FISERV
Fiserv is helping clients , including fintechs and global brands , unlock new revenue streams with solutions that reach virtually every US household
WRITTEN BY :
ALEX CLERE
To anyone well-versed in marketing speak , descriptions of a superlative nature are usually best avoided . Anything that is the ‘ biggest ’, the ‘ most ’, or the ‘ best ’ is usually nothing more than corporate bluster and hype . But no matter which way you slice it , Fiserv is one of the largest and most significant players in financial technology .
First , take its reach : Fiserv does business in more than 100 countries , and , in the US , its products or services reach nearly 100 % of households , either directly or indirectly through a financial institution , fintech , merchant , or biller . Then there ’ s the size of the business : Fiserv has 40,000 associates globally and serves thousands of financial institutions and millions of merchants and consumers . Finally , its impact is reflected in the range of financial solutions and services offered , spanning the full spectrum of banking and commerce .
When Head of Fintech and Growth Sunil Sachdev and President of Digital Payments Matt Wilcox join me to discuss the company ’ s growing focus on open finance , the two are united by a clear common cause . Simply put : leverage the expertise and innovation Fiserv has to help clients continue bringing new financial innovations to market , deepening relationships by adding more value for the consumers and businesses they serve .
Serving clients with innovation and expertise “ Fiserv is in a very privileged position ,” Sachdev says . “ We are the largest core banking provider in the US , the largest digital banking provider , and the largest bill payment and person-to-person payment provider in the country . And that ’ s not to mention the enviable footprint we have as a leading provider of services like merchant acquiring in markets all around the world .
“ We have thousands of clients in the financial institution space , and millions of clients in the merchant and small business space . When we think about how we serve those clients every day , it ’ s all about earning their trust and ensuring that the products and services they have from us are performing . That ’ s paramount .”
The company ’ s success is testament to the transformational impact it has managed to achieve on behalf of its clients . Fiserv has a wide spectrum of clients including financial institutions , fintechs , enterprise merchants , and main-street merchants , as well as corporate entities all looking to increase engagement with their customers . The Fiserv approach to open finance helps define and accelerate its clients ’ ability to innovate with new financial products and experiences , embedded directly at the point of need .
The talented people within the business help tailor approaches to individual clients , working with them to understand their needs and lend a guiding hand – something that becomes increasingly valuable given the recent turmoil in the markets and general economic volatility .
“ Based on the broad set of ledger , processing , acquiring , payments and data services we have at Fiserv , we continually advise clients on how they need to evolve their best-ofbreed offerings to stay competitive in a fast-moving regulatory and financial services landscape ,” Sachdev explains . “ We believe that makes Fiserv very unique . It would be harder and less cost effective for them to engage with multiple parties who may only be familiar with one specific area and not the bigger financial services picture .”
Opening up finance to the underserved When asked who he admires or looks up to in life , Sachdev gives a wry smile . There is the touching deferential nod to inspirational
June 2023 | fintechmagazine . com 33