FISERV
One thing that has aided in that pursuit is the Fiserv acquisition of Finxact , which was completed in April 2022 . Leveraging the latest technologies , Finxact has developed a cloud-native , next-generation core banking platform designed to meet the scale and performance requirements of organisations of nearly any size . At the time of the acquisition , Fiserv President and Chief Executive Officer Frank Bisignano said the deal would “ accelerate the ability of fintechs and financial institutions to deliver differentiated digital banking experiences to their customers ” – something that Sachdev and his team spend a large part of their waking hours focused on .
Many financial institutions are choosing to run Finxact alongside their current banking core as a flexible platform to deliver new innovations and initiatives . A great deal of postacquisition investment has focused on orchestrating a seamless backend experience to accommodate implementations that involve multiple systems of record .
For fintechs and other businesses leveraging Finxact as the banking-andpayments backbone for all types of creative use cases , the vast network of financial institutions served by Fiserv provides a ready source of sponsor banks to support these endeavours .
Fintechs can also tap into the power of the Fiserv network by offering their solutions to financial institutions through AppMarket , a digital marketplace where thousands of banks and credit unions using Fiserv core solutions go to access pre-integrated fintech innovations to expand their capabilities . With the high customer acquisition cost of direct-to-consumer models , many fintechs find that distributing their solutions through financial institutions can speed up time to revenue .
Using data to create personalised experiences Part of the revolution behind open finance has been around data . Indeed , it would be almost inconceivable for the fintech use cases that are popular now to have ever existed were it not for consumers being able , and willing , to share their data through APIs . For Fiserv , open finance has been a way to accelerate innovation and increase industry collaboration .
As Fiserv has opened its ecosystem to support this revolution , financial institutions , fintechs and other businesses now have multiple ways to consume and connect with data . Developer Studio provides access to Fiserv restful APIs , including a workspace that gives developers instant access to begin working with core banking APIs . Financial data can be streamed from banking core platforms in real time , and cloudbased data storage provides a way to tap into deep and wide datasets on demand .
Fiserv also has built a data aggregation platform that brings together data from 18,000 sources , including financial institutions , a full biller network , brokerage and wealth
“LIVING OVERSEAS AND WORKING IN EMERGING MARKETS REALLY MAKES IT PERSONAL FOR ME TO DEVELOP SERVICES AND CAPABILITIES THAT CAN LIFT PEOPLE ”
SUNIL SACHDEV HEAD OF FINTECH & GROWTH , FISERV