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Portuguese Bank Novo Banco taps Fiserv to modernize payments

Novo Banco

Jan Kruger, SVP & GM, Enterprise Payments Solutions, Fiserv

Portugal-based bank, Novo Banco has selected Fiserv’s technology to consolidate its existing payments infrastructure and deploy end-to-end billing and payment capabilities.

The move is a part of the bank’s IT and payments transformation program, to decommission multiple inflexible legacy systems and build a modern payment architecture.

Novo Banco will use an enterprise payments platform for all payments processing and advantage fee, a billing and revenue management solution, for Nostro and correspondent banking charging. Fiserv technology will integrate with other systems within the bank, including anti-money laundering (AML), fraud, risk, and core banking platforms, and externally with other Novo Banco entities, according to a statement.

“Having a centralized payments platform helps us achieve our immediate business goals and progressively move toward our strategic vision of a unified and flexible payments platform for all payment types, including instant,” Antonio Ramalho, CEO at the bank commented.

Enterprise payments platform is expected to enable centralized management of all the bank’s payments, regardless of the origination channel, payment type, and entity. The bank is likely to move all high-value payments including SWIFT, SWIFT GPI, and SIBS Target2 to the platform immediately, followed by low-value and instant payment types.

“Fiserv technology provides the modern functionality necessary to underpin NOVO BANCO’s payments transformation, and will help the bank to realize efficiency, innovation, and competitive differentiation.” Jan Kruger, Senior Vice President and General Manager, Enterprise Payments Platform Solutions, Fiserv stated.

Novo Banco is currently undergoing a digital transformation. To achieve the goal, the bank is developing digital self-service capabilities, multichannel relationships​ , and multi-device experiences.

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