Fiserv, Inc. (NYSE: FI), a provider of payments and financial services tech, announced the FirstRand Group will become the “first” financial institution outside of the U.S. to commission Finxact from Fiserv — the cloud-native, real-time banking solution that offers enhanced access to data — to power its digital transformation and “support the broader innovation initiative and growth objectives of its customer franchises FNB (Retail and commercial banking) and RMB (Corporate and investment banking).”
As financial institutions and companies across all industries around the world embrace new, fast-growing digital technology for embedded commerce, finance and payments, Finxact will provide “enhanced capability to create modern, flexible and personalized digital banking experiences.”
FNB’s customers reportedly have “30 million active accounts and products with the bank and over time FNB, along with RMB will transition from its current provider, allowing flexibility in offering products to a broader market, leveraging the mobile app and internet banking investment, supporting its growth strategy.”
Finxact is a system of record and “a transaction processing engine that supports all asset classes, currencies and time zones.”
Kevin Mitchell, Chief Digital Officer, FirstRand Limited said:
“As customer expectations evolve, Finxact provides a modern, flexible system that enables greater innovation and the ability to deliver personalized solutions at speed. After evaluating multiple options, we found that Finxact stood out as the preferred platform to deliver this level of agility and support the evolving needs of the business.”
Katia Karpova, EVP, Head of EMEA, Fiserv said:
“We are thrilled that FirstRand is the first financial institution outside of the U.S. to move to Finxact, a trusted partner for a major modernization. We see big opportunities for Finxact in the EMEA region, as banks aim to enhance their digital transformation.”
As noted in the update, Fiserv, Inc., a Fortune 500 company, aims “to move money and information in a way that moves the world.”
As a global enabler of payments and financial technology, the company helps clients achieve results “through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover cloud-based point-of-sale and business management platform.”