Federal Bank, private sector bank in India, has teamed-up with Fiserv, Inc., global provider of payments and financial services technology solutions, in a bid to support the launch of the Federal Bank credit card. This initiative is also taken to enable the digitisation of the bank’s end-to-end card issuance and processing cycle. The bank will also be outsourcing associated operational processes to Fiserv.
The bank will utilize FirstVisionTM from Fiserv, an end-to-end managed services solution that enables card issuing and processing with global economies of scale and integrated capabilities that span the card lifecycle. The integrated technology and BPO solution reduce cost of ownership and provide a seamless extension to the bank’s operations.
“At Federal Bank, we have a track record of deploying the best digital infrastructure to cater to our customers.” says Shalini Warrier, Executive Director and Business Head – Retail at Federal Bank. “Fiserv supports our digital priorities and expansion plans. Their world-class technology platform and extensive local experience position us to offer an enhanced digital experience to our customers.”
The service-oriented architecture and open APIs of FirstVision will facilitate rapid application development, enabling new capabilities to be brought to market more quickly and at a lower cost, while helping to ensure local compliance.
“The feature-rich card processing platform and operational tools provided by Fiserv help reduce the need for extensive up-front investments,” said Nilufer Mullanfiroze, Country Head – Deposits, Cards & Personal Loans, Retail Banking at Federal Bank. “This allows us to stay agile and focus our resources on delivering relevant solutions and excellent services to our customers as we continue to grow the business.”
“The partnership with Federal Bank reinforces our market leadership in providing locally relevant, digital-first solutions to financial institutions in India,” says Ivo Distelbrink, EVP and head of Asia Pacific at Fiserv. “Financial institutions in India are undergoing rapid digital transformation, and have further accelerated their digital agenda during the current pandemic. Fiserv stands ready to provide the right combination of digital capability, infrastructure, personnel and security to help our clients adapt, differentiate and operate more efficiently.”