Fiserv Secures Coveted Spot as Fortune’s Most Innovative Company for Second Year Running, Celebrating Groundbreaking Contributions to Financial Technology Sector

Fiserv, Inc., a globally recognized leader in payments and financial technology solutions, has been honored once again as one of Fortune America’s Most Innovative Companies, marking the company’s second consecutive year receiving this prestigious recognition. This distinction underscores Fiserv’s relentless commitment to driving innovation within the financial services industry and beyond.

Frank Bisignano, Fiserv’s esteemed Chairman, President, and CEO, articulated the company’s steadfast dedication to fostering innovation as a means to empower its clients’ success. At the core of Fiserv’s ethos lies a resolute focus on creating value for clients by delivering forward-thinking solutions that not only meet but exceed their evolving needs. By consistently pushing the boundaries of what’s possible, Fiserv strives to enable its clients to craft memorable experiences for their customers and carve out a distinct competitive advantage in the marketplace.

The criteria for selection as one of Fortune® America’s Most Innovative Companies involves a comprehensive assessment across three pivotal dimensions: product innovation, process innovation, and innovation culture. Each of these dimensions plays a crucial role in determining a company’s overall innovation quotient:

  1. Product Innovation: This facet delves into the evaluation of a company’s suite of products and services, scrutinizing various aspects such as attractiveness, design aesthetics, usability, and the degree of uniqueness or differentiation offered.
  2. Process Innovation: Process innovation entails a thorough examination of an organization’s operational processes spanning the entire value chain, encompassing areas from sourcing and production to marketing, sales, and customer support. The goal is to identify areas ripe for optimization and efficiency gains through innovative approaches.
  3. Innovation Culture: The third dimension revolves around assessing the internal climate within the organization with regard to fostering a culture of innovation. This involves gauging the extent to which the company encourages and nurtures entrepreneurial spirit, creativity, and a willingness to embrace and implement new ideas and methodologies.

To evaluate these dimensions, Fortune partnered with Statista, a leading market research company, to conduct extensive surveys. The surveys encompassed feedback from both internal stakeholders, such as employees, and external experts with specialized knowledge in innovation, management, and human resources.

Internal stakeholders were invited to provide their perspectives through online surveys, with over 35,000 respondents contributing valuable insights into their respective companies’ innovation culture and internal processes. Additionally, more than 8,000 external experts participated in the survey, offering their assessments of companies’ process and product innovation capabilities.

This latest accolade adds to Fiserv’s growing list of achievements, including its previous recognition as one of Fortune® “World’s Most Admired Companies™.” Notably, innovation has consistently been cited as one of the company’s most admired attributes. Fiserv remains steadfast in its commitment to driving innovation forward, as evidenced by initiatives such as the Fiserv Innovation Network (FIN), which serves as a conduit for integrating various innovation-related endeavors, including product management, strategic investments, and industry events, thereby amplifying their impact within the organization.

In essence, Fiserv’s recognition as one of America’s Most Innovative Companies underscores its unwavering dedication to reimagining the landscape of financial services and payments. As a Fortune 500 company, Fiserv aspires to not only move money and information but also to move the world forward through its innovative solutions and steadfast commitment to excellence.

About Fiserv:

Fiserv, Inc. (NYSE: FI), a Fortune 500 company, is a leading global provider of payments and financial technology solutions. With a rich legacy of innovation spanning decades, Fiserv is at the forefront of shaping the future of financial services. The company’s diverse portfolio encompasses a wide array of offerings, including account processing, digital banking solutions, card issuer processing, e-commerce, merchant acquiring and processing, and the innovative Clover® cloud-based point-of-sale and business management platform. Fiserv’s inclusion in the S&P 500® Index and its consistent recognition as one of Fortune® World’s Most Admired Companies™ reflect its enduring commitment to delivering best-in-class solutions and driving positive change in the industry. For more information, visit fiserv.com and stay updated on the latest company news through social media channels.

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Post-Brexit: data protection
Card processor sends sensitive data to wrong address
24 August 2022

Worldline SA subsidiary Payone GmbH has been accused of breaching data protection rules after it sent sensitive employee payroll information to the wrong address by accident. The Worldline Group holdS a 60% stake in the Frankfurt based company who have a small UK market presence.

In June 2021, one of Payone GmbH’s ex UK employees (the data subject) received a “potential data breach notification” from the firm advising him that his salary, National Insurance data, nationality (Special Category Data) was amongst various bits of information sent to an incorrect home address.

This included personal information such as the former employees name, age and address.  It also included details such as the date of birth and the amount of annual work bonus he received in his bank account amongst other identifiable data.

Payone GmbH confirmed that this document was sent out in error following an employee making a mistake when re-entering data processed by their third-party payroll provider.  The error arose when the employee was fulfilling an Article 15 GDPR request. The error was spotted by the data subject when he noticed in an email version of the document that the postal address was incorrect. An attempt to notify Payone GmbH of the error went in vain as the document was already irretrievably despatched.

The data subject was alarmed with the incident which exposed him to the possibility of fraudulent activity, amidst reasonable fears his data could end up on the dark web and used by criminals.  Habitually resident in the UK he complained to the Information Commissioner’s Office (ICO) in June 2021. He similarly raised the concern in Germany via The Hessian Commissioner for Data Protection and Freedom of Information (HBDI).

The ICO reprimanded Payone GmbH for the error in their final decision letter.
Similarly, the HBDI cited a violation of Article 5(f) of the General Data Protection Regulation (GDPR) relating to integrity and confidentiality.

The ICO stated in their July 2021 findings that Payone GmbH, “should take steps to ensure that all personal data records are accurate and up to date. Holding inaccurate information, such as addresses, does increase the risk of personal data breaches and poses risks to the security of information”.

The HBDI confirmed in their October 2021 findings that Payone GmbH had taken remedial action. They concluded that a monetary fine would not be imposed on Payone GmbH as they had taken technical and organisational steps in response to the data breach. Data subjects could now request their data in an autonomous portal.

The GDPR, which came into effect in 2018, gave the Information Commissioner’s Office greater powers to tackle data breaches. The new ‘UK GDPR’ charts its own course after Brexit whilst seeking to maintain EU GDPR adequacy.  In extreme scenarios, organisations face penalties of up to £20m or 4 per cent of their global worldwide turnover, whichever is more.

In the years prior to GDPR, the ICO fines were capped at £500,000.

The data subject said: “I am just glad I spotted it; they were going to resend the document again to another wrong address. Prior to Brexit the process would have been commenced via the ICO who in turn would liaise with the HBDI on the data subjects’ behalf; but I found myself communicating with both authorities separately which was an additional step but in the end was surprisingly
effective. Unfortunately, Payone GmbH again sent my incorrect address to the
Workers Pension Trust in January 2022, and documents yet again went to the wrong address. In my opinion they have not learned from the first time and my complaint is sitting with the ICO yet again”.

The former employee is pursuing a remedy under Article 82 UK GDPR via
the Court’s of England & Wales.

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