Fiserv Partners with Cognition to Deploy AI Software Engineer Devin for Banking Modernization

Fiserv brings in Cognition's AI agent software engineer

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Fintech Fiserv says it plans to deploy Devin across core platform modernisation and other strategic engineering initiatives, taking advantage of the agent's ability to accelerate work, operating at scale across complex codebases. The firm argues that Devin's ability to take on end-to-end engineering tasks - including understanding codebases, writing, and testing code, and iterating autonomously - extends engineering capacity so human teams can focus on delivering improvements that matter most to clients, from shipping enhancements, strengthening quality checks, to improving platform resilience. As part of the deployment, Fiserv stresses that it is also strengthening governance and security controls for AI-assisted development to help protect the integrity of the software lifecycle. "Speed matters more than ever in banking, and our clients are counting on us to deliver. 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," says Dhivya Suryadevara, co-president, Fiserv.

Fiserv Turns to Cognition to Modernize Banking Tech | PYMNTS.com

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."