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July 30, 2020

Bank of Baroda’s credit card unit taps Fiserv for digital transformation

India-based Bank of Baroda’s (BOB’s) wholly-owned credit card arm BOB Financial Solutions (BFSL), has selected Fiserv to digitise its end-to-end card issuance and processing cycle.

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BFSL will leverage Fiserv’s technology to support the rollout of new contactless credit cards, virtual credit cards, tokenisation and branded wallets integration.

Fiserv’s end-to-end managed services solution called FirstVision will enable card issuance and processing for BFSL, throughout the card lifecycle.

FirstVision’s open APIs will facilitate application development, thereby bringing new capabilities to market rapidly at a lower cost.

FirstVision is a software-as-a-service (SaaS) solution – hosted locally in India – which enables card processing for major issuers across the country.

Fiserv Asia Pacific EVP and head Ivo Distelbrink said: “With Fiserv, BFSL can reimagine customer journeys and launch to market with speed in order to better serve their customers in a rapidly changing digitally-centric world.”

BFSL will not only meet its consumer demands by digitising its card issuance through FirstVision but also ensure compliance with local payment and customer data regulations.

The company will now have access to a fully-integrated suite of card management tools including digital cards and loyalty management, advanced fraud modules, risk management and analytics solutions.

BFSL MD and CEO Shailendra Singh said: “Fiserv understands our market, and we value the fact that their card processing capabilities are hosted in India.

“The scalable, integrated technology provided by Fiserv will allow us to deliver the experiences our customers expect now and into the future, as we accelerate the launch of new products and services being adopted by all major issuers.”

Founded in 1994, BFSL is among the earliest credit card issuers in India.

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Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
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