Fiserv and the Central Payments Team to help the business

Fiserv and Central Payments have joined forces to help companies launch new financial products.

The new collaboration brings together Fiserv’s payment and financial services technology solutions and Central Payments’ Open*CP Fintech API Marketplace, the companies said in a press release on Monday (March 20).

With this new offering, FinTechs, enterprise businesses and payment facilitators can access comprehensive and regulated core banking and payment services and accelerate the 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 technology stack and streamlined operations are critical,” Fiserv Head of Fintech and Growth Sunil Sachdev said in the release. “Together, Fiserv and Central Payments can deliver these requirements without compromising the compliance and risk controls necessary to protect all parties.”

Fiserv’s technology stack includes a real-time, card processing and issuance core, while Central Payments’ API marketplace includes program management and compliance monitoring, according to the press release.

Together, they can support a wide range of retail and enterprise use cases, helping companies meet consumer demand for debit cards, secured credit, stored value cards, unsecured credit and other financial services, the release said.

“This combination of technology, services, program management and banking partners will help any business become a FinTech without the need to add staff or expertise to manage the program in-house,” Central Payments Executive Vice President and General Manager Eric Cotton said in the release. “Those who may want to manage the program in-house 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 capital funding to spin it out of Central Bank of Kansas City.

“Since our inception, we have been steadfast in our belief that new technology and the stability of a bank charter create opportunities 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 latest earnings call.

Bisignano added on the Feb. 7 call that synergies are being realized between procurement and core banking, core banking and embedded finance and current issuance services, which span multiple verticals, noting “the power of the franchise coming together.”

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