Fiserv selected by Bank of Queensland to further the bank’s digital strategy

By Edil Corneille

Fiserv, a global provider of payments and financial services technology solutions, has been selected by the Newstead-based Bank of Queensland (BOQ) Group to deliver a card issuing and management solution that can support multiple brands and products for BOQ and Virgin Money Australia (Virgin Money).

BOQ and Virgin Money will leverage VisionPlus® from Fiserv, an end-to-end managed services solution that enables card issuing and processing with global economies of scale and integrated capabilities that span the card lifecycle.

The solution will initially be utilised by Virgin Money to support a new debit card program that will form part of the bank’s comprehensive new digital offering. The service will be live for Virgin Money in 2020 supporting Virgin Money’s marketing launch of the digital bank in early 2021. VisionPlus will enable streamlined card issuance and management for both physical and digital cards, as well as in-demand functionality, such as the ability for customers to add cards to their digital wallet directly from Virgin Money’s mobile banking app.

“Banking is all about relationships and, increasingly, these relationships are built on a digital foundation,” said Greg Boyle, CEO of Virgin Money Australia. “Offering seamless, end-to-end digital banking and payment services is an essential part of delivering on our commitment to making banking simple and rewarding for our customers.”

Hosted in Australia and tailored for local requirements, VisionPlus supports local and global card schemes. The managed service solution is said to offer a sustainable model in competitive markets like Australia for financial institutions looking for scalable and cost-effective technology and operational support.

“Fiserv has a long and successful relationship with BOQ and we are proud to help enable their digitisation strategy as they work to meet customer needs in a rapidly evolving market,” said Kees Kwakernaak, General Manager of Fiserv in Australia and New Zealand. “The service-oriented architecture and open APIs of VisionPlus offer significant flexibility, facilitating delightful customer experiences and allowing innovative capabilities to be rolled out quickly.”