Portuguese private banking firm Novo Banco has selected technology solutions provider Fiserv to modernise payments processing.

Novo Banco will implement Fiserv’s Enterprise Payments platform and Advantage Fee solution to deliver an integrated end-to-end billing and payments experience to customers.

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The Enterprise Payments Platform, formerly Dovetail, will be used for all of the bank’s payments processing. It will allow centralised management of all Novo Banco payments.

All high-value payments including SWIFT, SWIFT gpi and SIBS Target2 will be transferred to the enterprise payments platform, followed by low-value and instant payment types.

The Advantage Fee billing and revenue management solution will be utilised for nostro and correspondent banking charging.

Novo Banco CEO Antonio Ramalho said: “We wanted to implement a modular payment hub to give our customers an elevated and seamless omni-channel payments experience.

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“Having a centralized payments platform helps us achieve our immediate business goals and progressively move toward our strategic vision of a unified and flexible payments platform for all payment types, including instant.”

Novo Banco is currently undergoing a large-scale digital transformation with digital self-service capabilities, intelligent multichannel relationships​ and multichannel and multi-device experiences.

Fiserv senior vice president and general manager for Enterprise Payments Platform Solutions Jan Kruger said: “Fiserv technology provides the modern functionality necessary to underpin NOVO BANCO’s payments transformation, and will help the bank to realize efficiency, innovation and competitive differentiation.”