NEW DELHI: Financial Software and Systems (FSS), a global payments technology company headquartered in India, has made a strategic investment in Ecentric Payment Systems, a Standard Bank subsidiary and a payment processor in South Africa.
FSS has acquired a 46% stake in Ecentric through a combination of primary and secondary investments, with a potential to further its stake holding, according to a release.
FSS, with three decades of experience, has a comprehensive and integrated payments portfolio. FSS offers expertise in issuance, omnichannel acquiring, digital banking, processing and switching, ATM managed services, ATM and POS monitoring, reconciliation and settlement, digital security and payment analytics.
Headquartered in South Africa, Ecentric, a Standard Bank subsidiary, is a payment switching and retail value added services provider. With a customer portfolio comprising 50+ Tier-1 banks and retailers, Ecentric has a presence in domestic and other African markets for its payment acceptance solutions, the release added.
Ecentric processes transactions for a majority of Tier-1 retailers and, small and specialized retail outlets. The product and service offerings include card processing, value added services, remittances, issuing, cash management and reconciliation.
The Ecentric investment will provide FSS a platform to build a fintech hub focused on the development of payment solutions tailored to the requirements of the African region.
Commenting on the announcement, Nagaraj Mylandla, managing director, FSS stated, “We are pleased to join Ecentric as an institutional investor in the company. We see the investment as an opportunity to achieve a leadership position in the African payments space. The partnership will help us leverage mutual synergies to strengthen our presence in Africa’s largest markets and drive increased growth for FSS payment acquiring and other solutions.”