Fiserv Plans to Transform the Fintech Ecosystem in Colombia

For more than 35 years the financial world has innovated through the solutions offered by Fiserv, the leader in financial technology and payment processing. The company represents a potential ally for Colombian fintech companies, capable of providing them with the necessary technology to be on par with large financial institutions and traditional banks.

The U.S.-based firm emerged before the Fintech concept itself. Its long history, coupled with its leadership in card issuance, e-commerce, acquiring, financial technology, banking solutions, and payment processing, has earned it recognition as the original fintech company.

Fiserv is a member of the S&P 500® Index – which tracks the 500 largest U.S. companies – and has been listed among Fortune® magazine’s World’s Most Admired Companies for 11 of the past 14 years.

The company has a presence in more than 100 countries, including Colombia, where it seeks to transform the Fintech ecosystem through its solutions and thereby contribute to greater financial inclusion.

“Colombia is one of the markets with the greatest Fintech progress globally, which tells us about the openness of the financial ecosystem to implement improvements from the technology front,” said Julian Buitrago, Country Manager of Fiserv in Colombia.

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The fintech adoption rate in Colombia is 76%

Indeed, according to the Global Fintech Adoption Index, Colombia has a fintech adoption rate of 76% of the population, only below China (87%), India (87%), Russia (82%), and South Africa (82%).

Precisely in its mission to strengthen the financial and technological sector in Colombia, Fiserv joined just a few months ago Colombia Fintech, a group formed by almost 300 companies of the Colombian fintech ecosystem.

As for the solutions provided by Fiserv in the country, Omnipay and Gateway stand out in the area of acknowledgment, which allow accepting payments with cards present and not present physically or through e-commerce. On the other hand, Frontier is a solution for automating accounting, financial and operational reconciliations.

On the issuing side, its portfolio offers the First Vision processing platform, which enables financial institutions to issue physical and digital debit, credit, corporate and prepaid cards.

In banking, Signature is a core banking solution that facilitates the creation of new financial products. Card App is an easy-to-integrate mobile application where users can check their card balances and transactions wherever they are.

Cash & Logistics is a solution that forecasts and optimizes supply in the cash chain, ensuring availability at all points, such as ATMs, vaults, and branches. Finally, AML Risk Manager prevents money laundering and other financial crimes by monitoring transactions and generating alerts automatically.

As our nation’s Fintechs adopt the aforementioned solutions, their consolidation process will continue at the level of the most innovative financial institutions for the benefit of all Colombians.

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(Featured image by bergslay via Pixabay)

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