Conscala is one of the growing tech consulting and services company in Singapore, “specializing in banking and payments domain and have a dedicated focus towards the emerging markets of the Asia Pacific.”
Conscala had an existing partnership with ACLEDA, and further “entered a partnership with FSS to provide local account management support and ensure timely completion of milestones while working closely with FSS’ delivery team.”
Jaishankar A L, CEO FSS said:
“We have ambitious plans for the ASEAN region and are proud to have ACLEDA Bank as our first client in Cambodia. To have ACLEDA as the latest addition to our customer base is a testament to FSS’ capability to deliver in new and growing markets. 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 2 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.”