Financial services technology provider Fiserv has completed the acquisition of Finxact as it plans to expand its operations globally. According to the press release, the acquisition will enable Fiserv to accelerate fintechs’ ability for differentiated digital banking experiences for their clients.
Fiserv To Create More Value For Clients
Chief Executive Officer of Fiserv, Frank Bisignano, stated that the deal will also enable the firm to focus more on its shared commitment to innovation, creating value for clients.
This is coming after Fiserv recently collaborated with Finicity, a company owned by financial services giant MasterCard. The partnership deal is to enable clients of Fiserv to allow consumers to share account information.
It will be offering access to several financial services, which will help in financial literacy. The collaboration deal also allows Finicity to have access to consumer data via the AllData Connect platform on Fiserv’s portal.
Fiserv To Offer More Secure Ad Convenient Data Access
Rather than using a consumer’s username and password, AllData Connect sends out an identifying token, making it easier and more convenient for consumers. The third party then takes it from there, offering the token to the financial institution to enable access to the data.
Head of products for digital payments at Fiserv, Justin Jackson, admitted that baking relations are very important for the financial lives of most people. But they also want to have access to financial data whenever they want it.
As a result, consumers would not have to bother sharing their usernames and passwords for services because of direct connections through APIs. This offers more simplified and convenient access to their data to keep their details more secure.
Fiserv has also added an executive member in ValueAct as part of the acquisition deal with Finxact. This comes after ValueAct offered its support to the firm’s Clover credit card processing business in August last year. According to the announcement, the business could be worth around $185 billion by 2024.
