India’s FSS Backs Ecentric Payment Systems; Vista Group Taps Temenos For Digital Transformation

Welcome to The Axis, your late look at payments news from around the world. Coverage includes India’s Financial Software and Systems (FSS) investment in South African payment processor Ecentric Payment Systems. In addition, African challenger bank Vista Group has selected banking software company Temenos to help with its digital transformation, and Australia FinTech firm PayRight has notched more than $30 million in financing.

India’s Financial Software and Systems (FSS) is backing South African payment processor Ecentric Payment Systems with a strategic investment, The Economic Times reported. The firm has reportedly taken a 46 percent stake in the company via primary and secondary investments. At the same time, it was reported that the company could “further its stake holding” potentially in the future. As its stands, Ecentric counts retailers and Tier-1 banks in its portfolio. FSS Managing Director Nagaraj Mylandla said, according to reports, “The partnership will help us leverage mutual synergies to strengthen our presence in Africa’s largest markets and drive increased growth for FSS payment acquiring and other solutions.”

African challenger bank Vista Group has tapped banking software company Temenos to help with its digital transformation, according to an announcement from Temenos. The group has chosen the risk and compliance as well as the analytics and reporting modules along with the Temenos Payments Hub product. According to Temenos, the software will let the bank roll out new products and services faster, help it become the financial institution of choice in its markets as it also bolsters its growth ambitions. Vista Bank Group Chairman Simon Tiemtore said in the announcement, “This will help us realize our vision of building a truly pan-African financial institution group that will add value to the African economy and promote financial inclusion.”

And Australia FinTech firm PayRight has notched more than $30 million in financing through a combination debt and equity headed up by Henslow, a corporate advisory farm, in conjunction with Escala Partners, according to reports. The company’s recent raise encompassed existing shareholders in addition to new sophisticated and professional investors. As it stands, the capital is said to back growth such as international expansion and hiring. The company, which is a provider of payment plans, lets merchants offer shoppers a buy now, pay later payment option designed for larger ticket items in mind. Henslow Director Andrew Woodmore said, according to reports, “The Company provides an innovative and valuable solution to merchants and customers, and is well placed to continue significant growth as consumers continue to adopt buy now pay later solutions.”