In a business environment that forced financial institutions to reevaluate how digital channels and real-time payments can be used to deliver the experiences consumers expect, Fiserv (NASDAQ: FISV)helps businesses find innovative solutions that manage costs, protect and grow revenue, and mitigate risks associated with the payment process – while attracting and growing their customer relationships. The company stands out with its fintech solutions that allow clients to maximize the potential of electronic payment processing. Fiserv offers a range of innovative, fully integrated in-house and outsourced payment solutions designed to meet the customers’ changing needs and demands while adhering to regulatory requirements.
As a leading global technology provider serving the financial services industry, Fiserv enables money movement for thousands of financial institutions and millions of people and businesses in a world that never powers down. With a goal to help detect, manage, and prevent risk more effectively than ever before, Fiserv helps banks and other financial services institutions to improve operational efficiency, control risk, and achieve sustainable competitive advantage. The company’s vast array of risk and compliance solutions help organizations streamline accounting operations and financial controls; detect, analyze, manage, and prevent all types of financial risk; and simplify regulatory compliance and protect their good reputation.
Enhancing Digital Experiences
In January this year, Fiserv completed the acquisition of Ondot Systems, Inc., a leading digital experience platform for financial institutions. The latest addition is set to expand Fiserv’s digital capabilities further, enhancing its suite of integrated solutions to enable clients of all sizes to deliver frictionless, digital-first, and personalized experiences to their consumers. “The importance of digital has accelerated and consumers are increasingly turning to online and mobile banking, as well as contactless payments experiences,” says Frank Bisignano, President and Chief Executive Officer of Fiserv.
Ondot is renowned for processing over 1 billion transactions per month and providing digital capabilities for over 30 million cards. Fiserv is expected to develop further the Ondot platform’s unique interplay between real-time authorization, user context, and artificial intelligence to engage users in-the-moment – before, during, and after transactions. “By combining Ondot and Fiserv capabilities at scale, we plan to provide our clients with a unified digital experience, spanning card-based payments, digital banking platforms, core banking, and merchant solutions, enabling them to deliver best-in-class solutions that continue to reduce friction for their customers,” Bisignano adds.
A Global Corporate Role Model
The importance of digital has accelerated and consumers are increasingly turning to online and mobile banking, as well as contactless payments experiences
For the eighth consecutive year, Fiserv has been named to the annual ranking of FORTUNE “World’s Most Admired Companies,” an index that determines the best-regarded companies across industry sectors and is widely considered to be the definitive scorecard on corporate reputation. In the Financial Data Services category, Fiserv received the top mark for People Management and second highest marks for Social Responsibility, Innovation, Use of Corporate Assets, and Long-Term Investment Value, recognizing the company’s strength and leadership. The company was also noted for its Quality of Management, Quality of Products and Services, Global Competitiveness, and Financial Soundness. “This accolade belongs to all Fiserv associates who, during the past 12 months, have continued to lead with quality and client excellence in everything they do. Their commitment to enabling the essential financial services on which the world relies has been relentless during this unprecedented period,” states Bisignano.
At the same time, Fast Company also named Fiserv to its list of World’s Most Innovative Companies 2021, a list that encompasses businesses that have not only found a way to be resilient in the past year but also turned those challenges into impact-making processes. The company was recognized for its role in facilitating the acceptance of online Electronic Benefits Transfer (EBT) payments in support of the United States Department of Agriculture’s (USDA) Supplemental Nutrition Assistance Program (SNAP) Online Purchasing Pilot. The program scaled rapidly in 2020 to allow millions of underserved Americans to buy groceries online for the first time.
Strengthening Smaller Businesses
With a proud history of supporting millions of small businesses across a wide range of sectors, Fiserv launched its Back2Business program to strengthen small businesses in targeted communities impacted by the COVID-19 pandemic. Through this program, the company supports minority-owned small businesses with financial assistance, business expertise, leading technology solutions such as the popular Clover point-of-sale platform from Fiserv, strategic partnerships, and community engagement. In February this year, the company pledged $50 million for investment in its Back2Business program and associated initiatives, an increase from an initial $10 million investment announced in 2020. To date, Back2Business has launched in Milwaukee, New York City, Atlanta, and South Florida, and has funded grants to minority-owned businesses, and supported diverse community organizations such as small business incubators and chambers of commerce.