Integrated payment products and a payments processor provider, FSS (Financial Software and Systems) on Monday announced that its Business Support Suite enables BancNet, the Philippines ATM switch operator.

BancNet is a consortium of 124 members comprising banks, cooperatives, electronic money issuers, affiliate switch networks and independent ATM deployers in the Philippines. The company said it has a 31-year track record of building digital payments infrastructure and currently operates a network that spans more than 22,000 ATMs and 400,000 POS terminals.

In 2020, BancNet processed a record one billion transactions through its platform, significantly contributing to the growth of the country’s digital payments economy.

“The Asean market is of strategic importance to FSS. We are proud to collaborate with Philippines’ largest payments consortium to modernise core billing, settlement processes and dispute management among participants for smooth functioning of the payments system. We remain fully committed and confident that this partnership will contribute to significant digital payments growth in the Philippines and the region,” Krishnan Srinivasan, Chief Operating Officer, FSS PayTech said.

The Business Support Suite is a full stack offering that consolidates operations such as partner management, fees computation, partner settlement, billing and dispute management, for a wide set of transactions, onto a single platform.

“The efficiency from automating billing and settlement processes, including dispute management among the participants, helps us gain member trust, attracts more participants and more transactions on our network, advancing our efforts to build inclusive digital payment ecosystems at scale,” BancNet Chief Operations and Technology Officer Arnel Lim said.