FirstRand Group, a South Africa-based banking group with assets exceeding $130 billion, has tapped Fiserv’s core banking system Finxact to support its digital transformation efforts.Fiserv acquired Finxact in 2022 for $650mAcquired by Fiserv in 2022 for $650 million, Finxact features a range of treasury, credit card, account opening, AML, data analytics, and payment services.Current Finxact adopters include First Horizon, Zenus Bank and BetaBank, with FirstRand now the first financial institution outside the US to adopt the cloud-native solution.FirstRand has selected the solution to drive the “broader innovation initiative and growth objectives” of its customer franchises FNB (retail and commercial banking) and RMB (corporate and investment banking).FirstRand will also implement Finxact’s transaction processing engine to accommodate “all asset classes, currencies and time zones”.The group specifically aims to accelerate product launches while enhancing its mobile and internet banking capabilities.Finxact was founded in 2016 by Frank Sanchez, the serial developer behind core banking system Profile, now owned by Fiserv’s direct competitor, FIS.As Fiserv continues to expand its presence overseas, Katia Karpova, EVP and head of EMEA at Fiserv, states: “We see big opportunities for Finxact in the EMEA region, as banks aim to enhance their digital transformation.”
Mar. Feb 11th, 2025
