Open Banking
Open banking is an important strategy for financial institutions to compete and grow. It creates opportunities to co-innovate with Fintechs, access new distribution channels and differentiate through personalized digital experiences.
Overview
As agile, scalable technology makes it faster and easier for financial institutions to share data with third parties and Fintechs, open banking gives banks the tools to own the customer journey like never before.
Working with Fiserv to share the wealth of available data with other entities, financial institutions can:
- Collaborate with third parties to expand their service offerings
- Develop innovative partnerships
- Create more intuitive and frictionless experiences
- Pursue new business models to accelerate growth and expansion
- Increase speed to market without inviting additional risk
- Compete with Fintech challengers and the big banks
Fiserv is committed to helping financial institutions use technology to pursue open banking strategies, create added value for customers by embedding financial services into their lives, and explore new, profitable business models.
Open Banking Pushes the Limits of Financial Services
Embracing new possibilities will be key to thriving in the future
Synchrony Financial Recognized
Using open banking, Synchrony Financial underwent an incredible transformation and was awarded a 2019 Model Bank Award from Celent
Thinking Differently About Fintechs
Tap into their potential with the cloud, open APIs and real-time data
Our Solution
Fiserv has laid a strong foundation for open banking:
- Fiserv solutions are built on an enterprise services framework (ESF), which creates an open and simplified flow of information between solutions
- For financial institutions wanting to make non-Fiserv solutions part of their customer journey, the ESF ecosystem is made available as Communicator Advantage™ from Fiserv. Developers can use Communicator Advantage to pursue open banking initiatives
- Real-time notification cloud streams are unique to Fiserv and make it possible for developers to incorporate real-time event notifications into new applications
- API management capabilities and microservices are coming soon
The Fiserv Strategy for Open Banking
Fiserv is focused on helping financial institutions
Tap into a strong
foundation of open
data sharing
Collaborate with
Fintechs to launch new
innovations
Access innovative,
pre-integrated Fintech
products
Launch their own open
banking portal
Fiserv continues to build on this foundation to implement an open banking strategy with three key deliverables planned:
- A developer portal for clients and other Fintech developers to access open APIs, documentation and notification cloud streams. This environment will offer a sandbox for testing, support and code validation
- An open banking marketplace for financial institutions to explore and purchase innovative Fintech products pre-integrated to Fiserv solutions
- An open banking product created by Fiserv to help financial institutions offer their own open banking portals – enabling them to offer banking as a service, co-innovate with Fintechs, deliver financial services through exciting new channels and accelerate time to market
Have a question for us?
For more information about how Fiserv can support your open banking strategy, call us at 800-872-7882 or click below.
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