FSS Technologies, an integrated payments technology company, has announced a multi-country engagement with Qatar National Bank (QNB). With this partnership, the FSS Smart Recon solution and Dispute Management implemented in QNB Qatar and QNB Oman and the FSS Dispute Management module will soon deploy by QNB Sudan.
The surge in digital payments adoption combined with the emergence of new payment rails and greater regulatory oversight. In the Middle East region, it has fuelled the need for digitalising critical reconciliation systems. FSS Smart Recon solution is a crucial component of QNB’s strategy to be digital to the core. Therefore, will automate and provide greater control over financial close processes, according to a statement from FSS Technologies.
“We are pleased to be working with QNB to modernise reconciliation operations while protecting its cost base as volumes ramp up. With our zero-touch, future-ready solution, we are confident that we would help Qatar National Bank scale to address reconciliation needs for new payment opportunities that lie ahead.”Jaishankar A L, CEO of FSS PayTech
QNB leverages FSS Smart Recon solution to perform two-way and three-way card reconciliation between the Switch, Interchange, and the Core Banking Systems for Mastercard, VISA, China Union Pay, JCB and Amex.
A statement from FSS Technologies said, FSS Smart Recon has helped QNB reap substantive efficiency gains post-deployment. By optimising time-intensive, manual tasks, FSS Smart Recon lowers reliance on busy IT support teams and rationalises manpower costs by 30 per cent. The streamlining of reconciliation processes has further helped achieve a 50 per cent improvement in exception handling time. Hence, translates into lower dispute volumes and higher customer satisfaction.
“In an era of rapid payments digitalisation, as a market leader, 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. Moreover, to address need for timely compliance with regulatory demands and achieve operational excellence.”QNB’s GM – group operations, Nedhal Al-Nuaimi
With this partnership FSS strengthens its global footprint with a growing portfolio of customers which includes Airtel India, Askrindo Indonesia, BancNet Philippines to name a few.