Philadelphia-based Republic Bank has selected Fiserv as its new strategic technology partner as it looks to overhaul its core banking systems and digital solutions.
The bank hopes the partnership will “revolutionise” its processing and payment systems and provide it with “technology capabilities that rival those of large, national banks”.
Fiserv will also look to support the bank in developing and enhancing its digital offerings to keep pace with new opportunities and digital advancements.
The partnership follows the announcement of Fiserv’s payments deal with Pentagon Federal Credit Union earlier this week. The tech firm will look to provide PenFed’s 2.3 million members with a modern way to digitally manage their credit and debit cards.
“Consumer use of digital banking has boomed over the past year, and our team is committed to helping institutions like Republic Bank meet the quickly evolving needs of their customers both now and in the future,” says Fiserv president and CEO, Frank Bisignano.
Republic Bank chairman and CEO, Vernon Hill, adds: “This partnership reinforces our mission to provide the absolute best banking experience wherever customers prefer to bank – in-store, online or via mobile.”
Hill, who took up his role as CEO of Republic Bank earlier this year, is also the founder of Commerce Bank in the US and Metro Bank in London.
The American billionaire left Metro Bank in 2019 after a sharp drop in profits and shareholder criticism over links between the bank and his wife’s architecture business InterArch.
Hill fed more than £21 million to Shirley Hill’s firm, only to be greeted with potential rebellion from shareholders which eventually led to the bank cutting ties with InterArch in May 2019.