FSS and NIPL shake hands to boost UPI Global Footprint

Globally leading provider of integrated payment products, FSS (Financial Software and Systems) and India's largest payments processor, and NPCI International Payments Ltd (NIPL, International arm of National Payment Corporation of India), have signed a strategic joint venture to expand UPI (Unified Payment Interface) rails in international markets.

India is among the first countries globally to launch real-time payments rails, dispensing close to three billion transactions a month on the UPI network. Numerous governments and regulators globally, and emerging markets, in an exacting, are eager on modeling NPCI's success in building an interoperable, real-time payments infrastructure, supporting the long-term growth of the digital payments' economy.

The FSS and NIPL partnership bring mutually balancing capabilities to distribute a convincing end-to-end proposition to set in motion real-time payments at speed and minimal risk. Under the partnership, NIPL would tender its market-leading real-time payments dealing out the platform and technical insight to scheme operators whilst FSS would leverage its deep sphere considerate and experience in implementing large-scale national payments infrastructure projects, as well as UPI payment services for PSPs, to enlarge integration and support services.

"Worldwide the drive towards real-time payments is gaining momentum, with many countries embarking on modernization of payments infrastructure to broad-base the benefits of the digital economy. We are excited to partner with NIPL to bring a proven, best-in-class real-time payment offering that will speed innovation and adoption of digital commerce and have a wide-ranging economic impact. The implementation of real-time payments is complex as flavors differ across regions. The collaboration confirms FSS expertise and capabilities in delivering world-class payment infrastructures and services at scale around the world," said, K. Srinivasan, COO, PayTech.

Ritesh Shukla, CEO, NIPL, states, "At NIPL, we are dedicated to take our exemplary robust payments system to global markets and equip willing nations with resources and technological proficiency. FSS is a demonstrated leader in payments and its domain expertise combined with a strong international presence makes them a valuable partner to offer a market-leading, real-time payments system to millions of people across the globe. We look forward to attaining new highs with this partnership."