Global provider of payments and financial services technology Fiserv has introduced a new set of APIs that aim to offer financial institutions Embedded Finance capabilities. By providing its merchants acceptance, banking, and card issuing business capabilities to clients and partners through a set of APIs, Fiserv wants to improve how payment facilitators, financial institutions, and software platforms serve their clients.

Through this, businesses can expand their service models, allowing their customers to receive financial services directly from the business’ platform. The launch’s objective According to officials, the simplified delivery model for Embedded Finance aims to allow software platforms and marketplaces to create deeper relationships between their brands and merchants, while also expanding their revenue potential. By enabling Embedded Finance capabilities, Fiserv supports businesses in taping into a suite of financial products that can be leveraged to develop more valuable relationships with merchants.

In turn, merchants benefit from faster access to capital and the ability to simplify and consolidate their financial experience through a single provider. Embedded Finance prospects available to clients include digital capabilities enabled by Finxact, a core banking ledger built on open architecture, and commerce abilities with Carat, the company’s global commerce platform. Pay Theory, a SaaS platform working on inclusive and Embedded Payment and Finance solutions, will leverage Fiserv’s services to enhance and expand its offerings to software platforms and merchants across industries such as healthcare, pharmaceuticals, senior and childcare, real estate, insurance, education, and government. Fiserv’s latest developments Based in the US, Fiserv offers its customers financial products and technology for account processing and digital banking solutions, card issuer and network services, payments, ecommerce, merchant acquiring and processing, and the Clover cloud-based point-of-sale and business management platform. Recently, Fiserv partnered with Plaid, a US-based data network provider, to enable secure and reliable data sharing through APIs for financial institutions and consumers.

Customers who bank with the approximately 3,000 bank and credit union clients hosted by Fiserv can receive credentialless API-based connectivity to the 8,000 applications and services on the Plaid network via AllData Connect. During the same period, the company acquired Skytef to expand its network of partners in Brazil, aiming to strengthen its distribution system in the country. Through this acquisition, Fiserv added relationships with more than 600 ISV partners and approximately 27,000 merchants, its total number of associates reaching 1,000. Moreover, at the beginning of October 2023, Fiserv joined the Swift Partner Programme as a Platform Partner. As part of the programme, Fiserv aims to facilitate connectivity to Swift APIs and enhance support for Swift GPI (Global Payments Initiative) for its client financial institutions.

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