Dive Brief:

• PayPal plans to provide Fiserv’s business clients with access to a new guest checkout service in an effort to let the merchants speed up transactions in the U.S., the digital payment company said in a Thursday press release. Fiserv’s merchant clients will have access to the services “early next year,” a spokesperson for PayPal said.
• The partnership will also allow Fiserv clients to access PayPal’s peer-to-peer Venmo service as well as other PayPal services, according to the press release.
• The link with Fiserv is part of a strategy by PayPal to team with other payment service providers in offering its services, Executive Vice President Frank Keller said in the release. 

Dive Insight:

PayPal initiated the new guest checkout services, called Fastlane, in January when the company’s CEO, Alex Chriss, introduced a series of payment tool enhancements.

PayPal’s new guest checkout service lets shoppers purchase items online without entering passwords, shipping addresses or other card payment information when that data is already in PayPal’s system. Citing internal data collected between April 3 and June 15, PayPal said the Fastlane service reduces checkout time by 32%.

Prior to its recent announcement, Fiserv and PayPal worked with one another for more than a decade on various payment processing, payouts, networks, and e-commerce tools for businesses around the world, according to the press release. Now that the two companies have deepened their partnership, PayPal can spread “our innovative products and solutions to a broader audience,” Keller, who is the general manager for PayPal’s large enterprise and merchant group, said in the press release. 

“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 statement.

In addition to its Fiserv collaboration, PayPal also extended its new guest checkout options to Adyen clients, allowing that payments processor’s merchant network to tap the service, PayPal said in a press release last month. The two companies previously partnered to provide PayPal’s Venmo and buy now, pay later services to Adyen merchants.

Meanwhile, other payment giants have teamed up with one another to enhance their checkout functions. Stripe recently partnered with buy now, pay later company Zip to provide its installment payment services at checkout. Meanwhile, American Express has teamed up with the Nigerian payments provider Flutterwave to allow payments from AmEx cards for some online businesses.