FinTech Interview with Anil Goyal, Chief Executive Officer of CorServ

FTB News DeskMay 21, 202417 min

See how CorServ focuses on innovation, commercial cards, and API solutions for banks and fintechs.
Anil Goyal, Chief Executive Officer of CorServ

Anil Goyal co-founded CorServ in 2009 and currently provides strategic leadership as the CEO. He has a deep background in risk management, marketing, technology and portfolio optimization. Previously, he held senior management roles at top credit card issuers, including Bank of America and Citibank. He provided strategic and analytic consulting services to American Express for consumer cards and student loan portfolios. He managed SunTrust Bank’s credit card program that was launched by First National Bank of Omaha. Anil earned a Ph.D. in Decision Sciences and M.S. in Operations Research from Rensselaer Polytechnic Institute. He earned a B.Tech. (Honors) from Indian Institute of Technology.

Anil, as the CEO of CorServ, how do you view the opportunity of payment-cards-as-a-service solutions in the current market?

Payment-cards-as-a-service solutions represents a significant opportunity in today’s market. There’s an increasing demand for more flexible and integrated payment card solutions both from fintechs and banks. With our innovative API-based solutions, we can provide the modern infrastructure they need to quickly launch configurable card products.

We enable our clients to provide modern card offerings without the substantial upfront costs and complexities. We provide systems that enable our clients to leverage relationship data about their customers to make better decisions and win in this market. Through CorServ, banks and fintechs can easily integrate credit, debit, or prepaid cards into their ecosystems, thereby enhancing customer engagement and opening new revenue streams.

Overall, these trends make it an exciting time to be in the card issuing space, as we are well-positioned to help our clients innovate and meet the dynamic demands of their customers.

Can you provide insights into today’s payment card landscape and the growing importance of commercial cards for community banks?

In today’s payment card landscape, community banks have the unique opportunity to introduce commercial credit cards to deepen their community relationships. The impact on client retention and loyalty is substantial, leading to increased deposits and profitability for the bank. Offering a best-in-class commercial card solution by the banks’ treasury management team is essential to deepen such relationships.

For community banks, commercial credit cards can generate a growing revenue stream in fee revenue since the profitability of commercial cards is among the highest across all credit card products. Additionally, the credit risk for relationship-based commercial credit cards is lower than other credit card products given the product structure, controls, and payment timeframes. Offering commercial cards with leading-edge functionality is an effective strategy for community banks to differentiate themselves from larger national banks.

Considering your background in risk management, marketing, technology, and portfolio optimization, how do these skills shape CorServ’s approach to innovative payment card issuing?

These are some of the areas that make our solutions more robust, compliant and scalable to drive growth and innovation in payment card issuing.

Risk management ensures that our payment solutions are secure and reliable. We focus on developing best practices in underwriting, advanced fraud detection and prevention tools, that are vital for protecting our clients and their customers from financial threats.

We provide targeted marketing strategies to reach potential clients and incorporate analytics and market insights into product development, ensuring our offerings are both appealing and relevant.

Modern technology is core to our offering. It includes everything from secure, scalable infrastructure and portals to integrating cutting-edge features like virtual cards and mobile wallets, which are crucial for staying ahead in a tech-driven industry.

We assist clients in managing their optimizing their portfolio. We analyze performance data to recommend enhancements to maximize client profitability and customer satisfaction.

How does CorServ’s Payment Cards-as-a-Service API (PCaaSA) technology empower companies to issue payment cards for various business models, as outlined in the innovations list?

CorServ’s PCaaSA technology is a modern payment card issuing API platform developed to enable innovators to create their card programs with ease and flexibility. With secure, open APIs, configurable cards and accounts all supported on a developer-friendly platform, PCaaSA is effective for any business model. Our modern issuer processor takes a developer-focused approach, and we also work with our clients to customize APIs for their unique purpose.

We have relationships with several sponsor banks. This allows our fintech clients to launch a program with an existing sponsor bank on our platform or bring a new one to integrate.

We provide several program management capabilities such as fraud management, dispute resolution, and plastics management to accelerate the launch with optional integrated services.

Our clients not only benefit from the streamlined technology but also from CorServ’s deep experience in payment card issuing to ensure they can navigate easily through the typically complex process.

Could you elaborate on how CorServ’s deep experience ensures that companies can navigate the typically complex process of launching payment card solutions with ease?

CorServ brings decades of experience in payment card issuing to efficiently guide companies throughout the entire program. When launching a new payment card solution, CorServ provides all the information and resources needed to customize a product to fit the needs of the company. At its core, PCaaSA is an API system for payment card handling, with the underlying data structures defining which API calls are available and how to interact with them. Our clients can leverage our user interfaces or build their own user interfaces and business logic interfacing through CorServ’s API’s and have access to all services in a fully functional test and integration environment to ensure a smooth production implementation.

How do you envision the future impact of CorServ’s innovations, particularly in the payment card issuing space?

Envisioning the future impact of CorServ’s innovations, especially in the payment card space and through partnerships, I see a transformative change in how companies view the opportunity for payment technology and embedded finance.

By providing more accessible and flexible payment solutions, we can help banks and fintechs achieve a greater purpose by reaching underserved customers. We enable our clients to create a more intuitive and user-friendly customer experience. As the economy continues to shift towards digital transactions, our innovations will support this transition by providing robust, scalable, and secure payment infrastructures.

Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!

FTB News Desk


We are one of the world’s leading Fintech-based media publication with our content strategized and synthesized to fit right into the expanding ecosystem of Finance professionals. Be it fintech live news, finance press releases, tech articles from Fintech evangelists or interviews from top leaders from global fintech firms, we give the best slice of knowledge topped up with the aptest trends. Our sole mission is to help tech and finance professionals step up with the rapidly emerging Fintech civilization and gain better insights to emerge victorious in every possible way. We adopt a 360-degree approach in order to cater to present a holistic picture of the fintech arena.

Our Publications

FintecBuzz, 2024 © All Rights Reserved