Paymentgal Blog

fiserv (3)

In a recent blog post, I gave some thought to how payment hubs are evolving and where these complex, but increasingly necessary, technologies fit into our present-day financial institution eco-systems. To gain more insight into the subject, I had the opportunity to talk to Trevor LaFleche from Fiserv. Trevor is the Director of Product Management and Marketing, Enterprise Payments Solutions, for the company and has extensive experience in designing and building platforms of this kind, Trevor and I spent some time talking about how these enterprise solutions are integrated by financial institutions and why he agrees the time is right for organizations to think seriously about implementing a Payment Hub.
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Deconstructing the Core Banking Platform

Open Banking, by definition, is an environment where a third party is given permission to access a bank account or account-related data in order to provide services direct to the user. That's not where the real technical evolution in banking is going to take place. Instead, I look for technologists to begin figuring out how to desconstruct core banking systems into their individual account components and then deliver them through a integration portal that allows a financial services entity to pick and choose the ones relevant to their offering. We're seeing this in the new crop of API farms that banks are accessing to deliver new services to their customers, but this takes these concepts down to the core level and that's where real innovation in banking is going to take place.
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