Peoples Group taps Fiserv to build next-generation payments platform
Context and Chronology
Peoples Group announced a strategic agreement with Fiserv to build a modern payments backbone that integrates native support for ISO 20022 messaging and connects directly to Canada’s core payment rails. The program pairs Fiserv’s enterprise payments technology and cloud-deployed core processing with Peoples Group’s client relationships to offer ready-made rails for banks and fintechs. David Raju, the interim CEO, framed the deal as a capacity play to let partners focus on customer propositions rather than infrastructure.
Fiserv will supply the enterprise payments platform and integrate the DNA® core in a public cloud model, creating an always-on environment intended to support instant settlement and richer data payloads. Sayantan Chakraborty, head of digital payments at Fiserv, described the role as enabling scale, security and connectivity for financial institutions that must compete on speed and data. Mr. Chakraborty emphasized the commercial imperative: reduce time spent building plumbing and increase time spent on product differentiation.
Peoples Group positions itself as a platform provider, selling infrastructure and connectivity to challenger banks, fintechs and niche financial players that lack the scale to build enterprise-grade stacks. William Keliehor, the bank’s chief client officer, framed the offering as a way to lower integration costs and operational complexity for partners, accelerating digital launches. Mr. Keliehor sees the platform as a distribution point for services that would otherwise require heavy in-house investment.
Timing is central: Payments Canada’s Real‑Time Rail and global shifts toward ISO 20022 create a narrow window for providers to modernize before new settlement rails and richer data formats become industry standard. The collaboration reduces technical friction for participants needing instant payments and enhanced reconciliation. For the market, this deal is an early mover signal that cloud-native, standards-first platforms will underpin the next phase of Canadian payments modernization.
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