Fiserv Turns to Cognition to Modernize Banking Tech

Payments and financial technology provider Fiserv is teaming with AI agent lab Cognition.

The collaboration will see the companies use artificial intelligence (AI) software engineer, Devin, to modernize core banking technology and shorten the time it takes for new capabilities to reach Fiserv financial institution customers, Fiserv said in a Thursday (May 28) news release.

“Modernization is among the most significant and historically slowest initiatives in financial services,” the release added.

“Devin is uniquely suited to accelerate this work, operating at scale across complex codebases. Fiserv plans to deploy Devin across core platform modernization and other strategic engineering initiatives — executing complex engineering work in parallel and accelerating the pace at which Fiserv ships new capabilities to clients.”

The release said the partnership builds on Fiserv’s broader effort to embed AI into its technology operations and product development to help clients.

Devin’s engineering abilities — such as understanding codebases, writing and testing code, and iterating autonomously — extends engineering capacity so teams can concentrate on things like shipping enhancements, strengthening quality checks, and improving platform resilience, the news release added.

“Speed matters more than ever in banking, and our clients are counting on us to deliver,” said Dhivya Suryadevara, co-president of Fiserv.

“With Devin, we can accelerate modernization of the platforms our clients run their business on, ship new capabilities faster, and free our teams to focus on the work that matters most.”

The partnership comes one day after Cognition announced it had raised $1 billion in a new funding round, valuing the company at $26 billion. The startup said it would use the new funding to continue expanding Devin.

“We launched Devin two years ago as the first AI software engineer,” Cognition said in its announcement. “Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.”

Meanwhile, Fiserv earlier this month announced an agentic AI operating system designed for banking, as well as a collaboration with OpenAI to put frontier AI to work at financial institutions.

The new operating system, agentOS, was created to help financial institutions deploy, manage and scale AI agents across their workflows.

“Banks have spent years building the data pipes,” PYMNTS wrote soon after. “This week, the industry confronted what happens when AI agents start running through them: who builds the infrastructure, who sets the rules and who captures the value.”