Fiserv to Facilitate Merchant Access to PayPal, Venmo and Fastlane
Fiserv clients will be able to more easily enable PayPal, Venmo and related services, and accelerate guest checkout flows in the U.S. via a simple connection point to Fastlane by PayPal.
These enhancements are enabled by an expansion of the global strategic partnership of Fiserv and PayPal, the companies said in a Thursday (Aug. 29) press release emailed to PYMNTS.
“Our expanded partnership with PayPal supports our mission to enhance client value by providing simple, cutting-edge solutions to our clients that elevate and accelerate the commerce experience,” Jennifer LaClair, head of merchant solutions at Fiserv, said in the release.
Fastlane by PayPal allows users to complete their purchase in as little as one click and reduces checkout time for guest shoppers by 32%, according to the release.
The availability of this offering to Fiserv clients builds upon a longstanding partnership between Fiserv and PayPal that already covers several products and services and millions of businesses, per the release.
“We’re excited to deepen our collaboration with Fiserv and extend our innovative products and solutions to a broader audience,” Frank Keller, executive vice president and general manager Large Enterprise and Merchant Platform Group at PayPal, said in the release. “This partnership reinforces our commitment to driving excellence in checkout convenience by partnering with leading payment service providers and eCommerce platforms.”
This news comes about a week after PayPal announced that FinTech platform Adyen will offer Fastlane by PayPal to its enterprise and marketplace customers. In that case, the rollout of the checkout experience will begin with Adyen’s customers in the U.S. and then extend globally in the future.
PayPal introduced Fastlane in January, saying that this offering retools the checkout experience and enables one-click guest checkouts as they save their data with PayPal.
This enhanced checkout bypasses the pain points of updating credit card and shipping data and eliminates interruptions like password prompts and lagging response times that can disrupt shopping, the company said when announcing Fastlane.
The company expanded the availability of the one-click-checkout tool on Aug. 6 by opening it to any business using PayPal’s Complete Payments or Braintree platforms.
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