Federal Bank (NSE: FEDERALBNK), a leading private sector bank in India, has chosen Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, to enable the digitization of the bank's end-to‑end card issuance and processing cycle, and support the launch of Federal Bank credit cards. The bank will also outsource associated operational processes to Fiserv.
With a strong retail and remittance business in India, Federal Bank was looking for a flexible and scalable technology and business process outsourcing (BPO) solution to support the launch and subsequent growth of its credit card business. The bank will utilize FirstVisionTM from Fiserv, an end-to-end managed services solution that enables card issuing and processing with global economies of scale and integrated capabilities that span the card lifecycle. The integrated technology and BPO solution reduce cost of ownership and provide a seamless extension to the bank's operations.
"At Federal Bank, we have a track record of deploying the best digital infrastructure to cater to our customers." says Shalini Warrier, Executive Director and Business Head - Retail at Federal Bank. "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."
The service-oriented architecture and open APIs of FirstVision facilitate rapid application development, enabling new capabilities to be brought to market more quickly and at a lower cost, while helping to ensure local compliance.
For financial institutions looking for scalable and cost-effective technology and operational support as they grow, the combination of a software as a service (SaaS) solution and business process outsourcing offers a sustainable model in competitive market environments like India.
"The feature-rich card processing platform and operational tools provided by Fiserv help reduce the need for extensive up-front investments," said Nilufer Mullanfiroze, Country Head - Deposits, Cards & Personal Loans, Retail Banking at Federal Bank. "This allows us to stay agile and focus our resources on delivering relevant solutions and excellent services to our customers as we continue to grow the business."
"The partnership with Federal Bank reinforces our market leadership in providing locally relevant, digital-first solutions to financial institutions in India," says Ivo Distelbrink, EVP and head of Asia Pacific at Fiserv. "Financial institutions in India are undergoing rapid digital transformation, and have further accelerated their digital agenda during the current pandemic. Fiserv stands ready to provide the right combination of digital capability, infrastructure, personnel and security to help our clients adapt, differentiate and operate more efficiently."
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today - financial services at the speed of life.
Shares of FEDERAL BANK LTD. was last trading in BSE at Rs.52.6 as compared to the previous close of Rs. 53.95. The total number of shares traded during the day was 858110 in over 2289 trades.
The stock hit an intraday high of Rs. 54.5 and intraday low of 52. The net turnover during the day was Rs. 45850132.