South Africa’s FirstRand Group has selected payments and financial services technology provider Fiserv to bolster its growth and innovation.
Through the collaboration, FirstRand Group will implement Fiserv’s cloud-native and real-time banking solution, dubbed Finxact.
This is expected to support FirstRand Group’s digital transformation and broader innovation strategy.
Listed on the Johannesburg Stock Exchange (JSE) and the Namibian Stock Exchange (NSX), FirstRand Group has total assets of $130bn. The group provides a range of transactional, lending, investment, and insurance services.
Its portfolio includes First National Bank (FNB), WesBank, Rand Merchant Bank (RMB), Aldermore, and Ashburton, operating across South Africa, sub-Saharan Africa, and the UK.
FirstRand chief digital officer Kevin Mitchell said: “As customer expectations evolve, Finxact provides a modern, flexible system that enables greater innovation and the ability to deliver personalised solutions at speed.
“After evaluating multiple options, we found that Finxact stood out as the preferred platform to deliver this level of agility and support the evolving needs of the business.”
Finxact will be integrated into FirstRand Group’s customer franchises, including FNB and RMB. FNB focuses on retail and commercial banking, while RMB specialises in corporate and investment banking.
FNB, which serves 30 million active accounts and products, will transition from its current provider over time, alongside RMB.
The move is expected to enhance flexibility in offering new financial products, leveraging FirstRand Group’s existing investment in mobile and online banking.
Finxact is designed as a modern system of record and transaction processing engine, supporting multiple asset classes, currencies, and time zones.
Headquartered in the US, Fiserv specialises in payments and financial technology solutions, including digital banking, card issuer processing, e-commerce, merchant acquiring, and its Clover cloud-based point-of-sale platform.
Fiserv EMEA executive vice president and head Katia Karpova said: “We are thrilled that FirstRand is the first financial institution outside of the U.S. to move to Finxact, a trusted partner for a major modernisation.
“We see big opportunities for Finxact in the EMEA region, as banks aim to enhance their digital transformation.”
