Fiserv and Bakkt Innovate on Mainstream Use of Crypto Assets for Leading Global Merchants

Rhea-AI Summary

Fiserv, a global leader in payments technology, has announced a strategic partnership with Bakkt, a digital asset platform. This collaboration will integrate Bakkt's capabilities into Fiserv's Carat ecosystem, enabling businesses to utilize digital assets for B2B and B2C transactions. The partnership aims to enhance consumer experiences by facilitating crypto transactions and integrating digital assets into merchant offerings, while providing Fiserv's financial institution clients with Bakkt's technology for managing crypto assets.

Positive

• Strategic partnership with Bakkt to integrate digital asset capabilities into Fiserv's Carat ecosystem.
• Improved consumer experience through crypto transactions and loyalty programs.
• Expanded opportunities for businesses to utilize digital assets for payments.

Negative

• None.

BROOKFIELD, Wis.--(BUSINESS WIRE)-- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced a strategic relationship with Bakkt (NYSE: BKKT), a trusted digital asset platform that enables consumers to buy, sell, send and spend a range of digital assets. The combination of expansive capabilities from Fiserv, including the ability to move funds into and out of mobile wallets, with Bakkt’s digital asset platform will enable practical uses of crypto and emerging asset classes.

A future integration of Bakkt into the Carat omnichannel ecosystem from Fiserv will allow businesses to pursue new options for B2B and B2C payouts, loyalty programs, and transactions, all with crypto assets accessible via a digital asset wallet. Merchants will be able to deliver innovative consumer experiences through a simple integration to Carat and roll out new digital asset offerings that are right for their brand and customers.

“Carat is a trusted solution for businesses, including fintechs, that want to access a broad range of commerce-enabling capabilities, such as the ability to accept and disburse funds, from a single provider,” said Nandan Sheth, Head of Carat and Digital Commerce at Fiserv. “Bakkt will be leveraging these capabilities while also working with us to build emerging merchant experiences that help bring crypto assets into the mainstream.”

“This partnership with Fiserv marks an important moment as we together create opportunities for consumers to seamlessly and at their own pace introduce digital assets into their daily habits,” said Sheela Zemlin, Chief Revenue Officer at Bakkt. “Whether it be buying bitcoin from within a financial institution’s app, redeeming loyalty points from their favorite restaurant for merchandise, using a digital asset wallet, or getting paid in bitcoin for their side gig grocery delivery runs, consumers will have new opportunities to participate in the digital economy.”

In addition to innovating on new digital capabilities for merchants, Fiserv and Bakkt plan to introduce Bakkt technology that supports consumers’ ability to buy, sell, and hold crypto assets to Fiserv financial institution clients.

“Fiserv is in a unique position to connect merchants and financial institutions utilizing a unified digital asset platform, laying the foundation for an integrated digital asset ecosystem that can bring value and convenience to our clients and their customers,” said Sunil Sachdev, Head of Fintech at Fiserv.

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 solution. Fiserv is a member of the S&P 500® Index and the FORTUNE® 500, and is among FORTUNE World’s Most Admired Companies®. Visit fiserv.com and follow on social media for more information and the latest company news.

About Bakkt

Bakkt is a trusted digital asset platform that enables consumers to buy, sell, store and spend digital assets. Bakkt’s consumer platform, now available through the recently-released Bakkt App and to partners through the Bakkt platform, amplifies consumer spending and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018, Bakkt is headquartered in Alpharetta, GA. For more information, visit: www.bakkt.com | Twitter @Bakkt | LinkedIn www.linkedin.com/company/bakkt/.

FISV-G

Bakkt-C

View source version on businesswire.com: https://www.businesswire.com/news/home/20211025005680/en/

Media Relations:

Chase Wallace

Director, Communications

Fiserv, Inc.

+1 470-481-2555

chase.wallace@fiserv.com

Lauren Post

Head of Communications

Bakkt

Lauren.Post@bakkt.com

Source: Fiserv, Inc.

FAQ

What is the recent announcement by Fiserv regarding Bakkt?

Fiserv announced a strategic partnership with Bakkt to integrate digital asset capabilities into its Carat ecosystem, enhancing consumer transaction options.

How will the Fiserv and Bakkt partnership impact consumers?

The partnership will allow consumers to engage in crypto transactions and access digital assets through merchants, improving their purchasing options.

What technologies will Fiserv provide to Bakkt's financial clients?

Fiserv will offer Bakkt technology to its financial institution clients, supporting their ability to buy, sell, and hold crypto assets.

What financial benefits are expected from the Fiserv and Bakkt integration?

The integration is expected to create new transaction options and enhance loyalty programs, potentially driving revenue growth for participating businesses.

How does Bakkt's involvement enhance Fiserv's services?

Bakkt's digital asset platform will enhance Fiserv's mobile wallet capabilities, allowing greater use of crypto in everyday transactions.