Fiserv, Rutgers-Newark form alliance to promote diversity in fintech

From left: Amber Randolph, Rutgers-Newark senior vice chancellor for administration and economic development; Tom Boland, Rutgers-Newark director of facilities and project services; Linda Wellbrock, Vice President, Community Relations and Strategic Partnerships, Fiserv; Nancy Cantor, Chancellor of Rutgers-Newark; Ashwani Monga, former Rutgers-Newark provost; and Jeffrey Robinson, Rutgers-Newark provost. – RUTGERS UNIVERSITY-NEWARK

Rutgers University-Newark and Fiserv Inc. are teaming up to create a program that will promote diversity and innovation in the financial technology industry.

The effort, called the Fiserv-RU-N Program for Inclusive Innovation, will establish a research and incubation space on the Rutgers-Newark campus for the university community and local businesses. The program will also provide annual scholarships for students over five years and support career modules to prepare students for internships and jobs.

Fiserv, a Fortune 500 fintech provider based in Brookfield, Wis., will provide $5.15 million in total funding to the Inclusive Innovation Program to create the center on campus and support 40 annual scholarships of $2,500 each, including 10 for military veterans who attend Rutgers -Newark and 10 for Rutgers Business School students, with a priority given to those studying finance and information technology. The company will also support career modules to prepare students for internships and jobs, including positions within Fiserv.

The company announced last year that it would open a large location in Berkeley Heights that will retain or create about 3,000 new jobs. Fiserv was awarded a $109 million corporate tax credit for the move under the NJ Emerge incentive program.

“Consumer expectations for financial services and payment experiences continue to evolve, creates demand for continuous innovation” Frank Bisignano, Fiserv’s chairman and CEO, said in a statement. “This program will add one new dimension to spring ability to bring together a diversity of perspectives as we develop new answers to the challenges our customers and the financial industry face. With nearly every household in the United States to have a point of contact with a Fiserv solution, from digital banking to card payments, we have an enormous opportunity to deliver abilities that improve the experience of financial services. We are energized by the opportunity to cultivateis great talent and ideas through the Fiserv-RU-N program.”

Rutgers-Newark Chancellor Nancy Cantor

Rutgers-Newark Chancellor Nancy Cantor called the partnership a “watershed moment” for the school.

“Fiserv is a visionary company that shares our sense of urgency to build and expand pathways to business and technology careers for students from our increasingly diverse communities, and shares our understanding that doing so helps drive innovation forward, Cantor said. “We are creating an unprecedented partnership here in Newark. The Nerve Center will be a collaborative innovation lab right on Washington Street where we can set new standards for the fintech industry, where seasoned professionals work side-by-side with university researchers and tomorrow’s professionals from Newark, Greater Newark and beyond , and leverages diversity, creating better, smarter solutions by bringing people from many backgrounds together to tackle problems.”

Gov. Phil Murphy, who hailed Fiserv’s move to New Jersey as an administration success when it was announced last year, also praised the partnership between the company and Rutgers.

“Through its synergy with Rutgers-Newark, Fiserv will advance inclusive innovation in New Jersey’s largest city,” Murphy said. “The tremendous growth and success of Fiserv in New Jersey demonstrates what a company can achieve when it creates value while reflecting the values ​​of its customers. Diversity and inclusion are core principles that define us as New Jerseyans, and I am pleased that Fiserv is launching initiatives that not only embody, but build on, these principles.”

Located on Washington Street, the new innovation center will house technology and provide space for research and collaboration between faculty, students and city business owners.

Fiserv also supports other programs at Rutgers, such as the Center for Urban Entrepreneurship and the Rutgers Advanced Institute for the Study of Entrepreneurship and Economic Development, which work with minority-, women- and veteran-owned businesses in Newark and elsewhere.