Cambodia’s biggest commercial bank, ACLEDA Bank, has recently joined forces with a Singapore-based payment and banking solution provider, FSS Technologies. This partnership is a multi-product arrangement to unite and revamp its global merchant operations; the goal is also to automate the terminal monitoring process, settlement, and reconciliation process as well.
A reconciliation and transaction settlement solution was required to accommodate the bank’s size and expansion. ACLEDA will be able to aggregate all merchant-related data from various sources into a single application with the aid of FSS’ multi-product solution, which consists of FSS Merchant, and FSS ADM (Active Device Monitoring), and FSS Smart Recon. This solution will also give ACLEDA real-time insights into their multi-estate POS network and help them minimize outages. FSS Solution will assist ACLEDA in unifying merchant activities through a single interface, resulting in significant improvements in TAT (Turn Around Time) and cost reductions.
Dr. In Channy, President & Group Managing Director, ACLEDA Bank Plc, stated, “It was imperative for us to first streamline and consolidate our merchant management systems before we could focus on the next phase of growth in our business. ACLEDA was looking for a reliable technology provider who could not only provide a comprehensive solution but could also handle the scale and help us optimize our current operations. FSS was quick to understand our core issues and identify business needs. FSS’ years of experience providing similar technology solutions, product credentials, demos, and a strong relationship with our regional partner Conscala, gave us the confidence to go ahead and partner with FSS and transform our merchant systems and reconciliation operations.”
Conscala is a rapidly expanding technology consulting and services firm in Singapore that specializes in the banking and payments sector and has a single-minded focus on the Asia Pacific region’s emerging economies. Conscala already had a partnership with ACLEDA and formed another with FSS to enhance the regional accounting system, guarantee the prompt achievement of goals, and collaborate extensively with FSS’ delivery team.
Jaishankar A L, CEO, FSS, commented, “We have ambitious plans for the ASEAN region and are proud to have ACLEDA Bank as our first client in Cambodia. To have ACLEDA as the latest addition to our customer base is a testament to FSS’ capability to deliver in new and growing markets. We, along with our partner Conscala, are determined to deliver a strong merchant management system that transforms the bank’s current business operations and provides a strong base for scalability for its future business growth.”
One of the few systems that matched such size and transactional frequency was FSS Smart Recon, recognized to process 2 million records per second. After implementation, the bank will benefit from FSS’s solution by automating reconciliation and settlement procedures while minimizing manual involvement.