Money20/20 USA 2023 saw the leading lights of financial services come together in Las Vegas to connect and offer key insights into the future of fintech.
We spoke to Cooper Thompson, VP of Fiserv’s Finxact Innovation Center, who told us about the latest work Fiserv is undertaking in the embedded finance space.
Fiserv: Pioneering leading embedded finance solutions
“As Head of Product for embedded finance, my job is to make sure our product offering is the best it can be for our clients,” says Thompson.
“When we think of any kind of participant in the financial economy, we have to look at four different types of components. They all have assets, debt, income and expenses.
“So what Fiserv is doing is building out a unified API and set of tools so any type of financial entity can offer any of the components we provide. All types of participants in the financial economy, whether you’re a business, a consumer or organisation, all work interchangeably to move funds to each different area of the industry.
“An entity or individual has to go to their bank to get their demand deposit account and their savings account. They might have to go to another financial institution to get their credit card or a loan. So what Fiserv is striving to do is really simplify this process, creating a one-stop shop for both the acquiring and the issuing side of business.
“Today, we’re uniquely positioned to do that because of our strength in merchant acquiring. We’ve recently announced our foray into expanding our embedded finance offerings, with a full set of APIs to offer our clients.
“This will really support our clients in highly regulated areas, including senior living, healthcare, pharmaceuticals, schools and education.
“And Fiserv is very strong in the regulatory environment, so we’re uniquely positioned to offer services to these types of clients and drive forward their financial capabilities with our technology.”
For more from Thompson and Fiserv, you can click on the video link above.
Want to see more from Money20/20 USA 2023? Stay tuned to our website for more content, which will be rolled out in the coming days.
