FISERV
Launching a new product such as this keeps Fiserv ahead of the competition in an evolving landscape of financial services . But this wouldn ’ t be possible without the extensive payment ecosystem the fintech has fostered to pinpoint the latest innovations on the market .
“ Payment ecosystems are very effective because there is a lot to be done to identify solutions and opportunities ,” Nistala adds . “ Therefore , being part of an ecosystem eases the burden of this , and now we can be excited about the opportunities coming our way that we have been able to leverage through our ecosystem of partners .”
One such partner is Relevantz , which innovates together with Fiserv to achieve “ new levels of excellence for clients , and inspiring excellence ” in Fiserv ’ s innovations . Ever keen to grow the network , Fiserv has recently moved from the Nasdaq Stock Market to the New York Stock Exchange ( NYSE ) and has plans to publish the first small business index , a monthly snapshot of consumer spending .
This latest partnership will help its clients get insights “ into what is happening in different types of SMBs across the US ”, says Nistala .
Nurturing partnerships for an ever-evolving industry Nurturing these partnerships is of vital importance to Fiserv . “ Nobody can operate in a vacuum , deliver and be successful ”, notes Nistala , with “ partnerships and collaboration is key ” to the success of the company . Over the next five to 10 years , Nistala believes it is “ convenience , connectivity and security ” that will be the driving force of innovation .
“ The pace of change that is happening is very fast , and this rate of change is accelerating expectations for a frictionless
“ Serving American SMBs is at the heart of what Fiserv ’ s SpendTrack service offers ”
UMASANKAR NISTALA CIO , PAYMENTS FISERV
payments experience for every single consumer . There will be greater connectivity between platforms and services in the future to make this happen .
“ Throw in AI , and all of these combined innovations will accelerate at a pace to drive convenience for consumers , businesses and financial institutions . Even over the next two years , innovation will really push for connection , this is why partner ecosystems are so important .
“ This is why at Fiserv , we must continue to stay committed to being at the forefront of these advancements , listen to our clients , understand their needs , and see how we can get new solutions to the market for them .”
One such solution Fiserv launched earlier this year is AuthHub , an intelligent data engine that connects Fiserv-managed consumer financial channels and touchpoints .
Combined intelligence gathered from debit and credit card transactions , online and mobile banking activity , ACH transactions , ATM interactions , Zelle transactions , bill pay activity , wires activity , card tokenisation , rewards programmes and contact center interactions creates an in-depth profile of an individual ’ s financial services behaviours and patterns to better identify fraudulent activity before it occurs . 82 September 2023