FSS and Everlink to Drive Card Payments Growth in Canada
Mumbai: FSS (Financial Software and Systems), a global payments technology company, announced today that Canada’s Everlink Payment Services Inc., a leading provider of payments solutions and services for Canadian credit unions, banks, and small and medium enterprises, has selected FSS’s Unified Card Management System to modernize card operations to support its future growth plans. The FSS solution was chosen as the replacement for Everlink’s legacy card issuance infrastructure to better respond to the needs of the market, with deployment scheduled to go live in the 4th quarter of this year.
Within the scope of the partnership FSS would implement its Unified Card Management System to manage debit and prepaid cards issuance from a single platform and also support transaction processing and programs for prepaid cards, bringing significant scale efficiencies. As part of the deal, FSS would replace the existing card issuance system with an API-based card management framework to simplify operations, reduce total cost of ownership (TCO) and mitigate obsolescence risk.
Speaking on the collaboration, Founder, Chairman and Managing Director, Nagaraj V Mylandla, FSS stated: “Everlink and FSS share a common vision to deliver convenient, flexible, simple payment experiences to customers. We are delighted to collaborate on this digital transformation journey helping to bring more choice and innovative services to the market. The Canadian market relies heavily on card spending and is digitizing rapidly. It is a market where FSS is deeply committed to work with partners such as Everlink to help revolutionize customer digital experiences.”
Mark Ripplinger, President and CEO, of Everlink, stated: “Consumers in Canada are rapidly adopting newer payment products, such as co-badged, prepaid and contactless cards. We needed a flexible solution, capable of modernizing our card management to extend our portfolio of products and services to respond to the needs of an increasingly competitive and changing market. We identified FSS as a partner in this critical transformation journey for its expertise in managing complex large-scale migration projects, its modern state-of-the-art solution, and most importantly, the approach, flexibility, and the willingness of their team to work with Everlink.”
The current FSS deployment would enable Everlink to migrate from a legacy mainframe-based to an open stack system that integrates seamlessly with payment systems. FSS Unified Card Management System manages the complete lifecycle of card programs and allows for flexible configuration of card products and new program features in line with marketing trends, improving time to market. It is built to support any card type, including instant physical and virtual debit and prepaid cards and a range of added value products like financial institution card controls. Architected to support a multi-institutional model, the system supports logical partitioning and offers complete data security and privacy to each member institution. Member banks connected to the Everlink platform would benefit from automated web-based workflows to rollout card programs as well as rich dashboards and seamless interface with the core banking systems, bringing significant efficiencies in terms of reduced operating and integration overhead.