Priya Patel
TLDR: Fiserv’s Cooper Thompson discusses the company’s work in the embedded finance space and its efforts to simplify the financial services process for clients. Fiserv is building a unified API and set of tools to allow any type of financial entity to offer its components, creating a one-stop shop for acquiring and issuing services. The company plans to expand its embedded finance offerings in highly regulated areas such as senior living, healthcare, and education, leveraging its strength in merchant acquiring and regulatory expertise.
Key Points:
- Cooper Thompson, VP of Fiserv’s Finxact Innovation Center, discusses the company’s work in the embedded finance space.
- Fiserv is building a unified API and set of tools to simplify the financial services process for clients.
- The company plans to expand its embedded finance offerings in highly regulated areas such as senior living, healthcare, and education.
- Fiserv is well-positioned to offer services in these areas due to its strength in merchant acquiring and regulatory expertise.
Cooper Thompson, Vice President of Fiserv’s Finxact Innovation Center, shared insights into Fiserv’s work in the embedded finance space at Money20/20 USA 2023. Thompson’s role as Head of Product for embedded finance is to ensure that Fiserv’s product offering is the best it can be for clients. Fiserv is building a unified API and set of tools that will allow any type of financial entity to offer the components that Fiserv provides, including assets, debt, income, and expenses.
According to Thompson, Fiserv aims to simplify the financial services process by creating a one-stop shop for both the acquiring and issuing side of business. Currently, individuals or entities have to go to multiple financial institutions to access different financial services, such as demand deposit accounts, savings accounts, credit cards, and loans. Fiserv’s goal is to streamline this process and offer a comprehensive range of services.
Fiserv is uniquely positioned to achieve this goal due to its strength in merchant acquiring. The company recently announced its expansion into embedded finance offerings, providing a full set of APIs to its clients. These offerings will be particularly beneficial for clients in highly regulated industries such as senior living, healthcare, pharmaceuticals, schools, and education. Fiserv’s expertise in the regulatory environment allows it to support these clients and enhance their financial capabilities with its technology.
In conclusion, Fiserv is pioneering embedded finance solutions and working towards simplifying the financial services process for its clients. By building a unified API and set of tools, the company aims to create a one-stop shop for acquiring and issuing services. Fiserv’s focus on expanding its embedded finance offerings in highly regulated areas demonstrates its commitment to providing comprehensive financial solutions to clients in various industries. With its strength in merchant acquiring and regulatory expertise, Fiserv is well-positioned to drive forward the embedded finance space and support the financial capabilities of its clients.
