New York’s a wonderful town for Fiserv DNA
New York Community Bancorp will move to Fiserv’s DNA core platform to improve its retail banking and commercial lending services.
A walk (and talk) on the core banking side
The bank, which has $51.2 billion in assets, will use an integrated suite of digital banking and payment solutions. It will also move from in-house processing to an application service provider (ASP, i.e. outsourced) model hosted by Fiserv.
It is understood the new tech will replace the legacy Miser solution from Fiserv’s rival FIS, and the deal is the largest core processing one for Fiserv.
Barbara Tosi-Renna, assistant COO at New York Community Bancorp, comments: “We chose Fiserv because its solutions, integration and expertise put us in the strongest position to succeed in our fast-changing marketplace.”
The bank will add solutions from Fiserv including Commercial Center for commercial cash management and business banking, and the open, real-time Dovetail Payments Platform (paytech provider Dovetail was acquired by Fiserv in 2017).
It also will move existing in-house solutions including the Corillian Online and Mobiliti digital banking solutions from Fiserv to the bank’s new outsourced environment.
New York Community Bank is the “leading producer of multi-family loans” in New York City and the largest regional bank headquartered in New York by assets.
The bank has customers in New York, New Jersey, Florida, Ohio, and Arizona through a network of more than 250 branches.
Meanwhile, Fiserv has been busy. As usual.
Just last month, Banco CTT, one of Portugal’s newest banks, selected Fiserv to enable anti-money laundering (AML) capabilities.
In addition, and a much bigger deal, Fiserv revealed it will acquire First Data in an all-stock transaction of $22 billion.
