FSS Tech inks pact with Qatar National bank

Chennai: Integrated payments technology company FSS Technologies has signed a multi-country engagement with the largest financial institution in the Middle-East and Africa, Qatar National Bank (QNB) to boost its efficiency on the reconciliation operations, the Chennai-based company said on Wednesday.

The FSS smart recon and dispute management has been implemented at the QNB, Oman, and the FSS dispute management module would soon be deployed by QNB, Sudan, to address customer disputes, a statement from the FSS Technologies here said.

FSS Technologies strengthens its global footprint with growing portfolio of customers for their smart reconciliation solution. The smart recon solution has helped the bank rationalise manpower costs by 30 per cent and further help achieve 50 per cent improvement in handling time.

"FSS smart recon draws on our extensive experience of serving diverse and evolving transaction reconciliation needs of global banks. We are pleased to be working with QNB to modernise reconciliation operations while protecting its cost base as volumes ramp up," said Jai Shankar AL of FSS PayTech. "With our zero-touch future-ready solution, we are confident of helping Qatar National Bank address reconciliation needs for new payment opportunities that lie ahead", he said.

QNB leverages FSS smart recon to perform two-way and three-way card reconciliation between the switch, inter-change and the core banking systems for Master Card, VISA, China Union Pay, JCB and Amex.

"In an era of rapid payments digitalisation, it is imperative that our back-office operations are in step with market-facing innovations. FSS extensive experience in serving reconciliation needs of multiple financial institutions globally has helped us transform our core reconciliation operations to better manage risk," said, Nedhal Al-Nuaimi, general manager (group operations), QNB Group.