Fiserv, Rutgers-Newark creates program on campus to drive diversity, innovation to fintech

Fiserv and Rutgers University–Newark announced Monday morning that they are partnering to create and fund the Fiserv-RU-N Inclusive Innovation Program, which is designed to drive diversity and innovation in the financial technology field – including a career path for those from underserved communities .

The Fiserv-RU-N Program for Inclusive Innovation will establish a center on the Rutgers-Newark campus on Washington Street that will serve as a research and incubation space for the Rutgers-Newark community of students and faculty to better collaborate with local businesses.

The program will also support research involving technology and commerce, such as cybersecurity and legal and ethical topics surrounding fintech, Fiserv officials said.

Fiserv will provide $5.15 million in total funding for the Fiserv-RU-N 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.

The announcement comes nearly a year after Fiserv, a Fortune 500 company that is a leading global payment and financial services provider, announced its intention to massively expand its presence in New Jersey. The company will open a large campus in Berkeley Heights next month.

Fiserv Chairman and CEO Frank Bisignano said the program is a win for the company, the school and consumers.

“Consumer expectations of financial services and payment experiences continue to evolve, creating a need for continuous innovation,” he said. “This program will add a new dimension to our ability to bring together a diversity of perspectives as we develop new responses to the challenges facing our clients and the financial services industry.

“With nearly every household in the U.S. having a touchpoint with a Fiserv solution, from digital banking to card payments, we have a tremendous opportunity to deliver capabilities that enhance the financial services experience. We are energized by the opportunity to cultivate great talent and ideas through the Fiserv-RU-N program.”

Rutgers-Newark Chancellor Nancy Cantor said the school welcomes the opportunity to collaborate.

“This is a watershed moment for Rutgers-Newark,” she said. “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 doing so helps drive innovation forward.

“We are 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 , and leverages diversity, creates better, smarter solutions by bringing people from many backgrounds together to tackle problems.”

In addition to the Fiserv-RU-N program, Fiserv continues to support Rutgers-Newark efforts such as the Center for Urban Entrepreneurship & Economic Development and the Rutgers Advanced Institute for the Study of Entrepreneurship and Economic Development, which work with minority, women’s and veteran-owned businesses in Newark and other New Jersey municipalities.

Fiserv Chief Operating Officer Guy Chiarello said building an inclusive workforce is a priority.

“Bringing diverse perspectives into the financial technology field enables us to better anticipate consumer needs and serve clients,” he said. “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.”

Governor Phil Murphy said the program fits his vision and mission to create an innovative economy in the state.

“Through its synergy with Rutgers-Newark, Fiserv will advance inclusive innovation in New Jersey’s largest city,” he said. “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 upon, these principles.”