Reported by: banking|Updated: August 1, 2020
BOB Financial Solutions, a wholly owned subsidiary of Bank of Baroda, has chosen Fiserv, a leading global provider of payments and financial services technology solutions, to enable the digitization of its end-to-end card issuance and processing cycle and support the launch of several new and high-tech products including contactless credit cards, tokenization and integration with branded wallets, and virtual credit cards. BOB Financial Solutions is one of the earliest issuers of credit cards in India, delivering superior card products and services to its customers. The company will now utilize Fiserv’s FirstVision, an end-to-end managed services solution that enables card issuing and processing with global economies of scale and integrated capabilities that span the card lifecycle. The service-oriented architecture and open APIs of FirstVision facilitate rapid application development, enabling new capabilities to be brought to market more quickly and at a lower cost. The software as a service (SaaS) solution is hosted locally in India and enables card processing for major issuers across the country, helping ensure compliance with local payment and customer data regulations. Shailendra Singh, MD and CEO of BOB Financial Solutions, said delivering robust, secure products and a superior experience to the customers is the company’s priority and Fiserv understands the company’s market, and its card processing capabilities are hosted in India. He added that the scalable, integrated technology provided by Fiserv will allow the company to deliver the experiences its customers expect now and into the future. The FirstVision platform will enable the company to move forward on their digital transformation journey with a fully integrated suite of card management tools including digital cards and loyalty management, advanced fraud modules, risk management and analytics solutions.