BROOKFIELD, Wis.–Fiserv said it has introduced a new solution for financial institutions—especially smaller FIs-- that allows them to deliver a digital-first branded credit card program for consumer and small business cardholders, “eliminating the operational complexity and cost of direct card issuance.”
The company said its new “Credit Choice” provides a fully managed experience from program management to credit decisioning to operational excellence components such as compliance, servicing, risk, billing and reconciliation.
“Credit Choice allows Fiserv debit processing clients to provide consumers a unified digital debit and credit card experience accessed through the same app and authentication process,” the company said.
Cardholders receive the full benefits of a modern, digital experience through capabilities recently acquired via OnDot and SpendLabs, Fiserv added.
“Smaller financial service firms face a tough choice when it comes to credit card issuance. They realize that national issuers often use credit cards as an entry point to establish relationships in a market, and then cross-sell additional credit and deposit offerings,” said Brian Riley, director, Credit Advisory, Mercator Advisory Group. “With Credit Choice an institution can shift workload to an efficient partner, while still protecting the account relationship. Institutions can provide credit card offerings with access to many Fiserv capabilities.”
According to Fiserv, included with Credit Choice is access to an array of its best in class capabilities, such as digital card management, actionable program analytics, and a robust platform for servicing individuals, small businesses and commercial credit card programs.
‘Greater Control’
“Cardholders can easily get, use and manage their cards and see their spending through their financial institution’s online or mobile banking app,” Fiserv said. “Cardholders benefit from instant digital card issuance, greater control of their cards and enriched transaction data. In addition, for businesses, employees and managers will have robust functionality spanning onboarding, card management, AI-enabled expense management, virtual cards, reporting and analytics, and authorization workflows, all from the convenience of their mobile device or from a state-of-the-art web experience.”