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Desjardins, Canada’s Largest Financial Cooperative, Selects Fiserv to Enhance Credit Card Program
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Desjardins Group has selected Fiserv (NASDAQ: FISV) to transition its credit card processing to a unified platform, enhancing efficiency and speeding up the launch of innovative solutions. The collaboration will streamline management of consumer and commercial card portfolios, supporting Desjardins' nearly four million credit accounts. Fiserv's OptisSM platform will enable real-time information for customers and provide end-to-end credit processing, including fraud detection and risk management. This partnership marks Fiserv's first large-scale deployment in Canada, promising modern capabilities to better serve Desjardins' members and clients.
Positive
Transition to unified credit processing platform expected to enhance operational efficiency.
Partnership supports nearly four million credit accounts, indicating growth for both companies.
Real-time information and modern capabilities will improve customer experience.
Negative
None.
Unified credit processing platform with robust APIs will create efficiencies and increase speed-to-market of new solutions
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Desjardins Group, the largest financial cooperative in North America, will transition its credit card processing to Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions. By streamlining management of consumer card, commercial card, prepaid card, and business lines of credit portfolios onto a single unified platform, Fiserv is enabling Desjardins to create synergies across products and power innovative new offerings for its consumer members and business clients.
Through its market-leading card issuing platform, OptisSM, which processes more than one billion credit accounts across North America, Fiserv will support Desjardins’ rapidly growing credit card portfolio, which now has close to four million accounts. This will allow Desjardins to expand existing digital and mobile-first capabilities to create a cohesive, real-time experience that includes push provisioning, self-servicing, and robust digital solutions for Desjardins members and clients.
“It is no longer enough just to deliver a card that works well and allows customers to pay,” said Zil Bareisis, Head of Retail Banking at Celent, the leading research and advisory firm. “Customers expect to have real-time information at their fingertips, along with card controls that allow them to limit payments or freeze a card, and alerts should anything go wrong. Bank staff also want modern user interfaces and unified experiences. Modern platforms like Optis offered by Fiserv enable financial institutions to design great experiences for everyone.”
Fiserv will also provide end-to-end credit processing functions for Desjardins, including core card processing, fraud detection, risk management and ancillary services. “As Desjardins modernizes for the future we’re enhancing our card platform to continue to deliver a best-in-class experience for our members, clients, and employees,” said Yann Jodoin, VP Payment & Retail Chief Product Officer at Desjardins. “Fiserv investments in digital innovation are allowing us to deliver new digital capabilities.”
Desjardins will be the first large-scale issuer deployment for Fiserv in Canada.
“We look forward to working with Desjardins as our flagship card issuing client in Canada, and bringing our leading, modern capabilities which will enable Desjardins to best serve their loyal members and clients,” said Andrew Gelb, Head of Issuer Solutions at Fiserv.
In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
About Desjardins Group
Desjardins Group is the largest cooperative financial group in North America and the fifth largest cooperative financial group in the world, with assets of $404 billion. It was named one of Canada's Top 100 Employers in 2022 by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, online platforms and subsidiaries across Canada. Ranked among the world's strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and credit ratings in the industry. For more information on Desjardins Group and the services it offers, visit our website: www.desjardins.com/ca.
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.
