Kerala-based private sector lender Federal Bank has chosen Nasdaq-listed Fiserv, Inc. to enable the digitization initiatives. The bank will use the solutions for its card issuance and processing cycle and support the launch of the Federal Bank credit card.
The bank will also outsource associated operational processes to Fiserv.
The announcement from the bank is part of its strategy to strengthen technology and business process outsourcing solutions to support the launch and growth of credit card business.
“The bank will use managed services solution to enable card issuing and processing with integrated capabilities,” stated a Federal Bank statement.
Commenting on the partnership Shalini Warrier, Executive Director and Business Head – Retail, Federal Bank said: “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.”
For financial institutions looking for scalable and cost-effective technology, the combination of SaaS solutions and BPO offers a sustainable model in competitive market environments like India.
“The partnership with Federal Bank reinforces our market leadership in providing locally relevant, digital-first solutions to financial institutions in India,” said Ivo Distelbrink, EVP and head of Asia Pacific at Fiserv.
Federal Bank has a network of 1,263 branches and 1,937 ATMs spread across the country. The Bank’s net profit for fiscal 2020 stood at Rs. 1,543 crore.