Latest news with #Finxact
CNBC
17 hours ago
- Business
- CNBC
Fiserv debuts bank-friendly stablecoin as fintechs join digital dollar race
Fiserv is making a big entrance into the stablecoin market. The payments and fintech giant announced on Monday plans to roll out a new blockchain-based digital asset platform anchored by a U.S. dollar-pegged stablecoin called FIUSD — a product it hopes will bring thousands of banks and millions of merchants into the crypto economy by year's end. The new offering is designed to plug directly into Fiserv's sprawling global network, which already processes 90 billion transactions a year across 10,000 financial institutions and 6 million merchant locations. By baking stablecoin support into its existing banking and payment rails, Fiserv aims to fast-track adoption of blockchain-based money movement without requiring clients to overhaul infrastructure or pay extra fees. FIUSD will initially launch using stablecoin infrastructure from Paxos and Circle — the latter of which is enjoying a stock market surge since its IPO last month. Circle, the issuer of USD Coin, rose 6% on Monday to around $250 a share — more than 700% above its IPO price of $31 when it began trading on June 5. "Fiserv is a global powerhouse in commerce, and Circle is a global fintech firm and stablecoin market leader," said Heath Tarbert, President at Circle. "Together, we will work to unlock the next frontier of money movement – embedding stablecoins into everyday commerce and making money move as easily, reliably, and instantly as sending an email." The launch positions Fiserv as one of the first major payment infrastructure providers to offer stablecoin tools at scale, potentially transforming how banks and merchants settle transactions, send remittances, or offer 24/7 digital dollars to customers. Fiserv's coin will also be compatible with the solana blockchain, a popular choice for stablecoin transactions thanks to its speed and low costs. Fiserv said its long-term goal is to make FIUSD work seamlessly with other major stablecoins and eventually offer a version that helps banks move money more efficiently under existing regulations. Executives said the offering is built to meet the needs of traditional financial institutions — not crypto-native startups. "FIUSD is designed with our clients in mind, a financial institution-friendly coin that simplifies stablecoin access through a secure and scalable ecosystem," said Sunil Sachdev, head of embedded finance at Fiserv. Features like fraud monitoring, risk controls, and settlement compliance are built-in from the start. Fiserv's cloud-native Finxact platform will serve as the underlying ledger. The launch comes as Congress warms to stablecoins. The Senate passed the Genius Act last week, advancing it to the House and signaling growing support for institutional use of tokenized dollars.
Yahoo
17-02-2025
- Business
- Yahoo
Third Federal embarks on digital upgrade with Fiserv's DNA platform
Cleveland, Ohio-based Third Federal Savings & Loan has teamed up with fintech firm Fiserv to power its digital transformation. The collaboration will see the implementation of Fiserv's DNA platform, a move aimed at enhancing Third Federal's customer service capabilities through real-time transaction processing across all channels. Fiserv core account processing solutions said: 'As financial institutions face pressure to meet consumer expectations, they should scan the horizon for future-ready technology that enables innovative, differentiated experiences. 'DNA accelerates and elevates financial institutions' ability to respond to change, facilitate engagement and growth, and help them get ahead of what's next.' Third Federal, with assets worth $17bn, has selected the DNA platform as part of its strategic initiative to improve operations, offer better products for consumers and homeowners, and achieve rapid deployment of new offerings. The platform is also expected to facilitate seamless integration with advanced solutions and support the bank's long-term growth goals. Third Federal chief information officer Andy Rubino said: 'Everything we do at Third Federal is focused on serving our customers and associates. 'An open and real-time core solution that allows us to easily integrate with third parties and provide a superior user experience helps us achieve this goal.' Earlier this month, South Africa's FirstRand Group adopted Fiserv's Finxact, a cloud-based banking system, to support the growth of its divisions, First National Bank (FNB) and Rand Merchant Bank (RMB). "Third Federal embarks on digital upgrade with Fiserv's DNA platform" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
