Fiserv, a payments technology solutions provider, has forged an alliance with Central Payments to allow fintechs, enterprise businesses and payment facilitators to provide their clients new financial products and services.
As part of the tie-up, both firms will offer a banking-as-a-service (BaaS) platform, products and services along with access to a network of sponsor banks.
The partnership leverages Fiserv’s technology solutions such as a real-time core, card processing, and issuance as well as Central Payments’ Open*CP Fintech API Marketplace, which comprises programme management and compliance supervision.
By integrating these tools, fintechs and other business will be able to develop new products and services for consumers and small businesses.
Entities with existing card programmes can also avail additional and regulated core banking and payment offerings.
Besides, fintechs or other firms can communicate with a sponsor bank in addition to launching and managing payments products and services.
Fiserv fintech and growth head Sunil Sachdev said: “As fintechs and financial institutions work together to create compelling financial offerings, speed to market, a robust and flexible tech stack and streamlined operations are essential.
“Together, Fiserv and Central Payments can deliver these requirements without compromising compliance and risk controls needed to safeguard all parties.”
The latest collaboration comes after Fiserv received a major payment institution (MPI) licence from The Monetary Authority of Singapore (MAS).