Fiserv, the $19 billion US-based fintech and financial services company, wants to expand its business in India, the biggest market in APAC. It plans to launch its payment solution product, Clover, for small businesses. , said Srini Krish, President of Global Services and Global Practice Leader for Implementations at Fiserv.

The US is the biggest market for the company, followed by EMEA LATAM and APAC; he told businessline without giving numbers for India. The new business opportunity in India is to take Clover to the market, he told businessline.

Fiserv does merchant acquiring (accepting payments on behalf of merchants); digital payments - from Kirana shops to the largest retailer in the world - Fiserv and accepts payments on e-commerce, he said.

The company is involved in all kinds of payments, including debit and credit cards. This includes accepting the transaction, authorising the transaction (on behalf of the customer’s bank), and settling the transaction. All these happen in a fraction of a second in the backend with integration with various banks and financial institutions. In many of the payment receipts, the company’s name would be mentioned, he said.

Clover is aimed at small and medium-sized business owners. It allows merchants to perform everything around their business. This includes inventory management, payroll, scheduling, and even reservation in a hotel., he said.

The teams in India built the end-to-end solutions in Clover. The entire development and deployment of Clover and client service are being done from India and Sunnyvale, US, he said.

Clover is available in the US, UK, Ireland and LATAM. The next big push is in APAC - India, Australia and Singapore, he said.

Fiserv’s Global Capability Centre (GCC) runs the technology and handles client services and operations. For instance, it played a fairly big part in the Fiserv Small Business Index, which was recently launched in the US. The Index is a first-of-its-kind indicator for assessing the monthly performance of small businesses in the US at national, state, and industry levels, he said.

The GCC in India, established in 2005, employs nearly 7,000 employees located in Chennai, Bengaluru, Pune and Noida, he said.

Instant settlements

The India centre drives innovations on various products and solutions. Instant settlement is a key element for merchant’s daily cash flow, so the team in India developed an instant settlement product that enabled merchants globally to settle transactions in a few hours compared to T+1.

The CardLess EMI allows consumers to convert their transactions to EMI without using a debit or credit card. The feature sends a SMS with a URL to the registered number, and consumers can pay using any of the digital methods and send confirmation to merchants as well.

The Carat operating system has been deployed by IndianOil, enabling payments at over 15,000 retail fuel outlets in India. Customers can pay with debit and credit cards, FASTag-enabled payments, QR code payments, digital wallets and UPI instant payments, or redeem loyalty plan rewards, he said.