Fiserv Opens the Door to Embedded Finance, Bringing Firm-Wide Capabilities to Clients and Partners
October 18 2023 - 8:30AM
Business Wire
Payment Facilitators, Financial Institutions,
and Software Platforms can expand the services they provide by
making acquiring, card issuing, and digital banking capabilities
available via their platforms
Pay Theory, a SaaS platform, will seamlessly
embed financial services from Fiserv, offering embedded payments
and banking solutions to software platforms and merchants across
industries
Fiserv, Inc. (NYSE: FI), a leading global provider of payments
and financial services technology solutions, is simplifying the
future of embedded finance for the payments ecosystem. By making
capabilities from its merchant acceptance, banking, and card
issuing businesses available to clients and partners through a
curated set of APIs, Fiserv will supercharge how payment
facilitators, financial institutions, and software platforms serve
their respective clients. Doing so will enable these businesses to
expand their service models, allowing their clients to consume
financial services directly from the business’ platform.
“We’re driven to bring the full stack of leading merchant and
banking capabilities to our clients, reducing the time it takes
them to get into market,” said Sunil Sachdev, Head of Embedded
Finance at Fiserv. “This simplified delivery model for embedded
finance will allow software platforms and marketplaces to build
deeper relationships between their brands and merchants, while
significantly expanding the revenue potential associated with each
relationship.”
Among the fastest growing service models in the industry,
Payment Facilitators and Software Platforms traditionally serve a
merchant’s payments needs by embedding payments capabilities such
as opening merchant accounts, expediting funding cycles or managing
risk. As these businesses add new capabilities to their technology
stacks, growing relationships beyond payments allows them to create
deeper client relationships and new revenue streams. By enabling
embedded finance, Fiserv is allowing these businesses to tap into a
suite of financial products that can be leveraged to create
stickier and more valuable relationships with merchants. Merchants,
in turn, benefit from faster access to capital and the ability to
simplify and consolidate their business’ financial experience
through a single provider.
As an industry leader in merchant acquiring, account processing,
bill payments, account provisioning, and card issuing, Fiserv is
connecting capabilities from across the enterprise to drive
innovation on behalf of its clients. These businesses will have
access to leading platforms and financial services technology.
Embedded finance opportunities available to clients will include
digital capabilities enabled by Finxact, a core banking ledger
built on open architecture, and commerce capabilities enabled by
the Carat global commerce platform from Fiserv, giving businesses
the flexibility and nimbleness needed to integrate new and existing
services.
Pay Theory Expands Offerings Across Verticals
A financial technology startup specializing in inclusive and
embedded payment and finance solutions, Pay Theory will leverage
capabilities from Fiserv to enhance and expand service offerings to
software platforms and merchants across industries with a special
focus on the ‘must-pay’ sector, including highly regulated
industries such as healthcare, pharmaceuticals, senior and
childcare, real estate, insurance, education and government.
The relationship with Fiserv empowers Pay Theory to leverage its
cutting-edge payment infrastructure and unify a broad range of
payments and financial service capabilities on the software
platform they provide to customers – including capabilities that
address those customers’ unique compliance and money movement
challenges.
For example, SaaS platforms and merchants can work with Pay
Theory to accept payments and enable complex fund flows. As Pay
Theory continues to embed financial services enabled by Fiserv,
those SaaS providers and merchants can begin holding acquired funds
in a bank account included as part of Pay Theory’s solution –
allowing them to manage more of their financial services offerings
through a single relationship that offers a complete view of
banking and payment activity. SaaS providers and merchants can then
leverage those bank accounts to offer lending and/or issue cards as
new financial needs arise from their customers. With its connection
to Fiserv, Pay Theory’s platform is a one stop shop for solutioning
high value, unified embedded money movement applications.
"This is a significant step forward for Pay Theory as we
continue to solve the challenges of complex and highly regulated
markets, and work to meet those challenges by building innovative
solutions that are receptive to the unique needs of each industry,”
said Brad Hoeweler, CEO of Pay Theory. “Our relationship with
Fiserv will allow our business to move faster in this growing
market, and better serve our clients by delivering modern,
inclusive solutions that simultaneously foster compliance and drive
innovation in the must-pay sector.”
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move
money and information in a way that moves the world. As a global
leader in payments and financial technology, the company helps
clients achieve best-in-class results through a commitment to
innovation and excellence in areas including account processing and
digital banking solutions; card issuer processing and network
services; payments; e-commerce; merchant acquiring and processing;
and the Clover® cloud-based point-of-sale and business management
platform. Fiserv is a member of the S&P 500® Index and one of
Fortune® World’s Most Admired Companies™. Visit fiserv.com and
follow on social media for more information and the latest company
news.
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version on businesswire.com: https://www.businesswire.com/news/home/20231018476429/en/
Media Relations: Chase Wallace Director, Communications
Fiserv, Inc. +1 470-481-2555 chase.wallace@fiserv.com
Additional Contact: Ann S. Cave Vice President, External
Communications Fiserv, Inc. +1 678-325-9435 ann.cave@fiserv.com
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