FSS Technologies (Financial Software and Systems), a global digital payment and financial technology company, announced today that Emrys La Carte, one of France’s leading consumer cooperatives has engaged with FSS to provide a hosted card issuance service. The Card Management Platform runs on FSSNeT, FSS’ secure private cloud. The managed services model drives operational efficiencies, with dedicated cross-functional teams assuming responsibility for technical operations, platform enhancements, data security and regulatory compliance.
Emrys is a cooperative neo-bank that unites its members around the innovative concept of solidarity consumption with fast growing membership across France and Belgium. FSS will help to enable the migration of their current paper-based offering to a modern card payment solution, with mobile app and online loyalty rewards.
Europe plays a significant role in the development of digital payments and commerce the world over with a growing number of digitally empowered consumers but also a challenging regulatory environment. FSS’s complete business solution for Emrys tackles these challenges head-on with a complete business solution which includes payment acceptance for in-store and online transactions, settlement, risk management and reporting.
Commenting on the occasion, Chief Revenue Officer-Global, K. Srinivasan, said: “We are proud to be the technology facilitator for Emrys and support its strategic goals to drive continued growth and innovation, particularly in prepaid. Our partnership marks the latest milestone in FSS strategy to continually innovate at speed and scale and to optimize revenue growth for all players in the acquiring and merchant space – not least here in Europe – an exciting region for worldwide payment leadership.”
Commenting on the partnership, Emrys founder and CEO, Wilfried Riviere said; “We chose FSS as our payment services partner after a rigorous selection process. Their world-class processing platform and ability to support product innovations will help us to bring a unique and differentiated service to consumers in France, Belgium and ultimately other European markets. Together we can increase the adoption of digital payments and effectively foster the creation of an inclusive-digital economy.”
The Emrys card program offers customers an instant virtual prepaid card linked to a mobile app to drive purchase frequency and deepen customer relationships. The card supports multiple-wallets – an open-loop wallet as well as a closed-loop loyalty rewards wallet. Customers can use the open-loop wallet, resident on the card, to transact at merchant outlets affiliated to the Emrys network or at non-affiliated stores. For purchases made within the Emrys affiliate network, customers receive points that are credited to their loyalty wallet at the end of the day. Customers have the complete flexibility to use a combination of loyalty points and funds available in the general-purpose wallet at any Emrys merchant affiliate.
The underlying FSS Card Management platform supports the complete gamut of capabilities to manage the lifecycle of the card including instant IBAN account issuance for funding wallet accounts, instant virtual card creation, advanced rule-based framework for defining membership tiers and eligibility criterion as well as integration with loyalty management systems. The system offers Emrys complete flexibility to load, delete and amend applications on the card, enabling quick roll-out of customer-centric card programs in response to evolving purchase patterns.
About FSS
Financial Software and Systems (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 29+ years of experience. FSS, end-to-end payments products suite, powers retail delivery channels including ATM, POS, Internet and Mobile as well as critical back-end functions including cards management, 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, UK/Europe, ME/Africa and APAC and has 2,500 experts on-board. For more information visit www.fsstech.com
About Emrys
Emrys is the world’s first cooperative neo-bank, bringing its members together around the world’s number one marketplace: household consumption. Emrys operates on the principle of network marketing and offers its members a new loyalty program that allows them to progressively increase their purchasing power. Because of its legal status as a cooperative, Emrys is located in the Social and Solidarity Economy (ESS) and conveys strong values of sharing, solidarity and proximity. You can at any time become a member of the co-operative and participate in its operation based on the democratic principle of “1 person, 1 vote”. http://www.emrys-guide.com/presentation