Payments and financial services tech solutions provider Fiserv on Tuesday (April 26) launched AppMarket, which gives financial institutions (FIs) access to a curated set of FinTech solutions that can help them reach new customers, operate more efficiently and compete more effectively.
AppMarket’s FinTech solutions include open finance strategies that allow FIs of all sizes to access cryptocurrency finance, gig economy banking, small and mid-size business (SMB) lending and other priorities with an eye on attracting younger consumers, the company press release says.
“Last year, Fiserv reached a major milestone in our open finance initiative by publishing normalized APIs across our bank platforms through Developer Studio, giving developers the ability to integrate once and connect across multiple Fiserv cores,” said Niranjan Ramaswamy, vice president of embedded FinTech at Fiserv, in the company press release.
“The launch of AppMarket is the next big step in fostering innovative collaboration between financial institutions and FinTechs, to their mutual benefit, and to the benefit of consumers everywhere,” he said.
FinTechs that offer their solutions in AppMarket will “gain access to thousands of financial institutions that partner with Fiserv and the millions of consumers they serve,” the press release says. Fiserv will also launch a tool that allows FinTechs to connect with sponsor banks through AppMarket and select Fiserv services to enhance their digital ledger-as-a-service and know-your-customer (KYC) as-a-service offerings.
Earlier this month, Fiserv teamed up with global data, analytics and technology platform Equifax to roll out a new package of data-driven insights to help companies navigate the digital economy.
Related: Equifax, Fiserv Team Up to Offer ‘Real-Time Data Insights’ for Business, FIs
The new offerings will “deliver a more holistic picture of businesses and their data and enable financial institutions and businesses of all sizes to embrace the power of real-time data insights” when they hit the market, likely later this year, the joint announcement says.
The joint commercial solutions from Equifax and Fiserv will “leverage new analytics to help strengthen business verification, accelerate account acquisition and enhance risk assessment for small- to medium-sized businesses (SMBs),” the announcement says, adding they will expand into the consumer sector.
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NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022
About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $500,000 and $100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.
