Indian private sector lender Federal Bank has partnered with payment services provider Fiserv to launch its first independent credit card.
The bank also chose Fiserv to digitize its end-to-end card issuance and processing cycle.
Fiserv has offered its end-to-end managed services solution FirstVision to Federal Bank.
The solution enables card issuing and processing with integrated functions and reduces the cost of ownership, noted by the vendor.
FirstVision’s service-oriented architecture and open APIs are said to help bring new solutions to the market faster and at a lower cost.
It does so by facilitating rapid application development, while also ensuring local compliance.
Fiserv APAC EVP and head Ivo Distelbrink said: “The partnership with Federal Bank reinforces our market leadership in providing locally relevant, digital-first solutions to financial institutions in India.
“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.”
As part of the partnership, Federal Bank will also outsource associated operational processes to Fiserv.
Federal Bank executive director and business head of retail Shalini Warrier said: “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.”
Federal Bank country head of retail banking deposits, cards & personal loans Nilufer Mullanfiroze added: “The feature-rich card processing platform and operational tools provided by Fiserv help reduce the need for extensive up-front investments.”
Recently, India-based Bank of Baroda’s credit card arm also selected Fiserv to digitize its end-to-end card issuance and processing cycle.