Federal Bank Ties up With US-based Fiserv for Fully Digitised Credit Card Processing In a move to digitize its end-to‑end credit card issuance and processing cycle, Federal Bank has tied up with US-based Fiserv, a global provider of payments and financial services technology solutions.
By Shipra Singh
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In a move to digitize its end-to‑end credit card issuance and processing cycle, Federal Bank has tied up with US-based Fiserv, a global provider of payments and financial services technology solutions.
The Brookfield-headquartered fintech company will also support the launch of Federal Bank credit card by taking on the associated operational processes.
Federal Bank will make use of FirstVisionTM from Fiserv, an end‑to‑end managed services solution that enables card issuing and processing with global economies of scale and integrated capabilities that span the card lifecycle, the bank said in a statement.
Open APIs of FirstVision facilitate rapid application development, which in turn enable new capabilities to be brought to market more quickly and at a lower cost while helping to ensure local compliance.
Commenting on the tie-up, Shalini Warrier, Executive Director and Business Head – Retail, Federal Bank said "At Federal Bank, we have a track record of deploying the best digital infrastructure to cater to our customers. Fiserv supports our digital priorities and expansion plans. Their world-class technology platform and extensive local experience position us to offer an enhanced digital experience to our customers."
This integrated technology solution along with the business process outsourcing solution provided by Fiserv will not only reduce cost of ownership for the bank but also provide a seamless extension to its operations.
"The feature-rich card processing platform and operational tools provided by Fiserv help reduce the need for extensive up-front investments," said Nilufer Mullanfiroze, Country Head – deposits, cards and personal loans, retail banking, Federal Bank.
"This allows us to stay agile and focus our resources on delivering relevant solutions and excellent services to our customers as we continue to grow the business."
Fiserv provides technology solutions to financial institutions, including banks, credit unions, securities processing organizations, leasing and finance companies, insurance companies etc. The Fortune 500 company gives tech solutions in areas including account processing and digital banking solutions, card issuer processing and network services, payments, e-commerce, merchant acquiring and processing and the Clover cloud-based point-of-sale solution.
"Financial institutions in India are undergoing rapid digital transformation, and have further accelerated their digital agenda during the current pandemic. Fiserv stands ready to provide the right combination of digital capability, infrastructure, personnel and security to help our clients adapt, differentiate and operate more efficiently," said Ivo Distelbrink, EVP and head - Asia Pacific, Fiserv.
