Fiserv, the $19 billion US-based fintech and financial services company, is keen to expand its business in India, the largest market in APAC. It plans to launch its payment solution, Clover, aimed at small businesses. Its teams at the Global Capability Center (GCC) in India have built end-to-end solutions in Clover, said Srini Krish, president of global services and global practice lead for implementations at Fiserv.
The US is the largest market for the company, followed by EMEA LATAM and APAC; he said activity area without giving figures for India. The new business opportunity in India is to bring Clover to the market, he told Businessline.
Fiserv acquires merchants (accepts payments on behalf of merchants); digital payments – from Kirana stores to the world’s largest retailer – Fiserv and accepts payments on e-commerce, he said.
The company is involved in all kinds of payments, including debit and credit cards. This includes accepting the transaction, authorizing the transaction (on behalf of the customer’s bank), and settling the transaction. All this happens in a fraction of a second in the backend with integration with various banks and financial institutions. On many payment receipts, the company’s name would be mentioned, he said.
Clover is aimed at small and medium-sized business owners. It allows traders to achieve everything related to their business. This includes inventory management, payroll, scheduling, and even booking a hotel. It was built in the United States before the Covid pandemic, he said.
Teams in India built the solutions end-to-end in Clover. All Clover development and deployment and customer service is done from India and Sunnyvale, US, he said.
Clover is available in the United States, United Kingdom, Ireland, and Latin America. The next big push will be in APAC – India, Australia and Singapore, he said.
Fiserv’s GCC manages technology and manages customer services and operations. For example, it played a fairly significant role in the recently launched Fiserv Small Business Index in the United States. The index is the first indicator of its kind to assess the monthly performance of small businesses in the United States at the national, state and industry levels, he said.
GCC India, established in 2005, employs nearly 7,000 people across Chennai, Bengaluru, Pune and Noida, he said.
Instant settlements
The Indian center drives innovation across various products and solutions. Instant settlement is a key part of merchants’ daily cash flow. So the Indian team developed an instant settlement product that allows merchants across the world to settle their transactions within hours compared to T+1.
The CardLess EMI allows consumers to convert their transactions into EMI without using a debit or credit card. The feature sends an SMS with a URL to the registered number, and consumers can pay using any digital method and also send confirmation to merchants.
The Carat operating system has been deployed by IndianOil, enabling payments at over 15,000 fuel outlets in India. Customers can pay with debit and credit cards, FASTag enabled payments, QR code payments, digital wallets and UPI instant payments, or use loyalty plan rewards, it said.
