FSS Setsup EmBark to Fortify Indian MSMEs
Financial Software and Systems (FSS), a digital payment and financial technology company launches EmBark- an 'Acquiring Platform as a Service'. This platform is would facilitate digital inclusion for micro, small and medium enterprises (MSME) as it is reliable, cost-efficient payment acceptance tools to expand addressable market and to grab customer's attaction in the present digital economy.
K Srinivasan, Global Chief Revenue Officer FSS, states, “Medium and small businesses are on the frontlines of the Indian economy. With Embark our objective is to align with the governments of India’s vision to bring MSMEs into the digital payment fold, a crucial step for building an atma-nirbhar India. We want banks and other ecosystem players to collaborate with us in this journey and create a true network effect that would encourage adoption of digital payments and spur local entrepreneurialism and commercial activity.”
The MSMEs are considered as the backbone of Indian economy, as it contributes about 35 percent to the country's GDP. Still, the sector is underpenetrated and close to 95 percent MSME function in a cash economy.
EmBark is an multi-faceted payment acceptance platform, that interconnects crucial ecosystem players such as banks, merchant acquiring institutions and MSMEs, processors to utilize the created opportunity. Additionally, the company claims that the platform would have strong risk management and fraud detection capabilities in order to enhance authorization rates.
Sandeep Gomes, Global Business Head Acquiring FSS, says, “The digital wave is reinventing the MSME marketplace. Embark offers industry players a real opportunity to profitably tap into the underserved MSME segment by adopting ecosystem models to create a ubiquitous payment acceptance network and achieve service differentiation on the strength of innovative products and superior business models.”
