Transact Bank Selects Fiserv Precision Core for Payments and Card Issuing
Transact Bank, based in Denver, announced on July 30, 2020, that it had selected Fiserv's Precision core banking platform to underpin its strategic pivot toward domestic and cross-border payment processing and card issuing services. The Precision platform provides Transact Bank with the core infrastructure needed to process payments and issue cards at scale. By adopting Fiserv's technology, Transact Bank gains access to a mature and widely deployed core banking system designed to support high-volume transaction processing.
The bank's new strategic focus on payments and card issuing positions it as a potential partner bank for fintechs and embedded finance companies seeking licensed banking infrastructure. Fiserv's Precision platform is one of the most widely used core banking systems in the United States. The partnership reflects a broader trend of smaller banks retooling their technology stacks to serve the growing BaaS and embedded finance market.
No financial terms of the agreement were disclosed.
- Smaller banks adopting modern core platforms signal growing interest in serving as BaaS partner banks
- Fiserv strengthens its position as infrastructure provider for banks entering the embedded finance space