BROOKFIELD, Wis.—Fiserv has won the 2018 IDC FinTech Rankings Real Results Award for Next-Generation Payments for enabling Intesa Sanpaolo, which was the first European first mover to instant payments, the company reported.
Now in its fourth year, the awards recognize IT providers that have enabled a “genuine, measurable, and future-enabling change at a client financial institution in the worldwide financial services industry,” according to Fiserv.
“As one of the financial institutions committed to support the EBA CLEARING Instant Payment platform, Intesa Sanpaolo wanted to be among the first to offer retail and corporate customers a pan-European instant payments service,” Fiserv said in a statement. “To do so, the bank extended the functionality of its existing Dovetail Payments Platform from Fiserv with Dovetail Instant Payments. By leveraging existing infrastructure, interfaces, and a familiar user experience, Intesa Sanpaolo was able to create a seamless path to payments modernization, maximize their technology investment, and quickly go live.”
10,000 Customers Have Signed On
According to the company, more than 10,000 Intesa Sanpaolo customers now use the new payment service each day, as instant payments have become “the new normal.” In less than one year, Intesa Sanpaolo reported it has processed more than 1.5 million instant payments with a €1.5 billion value.
“Fiserv is being recognized for its implementation of the European instant payment solution at Intesa Sanpaolo, the first of its kind in Europe,” said Karen Massey, senior analyst for banking at IDC Financial Insights, in a statement. “Intesa Sanpaolo and Fiserv executed a project characterized by a high level of implementation complexity, at an impressive speed and pace.”
Fiserv said Dovetail Instant Payments delivers 24/7/365 real-time payment processing across any instant clearing mechanism – without the need to replace or rebuild existing payments infrastructure. Dovetail Instant Payments supports multiple deployment options, including on-premise or hosted, Fiserv said.
“We extend our sincere congratulations to Intesa Sanpaolo for building an intelligent market-leading payments experience for customers. Instant payments are game changing, and we are proud to help the bank progress in its aspiration of being Europe’s number one bank,” said Jan Kruger, president, Enterprise Payments Solutions, Fiserv.