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A Promising Future with Blockchain in Electronic Payment Gateways

By CIOReview | Monday, January 14, 2019
Jeffery W. Yabuki, President and CEO

Jeffery W. Yabuki, President and CEO

Enterprise asset management has undergone many transformations as innovative technologies are facilitating smarter utilization of assets. From a recent survey, the EAM market is expected to reach $5.35 billion from $3 billion by 2021. This pictures the current economy which is increasingly becoming complex and dynamic. Fiserv launched CardValet, a mobile card management application that enables financial companies to give the cardholders control over their card when they are used. The company is named one of America’s best employers by Forbes. Over the years, Fiserv has evolved into financial services technology, catering to global clientele which includes banks, investment advisers, securities broker-dealers, finance companies, and retailers. Fiserv has recently announced the results of a survey regarding the implementation of open banking initiatives by banks in the UK, Poland, France, and Australia. Till date, banks have focused on compliance with 42 percent respondents stating their assertion for open banking. Fiserv's footprints have reached unprecedented horizons in the global market and propelling itself to stay at the vanguard of innovation in the financial sector. However, some banks are leveraging open banking for improving customer service. 

Fiserv emerged from the merging of First Data Processing and Sunshine State Systems. Later, this was transformed into a public company where it was listed as FISV on the NASDAQ stock market which is an institutional asset management firm that clinched global recognition in the landscape of financial control.  On seeing the strength of mobile technology, Fiserv has launched the first-of-its-kind mobile banking solution that offers unique and secured ‘triple play’ banking access through text messaging, mobile browser, or an app. Fiserv has more than 12000 clients and 24000 associates, while the company continues to strive and help its clients achieve the best-in-class results driving quality and innovation in payments and processing services.

Blockchain technology tends to dominate the e-market as digital retailers use the technology to improve efficiency in online payment collection and processing online payments. This technology enhances the revenue by expanding the operations and entering into the transactions with users across the borders. Blockchain facilitates secure and transparent online transactions without the interference of third parties through encrypted distributed ledger that provides real-time trusted verification of transactions. According to the statistics from IBM, 65 percent of the banks leverage the blockchain for online payments and investments by 2020. Fiserv intends to continue to leverage such advanced technologies and provide solutions relevant to the trends to stay ahead of the competition curve.

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