With the migration of its debit cards to the FirstVision platform from Fiserv, Inc. (NASDAQ: FISV), a provider of payments and financial services tech, the bank may provide in-demand functionality including the ability for clients to add cards to their virtual wallets and pay using wearables.
Since FirstVision is a Cloud-powered managed services solution, the bank is also “positioned to rapidly add new services and scale, which is essential in today’s ever-changing payments environment.”
As mentioned in the announcement, FirstVision facilitates card issuing and processing “with fully integrated adjacent services that span the issuing lifecycle, assisting the bank to digitally enable its debit cards and enhance the customer experience.”
With this tech, the bank is able to enhance card issuance and management for physical and digital cards. BOQ clients will be able to “benefit from an enhanced digital experience and access to innovative technology that allows them to manage their spending and tailor preferences to suit their individual needs.”
Sophie Tilden, BOQ General Manager Everyday Banking and Deposits, stated:
“Customers want simple, instant, and reliable payments capabilities, which is why we’ve partnered with Fiserv to deliver a tailored and sophisticated product through a simple service model. We’re really pleased with what we’ve been able to achieve together by improving and enhancing the debit card payments experience for our customers with new technology.”
For financial institutions and Fintech companies seeking quick, scalable and innovative tech and operational support as they expand operations, FirstVision from Fiserv aims to provide a scalable model. The Fiserv managed service model enables BOQ to better focus on “delivering exceptional customer experiences while trusting Fiserv to run the IT platform.”
By leveraging open APIs for quicker application development and integration, and with service-based architecture that “maximizes easy roll out of new products and services,” the solution enables organizations such as BOQ to “take on future innovation a speed to deliver the experiences their customers expect now and into the future.”
Kees Kwakernaak, General Manager of Fiserv in Australia and New Zealand, remarked:
“Digital transformation is an ongoing process driven by customer expectations and emerging technology. With this move to cloud-based debit card management, Bank of Queensland is positioned to meet the needs of the current market and adapt quickly to meet changing demands in the rapidly evolving payments space.”
As noted in a release, Fiserv helps customers “deliver solutions in step with the way people live and work today – financial services at the speed of life.”
As mentioned in the update, Bank of Queensland (BOQ) is one of Australia’s regional banks. They are focused on establishing “long-term customer relationships that are based on mutual respect and understanding.”
BOQ has over 160 branches across Australia and they have been doing business since 1874. They’re notably one of the top 100 Australian firms ranked by market cap on the Australian Securities Exchange and are regulated by the Australian Prudential Regulation Authority as an Authorized Deposit-taking Institution.