Financial Software & Systems Pvt. Ltd. (FSS), a Chennai-based payments technology and transaction processing company, has inked agreements with six banks to provide UPI (Unified Payment Interface) solution across the country on a hosted platform. UPI facilitates easy and seamless person-to-person (P2P) and person-to-merchant (P2M) transactions for end-customers. Suresh Rajagopalan, President (Software Products), FSS, said UPI supported all transactions. Typically, it will see FSS develop custom-built UPI app for each bank. A bank customer can download this app in his/her mobile devise, register the account number and take a virtual address.
“This virtual address is mapped to some identified parameters,’’ Mr. Rajagopalan saidUPI is an initiative undertaken by National Payment Corporation of India (NCPI).
