Fiserv partners with Rutgers-Newark to drive fintech inclusion and innovation
Fiserv, Inc., a leading global payments and financial services technology provider with a growing presence in New Jersey, is partnering with Rutgers University-Newark to create and fund a new program designed to drive diversity and innovation in the financial technology field.
The Fiserv-RU-N Program for Inclusive Innovation will create a center on campus that will serve as a research and incubation space for the RU-N community and local businesses, provide annual scholarships for students over a five-year period, and support career modules to prepare the students to internships and jobs.
“Through its synergy with Rutgers-Newark, Fiserv will advance inclusive innovation in New Jersey’s largest city,” said New Jersey Governor Phil Murphy. “The tremendous growth and success of Fiserv in New Jersey demonstrates what a company can achieve when it creates value while reflecting the values of its customers. Diversity and inclusion are core principles that define us as New Jerseyans, and I am pleased that Fiserv is launching initiatives that not only embody, but build on, these principles.”
Fiserv will also support research involving technology and commerce, such as cyber security and legal and ethical topics around financial technology.
“Consumer expectations for financial services and payment experiences continue to evolve, creating a need for continuous innovation,” said Frank Bisignano, Chairman and CEO of Fiserv. “This program will add a new dimension to our ability to bring together a diversity of perspectives as we develop new answers to the challenges facing our customers and the financial services industry. With nearly every household in the United States having a touch point with a Fiserv solution, from digital banking to card payments, we have a tremendous opportunity to deliver features that enhance the financial services experience. We are energized by the opportunity to cultivate great talent and ideas through the Fiserv-RU-N program.”
“This is a watershed moment for Rutgers-Newark. Fiserv is a visionary company that shares our sense of urgency to build and expand pathways to business and technology careers for students from our increasingly diverse communities, and shares our understanding that to doing so helps drive innovation forward. We’re creating an unprecedented partnership here in Newark. The Nerve Center will be a collaborative innovation lab right on Washington Street where we can set new standards for the fintech industry, where seasoned professionals work side-by-side with university researchers and tomorrow’s professionals from Newark, Greater Newark and beyond, leveraging diversity, creating better, smarter solutions by bringing people from many backgrounds together to tackle problems,” said Rutgers-Newark Chancellor Nancy Cantor.
Fiserv is a Fortune 500 company with a longstanding presence in New Jersey. The company, which will open a new campus in Berkeley Heights in September, will provide $5.15 million in total funding to its inclusive innovation program. In addition to enabling the creation of the center, this funding will support 40 annual scholarships of $2,500 each, including 10 for military veterans attending RU-N and 10 for Rutgers Business School students, with a priority given to those studying finance and information technology . Fiserv will also support career modules to prepare students for internships and jobs, including positions within the company.
An important program component will be a new innovation center on Washington Street, which will house technology and provide ample space for collaboration and research between faculty, students and city business owners.
“Bringing diverse perspectives into the financial technology field enables us to better anticipate consumer needs and serve clients,” said Guy Chiarello, Chief Operating Officer of Fiserv. “The new insights generated by this partnership and the physical space will stimulate research and innovation to help facilitate commerce in the Newark region and beyond.”
In addition to the Fiserv-RU-N program, Fiserv continues to support Rutgers-Newark efforts such as the Center for Urban Entrepreneurship (CUEED) and the Rutgers Advanced Institute for the Study of Entrepreneurship and Economic Development (RAISED), which work with minorities, women , and veteran-owned businesses in Newark and other state cities.
