Fiserv, a global provider of payments and financial services technology solutions, has announced the launch of AppMarket, an app which grants access to a curated set of fintech solutions that can help financial institutions reach new customers, operate more efficiently and compete more effectively.
The fintech solutions available on the app will allow Fiserv financial institution clients to use open finance strategies to address emerging opportunities in crypto finance, gig economy banking, small and mid-size business (SMB) lending and other priorities.
Fintech apps are widely used by Fiserv customers. This trend can dilute customer relationships put financial institution revenue at risk. Partnering with fintechs to quickly introduce new capabilities into their offerings will allow financial institutions to expand customer relationships while diversifying and growing revenue.
David Albertazzi, Director, Retail Banking & Payments at Aite-Novarica Group, said:
The efficacy of financial technology providers is now gauged not just by the strength of their individual solutions, but by the breadth and openness of the ecosystems they provide – by how easy they make it for clients to tap into an array of fintech solutions and providers. Fiserv is enabling its clients to leverage fintechs to differentiate their offerings and appeal to digital-first consumers.
Niranjan Ramaswamy, vice president of Embedded Fintech at Fiserv, added:
Last year, Fiserv reached a major milestone in our open finance initiative by publishing normalized APIs across our bank platforms through Developer Studio, giving developers the ability to integrate once and connect across multiple Fiserv cores. The launch of AppMarket is the next big step in fostering innovative collaboration between financial institutions and fintechs, to their mutual benefit, and to the benefit of consumers everywhere.
AppMarket provides fintechs who offer their solutions on the app with access to thousands of financial institutions that partner with Fiserv and the millions of consumers they serve. The official announcement also noted that in the future fintechs will be able to connect with sponsor banks through AppMarket and select Fiserv services to boost their digital experiences, such as ledger-as-a-service and know-your-customer (KYC) as-a-service.
In the beginning of the year, Fiserv singed an agreement to acquire Finxact, developer of a cloud-native banking solution.
