Tuesday, October 26, 2021
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FSS Technologies forays into insurance market with first partnership

Integrated payment products and payments processor provider, FSS Technologies, announced its partnership with Askrindo, an Indonesian insurance services provider, catering to the insurance needs of medium and the small enterprise segment to support Indonesia’s economic development.

Askrindo has implemented FSS’ Smart Recon solution to modernize and maximize the efficiency of its reconciliation operations. Askrindo needed to automate time-consuming, manual spreadsheet-based reconciliation processes, which created challenges around efficiency, accuracy, and control.

“Askrindo is the latest addition in our growing base of reconciliation customers in the APAC region. Askrindo needed an experienced partner to address reconciliation challenges and we are excited to work with Askrindo to deliver a modern, web-based reconciliation framework, that would help unlock new operating efficiencies, reduce risk and ensure high levels of compliance,” Krishnan Srinivasan COO, FSS PayTech said in a statement on Tuesday.

FSS’ Smart Recon automates core workflows encompassing data extraction, enrichment and reconciliation, exception management and settlement. The advanced workflow automation significantly reduces time to close daily and period-end reconciliation activities, provides greater control over reconciliation processes, and improves regulatory compliance. This frees resources to focus on value adding tasks such as strengthening customer service, the company said.

“It was important for us to select the right technology platform on our digitalization journey that could meet current needs whilst providing us the flexibility to add more use cases for supporting future expansion. With FSS Smart Recon we are building an agile back-office that helps us optimize reconciliation cycles, reduce errors, and lower operational risk exposure,” said Rachmad Hidayat – Senior Vice President Division Head of IT at Askrindo.

FSS has partnered with Berca, one of the largest IT companies in Indonesia, to offer on-the-ground technical support to Askrindo for proactive service management and quick resolution of issues. For Askrindo, it rationalizes costs and eliminates rational overheads associated with running the day-to-day services.

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