With an aim to accelerate Open Finance, Fiserv, the Nasdaq-listed payments and financial technology provider, recently announced the launch of AppMarket. The solution will enable financial companies to offer fintech capabilities as an integrated part of the banking experience.
According to the details shared by Fiserv, the launch of its AppMarket will enhance collaboration between companies working in the financial services industry. Users will be able to take advantage of Open Finance strategies through different fintech solutions available in AppMarket.
A recent survey conducted by Fiserv regarding the adoption of fintech shows that nearly 86% of consumers are using some kind of financial technology app. The payments giant noted that the AppMarket will allow traditional financial players to form partnerships with emerging fintech companies to incorporate new capabilities into their offerings.
“The efficacy of financial technology providers is now gauged not just by the strength of their individual solutions, but by the breadth and openness of the ecosystems they provide – by how easy they make it for clients to tap into an array of fintech solutions and providers,” said David Albertazzi, the Director of Retail Banking & Payments at Aite-Novarica Group. “Fiserv is enabling its clients to leverage fintechs to differentiate their offerings and appeal to digital-first consumers.”
Acquisitions and Partnerships
In the past 12 months, Fiserv has formed several partnerships and announced acquisitions to expand its reach. The financial technology solutions provider recently completed the acquisition of Finxact to accelerate its digital banking transformation. In 2021, the company formed a collaboration with Deutsche Bank for payment acceptance in Germany.
“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, the Vice President of Embedded Fintech at Fiserv. “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.”
