FISERV
SUNIL SACHDEV
TITLE : HEAD OF FINTECH & GROWTH INDUSTRY : IT CONSULTING LOCATION : UNITED STATES
Sunil Sachdev is a global fintech executive with a significant breadth of experience in banking and payments at companies such as American Express , Meed and Pershing . He has worked for Fiserv for nearly a decade in various roles and geographies . In recent years , he led the community bank segment , with a focus on enabling financial institutions to leverage modern technology to deliver differentiating experiences and improve time to market . Since 2021 , Sunil has headed up the fintech segment , leading a team that has greatly accelerated the planning , execution and delivery of open finance and digital transformation capabilities across the enterprise .
@ sunil-sachdev-5128463 management houses . Providing consumer-permissioned access to this data creates the foundation for a growing number of open finance use cases .
“ We ’ re starting to see the area of open finance really open up ,” explains Matt Wilcox . Wilcox is President of Digital Payments at Fiserv and , as such , sits at the beating heart of fintech innovation – all of which begins with data . “ We ’ ve seen a faster clip of innovation . And that ’ s starting to open the doors for industry collaboration . We ’ re working with countless companies where that opportunity exists now and there ’ s a faster path towards more open finance .”
Until now , innovation around open finance has largely been concentrated in other regions like Europe – but North America is slowly beginning to catch up , Wilcox posits . For the customer , he explains , this brings innumerable benefits . And , where once open finance was mostly about personal financial management
( PFM ), it is now spreading into other exciting use cases including real-time account verification , real-time money movement , and new ways to pay at a merchant such as pay by bank .
“ The consumer will benefit because there ’ s going to be a better mitigation of fraud and risk ,” Wilcox says . “ Financial institutions will benefit because they ’ ll be able to provide more financial wellnesstype solutions , and I think everyone else is going to benefit from a more personalised experience and new
VIDEO CONTENT
Fiserv : crafting new digital experiences using open finance
options for faster , more secure money movement . Having access to the data within an open finance environment is going to make things unique for you or for me in ways that we haven ’ t even thought of yet .”
Even in a very simple sense , onboarding and ID verification are changing . The option for consumers to share their personal transactional data through an open API rather than having to manually upload documents is powerfully transformational . And in these times , it is imperative that businesses have a thorough handle on who their clients are . Wilcox believes we ’ re witnessing a tilt towards open finance being primarily driven by compliance and AML use cases .