BY PYMNTS | MARCH 20, 2023 |
The new collaboration brings together Fiserv’s payments and financial services technology solutions and Central Payments’ Open*CP Fintech API Marketplace, the companies said in a Monday (March 20) press release.
With this new offering, FinTechs, enterprise businesses and payment facilitators can access comprehensive and regulated core banking and payment services and speed their debut of new products, according to the release. “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,” Fiserv Head of Fintech and Growth Sunil Sachdev said in the release. “Together, Fiserv and Central Payments can deliver these requirements without compromising compliance and risk controls needed to safeguard all parties.”
Fiserv’s technology stack includes a real-time core, card processing and issuance, while Central Payments’ API marketplace includes program management and compliance oversight, according to the press release. Together, they can support a wide spectrum of uses cases in retail and business, and help companies meet consumer demand for debit cards, secure credit, stored value cards, unsecured credit and other financial services, the release said.
“This combination of technology, services, program management and bank partners will help any business become a FinTech without the need to add the staff or expertise to manage the program in-house,” Central Payments Executive Vice President and General Manager Eric Cotton said in the release. “Those that may want to manage their program in-house eventually can also use our services as a lower risk model to get to market quickly with a proof-of-concept.” For Central Payments, this partnership comes about six months after the firm raised $30 million in growth equity financing to spin it out from Central Bank of Kansas City.
“Since inception, we have remained steadfast in our belief that new technology and the stability of a bank charter create opportunity for banks in FinTech and embedded finance when others may have perceived a threat,” Central Payments Founder and President Trent Sorbe said at the time.
The opportunities to help merchants embrace commerce and payments across all channels are “bigger than we ever thought,” Fiserv CEO Frank Bisignano said during the company’s most recent earnings call.
Bisignano added during the Feb. 7 call that synergies are being realized between acquiring and core banking, core banking and embedded finance and current issuing services, spanning several verticals and noted the “power of the franchise coming together.”