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Fiserv is one of the world's largest processors and supports thousands of local and community banks with their processing needs for their card programs. For this reason... they were the perfect partner to work with to design a new type of "Fintech Innovation Switch"...

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Problem

Working with a number of Community oriented banks, Paywith has learned how difficult it is for these organizations to connect to innovative fintech oriented systems while running on traditional payment ecosystem infrastructure.  Traditional payment ecosystems were not designed with mobile, digital and electronic payments in mind and therefore have a number of limitations that are difficult and time consuming to overcome when wanting to make changes. 

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Solution

Working with FISERV, and Bangor Savings Bank, the team at Paywith was able to come up with an innovative and simple solution that turns FISERV into a Fintech Innovation Switch... Any bank that is currently serviced by FISERV for their bank and debit cards, can now elect to "SWITCH" their transaction processing over to Dynamic Processing. Dynamic processing allows for multiple rules and accounts to be applied within a single transaction authorization. 

Results

The results are that now any Bank that is serviced by FISERV can have unrestricted access to plug into an entire network of card enhancements and benefits for their debit and credit cards. Debit cards can now plug into rewards, points, loyalty, gifting, promotional credit and more. Best of all, there is no need to re-card or distribute new cards in market... This solution turns every card the banks have issued... into an mCard.