South Africa's banking group FirstRand taps Fiserv’s Finxact to accelerate digital banking innovation, marking the solution’s first adoption outside the US.

Fiserv's cloud-native core banking system, Finxact, has been chosen by FirstRand Group, a prominent South African banking behemoth with assets over $130 billion, to spearhead its digital transformation.

Finxact provides a range of banking services, including treasury, credit card management, AML, data analytics, and payments. Fiserv purchased Finxact in 2022 for $650 million. FirstRand is the first financial institution outside of the US to use the platform, but US-based organizations, including First Horizon, Zenus Bank, and BetaBank, already use it.

By speeding up product introductions and improving mobile and online banking, the system will benefit FirstRand's client franchises, FNB (retail and commercial banking) and RMB (corporate and investment banking). In order to manage a variety of asset classes, currencies, and time zones, the bank will also use Finxact's transaction processing engine.

As banks step up their attempts to become digital, Katia Karpova, EVP and head of EMEA at Fiserv, sees big prospects for Finxact throughout Europe, the Middle East, and Africa.