The big processor Fiserv Inc. said Wednesday morning it will offer so-called programmable payments to its financial-institution clients through a partnership with IncumbentFI, a San Francisco-based technology provider.
The technology allows cardholders to attach a variety of funding sources to a single card and choose one for individual transactions. In some cases, they can select the funding source for a limited time after the transaction. The new program with Incumbent FI could also include the ability to select particular rewards programs and buy now, pay later programs, Fiserv said.
Fiserv characterizes the technology as a “switch” that can re-route payments after they’re authorized but before processing. “Programmable payments allow for flexible configurations, which enable our clients to deliver the personalized payment experiences consumers are looking for,” Sunil Sachdev, head of fintech and growth at Brookfield, Wis.-based Fiserv, said in a statement. “These modern capabilities will give card issuers the ability to design cards with truly distinctive features that can launch in days, with built-in intelligence like delegated authorization and just-in-time funding.”