Financial Software & Systems, a provider of payments technology and transaction processing, has announced an agreement under which it will serve as the exclusive system integrator in the Indian market for Montran Corp., a provider of payment, clearing and settlement systems.

According to a press release, the agreement with Montran will allow FSS to provide customized solutions to address the wholesale payments needs of the Indian banking industry.

FSS partnered with Montran a year ago to establish an integrated payments hub solution for a large public sector bank in India; the agreement strengthens the companies' relationship as it introduces compact payment ecosystems for additional banks in the country.

The solution offered by FSS and Montran is designed to help banks strengthen their multichannel strategy with less regulatory impact on their host systems, the release said.

"Our partnership with Montran is highly strategic in nature," FSS Managing Director Nagaraj Mylandla said in the release. "As a one-stop solution provider, FSS can now assist banks [to] realize their vision of streamlining and consolidating payments and aid them to increase operational efficiency, optimize resources and enhance customer experience."

"This partnership has given an opportunity for two payments solutions leaders to collaborate and provide best-in class technological solutions for the Banking industry," said Montran Director Charles Walsh. "Banks will benefit from our synergy, as we bring to the table FSS's in-depth knowledge and Montran's global expertise to provide a comprehensive payment ecosystem that comprises both retail and wholesale solutions."