Finxact will provide FirstRand Group with improved data to drive its digital transformation. Credit: MacroEcon/Shutterstock.

South African financial services provider FirstRand Group has chosen Fiserv‘s cloud-based banking platform, Finxact.

Finxact will provide FirstRand Group with improved data to drive its digital transformation, supporting the wider innovation efforts and growth goals of its customer divisions, First National Bank (FNB) and Rand Merchant Bank (RMB).

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FirstRand chief digital officer Kevin Mitchell said: “As customer expectations evolve, Finxact provides a modern, flexible system that enables greater innovation and the ability to deliver personalised solutions at speed.

“After evaluating multiple options, we found that Finxact stood out as the preferred platform to deliver this level of agility and support the evolving needs of the business.”

Fiserv stated that its Finxact platform will offer the capability to develop “modern”, “flexible”, and tailored digital banking experiences.

 It described Finxact as a transaction processing engine that supports all asset classes, currencies, and time zones.

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FNB currently serves 30 million active accounts and products, and alongside RMB, the bank plans to transition from its existing provider.

This shift is said to offer enhanced flexibility in introducing new products to a broader market more swiftly.

Fiserv EVP and EMEA head Katia Karpova said: “We are thrilled that FirstRand is the first financial institution outside of the U.S. to move to Finxact, a trusted partner for a major modernisation.

“We see big opportunities for Finxact in the EMEA region, as banks aim to enhance their digital transformation.”