Businesses Can Reduce Risk and Optimize Commerce with New Data-as-a-Service Through Carat from Fiserv

Rhea-AI Summary

Fiserv, a global leader in payments technology, has launched a new data-as-a-service (DaaS) capability for its Carat operating system, allowing large enterprises to access near-real-time transaction data through the Snowflake Data Cloud. This innovation enhances data analysis and decision-making, reduces operational costs, and improves customer experiences by enabling seamless integration of payments data. The new capability empowers businesses to optimize commerce, strengthen loyalty programs, and mitigate fraud.

Positive

• Launch of data-as-a-service capability enhancing near-real-time access to payments data.
• Reduces operational costs by eliminating ETL integrations.
• Improves decision-making and customer experience through enhanced data utilization.

Negative

• None.

Ability to access transactional data via the Snowflake Data Cloud will enable near-real-time data intelligence

BROOKFIELD, Wis.--(BUSINESS WIRE)-- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced a new capability designed to optimize how large enterprises using its Carat operating system are able to access, analyze, and utilize their payments data. With a new data-as-a-service (DaaS) capability that enables synching of data through the Snowflake Data Cloud, Carat clients have near-real-time access to their enterprise-wide transaction data, critical intelligence that can help businesses make informed decisions to reduce risk, optimize commerce, and enhance customer experiences.

The new DaaS capability allows businesses to sync reporting and analytics from Carat with the business’s existing data warehouse. Synching via the cloud removes the need for enterprises to build ETL (extract, transform, load) integrations, reducing operational costs and removing the need for manual intervention. Doing so allows a business to access transactional data with speed and accuracy, and empowers them with rich insights that will help strengthen commerce models.

“The introduction of Carat data-as-a-service capabilities will enable large enterprises to leverage Snowflake Secure Data Sharing and its collaboration capabilities to maximize the value they are able to extract from payment data,” said Rinesh Patel, Global Industry GTM Lead, Financial Services at Snowflake. “By enabling seamless and secure data transfer via the cloud, the Carat operating system modernizes how payment data flows to decision makers and can be used to guide business decisions.”

With ready-to-query data, a business can also enhance consumer experiences by integrating real-time payments data into the checkout process. This can enable the business to use data intelligence to strengthen loyalty and rewards programs, improve decisioning for embedded financial services, and augment fraud mitigation.

“We continue to strengthen our commerce ecosystem with meaningful investments that enable our partners to operate with efficiency, earn client trust, and create better experiences for their customers,” said Casey Klyszeiko, Head of Carat and Global eCommerce at Fiserv. “By leveraging data in real time across business functions, our partners are able to innovate at the speed expected in today’s rapidly changing commerce landscape.”

Carat is the unified, simple, global operating system that enables payments anywhere and anytime, optimizes commerce across channels, and delivers embedded finance in ways that create new customer experiences. Learn more at carat.fiserv.com.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of FORTUNE World’s Most Admired Companies® for 11 of the past 14 years and named among the World’s Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220929005478/en/

Media Relations:

Chase Wallace

Director, Communications

Fiserv, Inc.

+1 470-481-2555

chase.wallace@fiserv.com



Additional Contact:

Ann S. Cave

Vice President, External Communications

Fiserv, Inc.

+1 678-325-9435

ann.cave@fiserv.com

Source: Fiserv, Inc.

FAQ

What is the new capability announced by Fiserv regarding payments data?

Fiserv announced a new data-as-a-service capability for its Carat operating system that enables near-real-time access to payments data via the Snowflake Data Cloud.

How does Fiserv's new DaaS capability benefit enterprises?

The DaaS capability allows enterprises to reduce operational costs by eliminating the need for ETL integrations, and it enables faster and more accurate access to transaction data.

What impact does the new capability have on customer experience?

The capability empowers businesses to enhance consumer experiences by integrating real-time payments data into the checkout process, improving loyalty and rewards programs.

What technology does Fiserv's Carat system utilize for data access?

The Carat system utilizes the Snowflake Data Cloud for seamless and secure data transfer, allowing enterprises to maximize payment data value.

When was the new DaaS capability launched by Fiserv?

The new data-as-a-service capability was announced on September 29, 2022.