Portugal’s NOVO BANCO Deploys Fiserv Payments Solution

NOVO BANCOFiserv has deployed its end-to-end billing and payment capabilities at Portuguese-based bank NOVO BANCO, thus allowing the bank to decommission multiple inflexible legacy systems and build an efficient, scalable modern payment architecture.

Under Novo Banco’s overall IT and payments transformation program, the bank will use Enterprise Payments Platform, formerly Dovetail, for all payments processing and Advantage FeeTM, a comprehensive billing and revenue management solution, for Nostro and correspondent banking charging. Fiserv’s solution will integrate NOVO BANCO’s anti-money laundering (AML), fraud, risk, and core banking platforms, and externally with other NOVO BANCO entities.

The platform enables centralized management of all payments as the bank moves all high-value payments including SWIFT, SWIFT gpi and SIBS Target2 to the Enterprise Payments Platform immediately, followed by low-value and instant payment types.

Antonio Ramalho, Chief Executive Officer at NOVO BANCO, said: “We wanted to implement a modular payment hub to give our customers an elevated and seamless omnichannel payment experience. 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.”

Jan Kruger, senior vice president and general manager, Enterprise Payments Platform Solutions at Fiserv, said: “Financial Institutions are embarking on innovative technology initiatives to meet their business aspirations and customer expectations. 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.”

Banco Best, another Portugal-based financial institution operating in banking, asset management, and trading, has successfully processed live end-to-end fund transactions using blockchain-powered technology together with Credit Suisse Asset Management. Having taken place earlier this year, the new model marks another milestone for transforming fund distribution. Every part of the fund trade process, from delivery of the order to the processing of the trade, was registered on the blockchain.

Earlier this year, Fiserv expanded further in the U.S. market as Mi Bank, a Michigan-based bank with a full range of products and services tailored to business owners, deployed Fiserv’s technology and expertise.

In 2018, Fiserv partnered with fraud analytics firm Rippleshot to offer Card Risk OfficeSM Fraud Warning, an early breach detection solution that allows financial institutions to identify potential
fraud events 30-60 days prior to network alerts.