Fiserv and Strivve announce card-on-file placement partnership

Fiserv, Inc. (NYSE: FI) and Strivve, Inc. have announced a partnership that connects Fiserv Issuer Solutions clients with Strivve's Top of Wallet® platform, enabling card issuers to place their cards on file at merchant and bill pay sites.

According to the companies, 84% of U.S. digital transaction volume is tied to payment methods already stored on file at merchants. Strivve's platform allows cardholders to save their card at hundreds of merchant and bill pay sites directly from within their issuer's mobile app or website, using automation and AI to enter card details on the cardholder's behalf.

Fiserv's Optis platform, which supports 1.1 billion accounts and serves 26 of the top 50 credit issuers in North America, will be extended through the partnership. Strivve currently works with more than 200 issuers across co-brand and retail banking card programs.

Michigan State University Federal Credit Union reported a 96% card-placement success rate and a 12x return on investment using Strivve's platform. The companies say issuers typically see transaction-volume gains within 90 days.

"Strivve's Top of Wallet platform gives our Issuer Solutions clients a proven, scalable way to get their cards saved where their cardholders spend," said Paul Cressman, VP of Communications, Strategy and Channels at Fiserv.

Strivve holds issued patents covering its AI and machine learning algorithms for card-on-file placement and owns the registered trademark Top of Wallet®. The company was founded in 2016 and is headquartered in Seattle.

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