Bank of Baroda Financial Solutions (BFSL), a wholly-owned subsidiary of Bank of Baroda, has announced that it has chosen Brookfield, Wisconsin based financial services technology provider Fiserv, for its digital transformation journey.
The partnership will enable Bank of Baroda to digitise its end-to-end card issuance and processing cycle. It will also accelerate the launch of several products including contactless credit cards, tokenization and integration with branded wallets and virtual credit cards, according to a statement.
BFSL will use an end-to-end managed services solution from Fiserv called FirstVision, which provides a fully integrated suite of card management tools. This includes digital cards and loyalty management, advanced fraud modules, risk management and analytics solutions, the statement added.
“Delivering robust, secure products and a superior experience to our customers is our priority. The scalable, integrated technology provided by Fiserv will allow us to deliver the experiences our customers expect now and into the future, as we accelerate the launch of new products and services being adopted by all major issuers,” Shailendra Singh, managing director and CEO at BOB Financial Solutions said.
The software as a service (SaaS) solution is hosted locally in India and will enable card processing for major issuers across the country. It will also ensure that the company is working in compliance with local payment and customer data regulations.
Financial service providers across the world are investing in digital transformation projects to streamline work. In May, Mumbai-based Tata Consultancy Services (TCS) developed a cloud-based, end-to-end solution to help banks in the US process loan forgiveness requests.
TCS also announced that it would power the first fully digital bank in Israel with its core banking software suite BaNCS, in April.