Novo Banco refreshes payments with Fiserv
Portuguese Bank Novo Banco has selected Fiserv for its enterprise payments platform and advantage fee systems, aiming to tie together its infrastructure and build out its end-to-end billing capabilities.
The bank will use integrate Fiserv’s platforms with its existing technology internally, and connect it with other Novo Banco entities externally.
Novo Banco CEO, Antonio Ramalho, says that the bank wanted to implement a modular payments hub to give its customers “an elevated and seamless omni-channel payments experience.”
The enterprise payments platform, formerly known as Dovetail, will centralise management of all of Novo Banco’s payments, “regardless of the origination channel, payment type and entity.”
The bank will move 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.
Novo Banco was founded in 2014 by the Bank of Portugal to rescue the assets and liabilities of Banco Espirito Santo, at the time the second-largest private financial institution in Portugal.
The bank was recapitalised with €4.9 billion by a special Resolution Fund, supported by other Portuguese banks and the audited by the central bank.
The fund remained its largest shareholder until 2017, when US-based Lone Star Funds acquired 75% for a capital injection of €1 billion.
“Financial Institutions are embarking on innovative technology initiatives to meet their business aspirations and customer expectations,” said Jan Kruger, senior vice president and general manager, Enterprise Payments Platform Solutions, Fiserv.
“Fiserv technology provides the modern functionality necessary to underpin Novo Banco’s payments transformation, and will help the bank to realise efficiency, innovation and competitive differentiation.”
Dovetail Systems and its payments platform was acquired by Fiserv in 2017. The solution is in use at a number of institutions, including Hellenic Bank, UK challengers Cynergy Bank and Allica Bank, and Bank of Cyprus.