Fiserv joins Federal Bank’s digital transformation journey

Brookfield, Wisconsin-based financial technology services provider Fiserv on Thursday said that it will enable the digitization of Federal Bank’s first independent credit card issuance and processing cycle.

Through the deal, Fiserv said it will also support the launch of the Federal Bank credit card and enable the Aluva, Kochi based bank to outsource associated operational processes.

“The feature-rich card processing platform and operational tools provided by Fiserv help reduce the need for extensive up-front investments. 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,” Nilufer Mullanfiroze, country head for deposits, cards and personal loans at Federal Bank’s retail banking division said in a statement.

The bank will use Fiserv’s trademarked end-to-end managed services solution that enables card issuing and processing. Fiserv said that the integrated technology and BPO (business process outsourcing) solution will also reduce the cost of ownership.

NASDAQ-listed Fiserv, last month, announced a similar tie-up with Bank of Baroda, to digitise end-to-end card issuance and processing cycle, launch contactless credit cards, tokenize and integrate with branded wallets and virtual credit cards.

Federal Bank’s digital transformation journey, over the last couple of years, also includes deals with information technology major Tata Consultancy Services (TCS) and Ratan Tata-backed artificial intelligence firm Niki.a.

While TCS deployed Federal Bank’s Digital CASA (current account and savings account) Account Opening and KYC Services Platform in 2019, Niki.a launched a chatbot-based virtual assistant on the private sector lender’s smartphone application, FedMobile in 2018.  

Operating a network of 1,263 branches and 1,937 ATMs or recyclers spread across the country, the bank also holds representative offices in Dubai and Abu Dhabi to serve as a nerve centre for non-resident Indian customers in the United Arab Emirates.