Fiserv CEO discusses legacy in banking and payment processing innovations

The U.S. Senate Committee on Finance convened on March 25, 2025, to consider the nomination of Frank Bisignano, of New Jersey, for the position of Commissioner of the Social Security Administration, succeeding Martin O'Malley, who resigned.

The meeting began with an introduction of Bisignano, who shared his extensive background in both public service and the private sector. He highlighted his father's 46-year career with the Department of Treasury, emphasizing the pride and dedication he witnessed in federal workers. Bisignano recounted his own professional journey, starting on Wall Street in the late 1970s and advancing through leadership roles at Citigroup and JP Morgan.

He detailed his experiences during significant events, including the September 11 attacks, where he played a crucial role in maintaining operations for Citigroup in Lower Manhattan. He expressed deep regret over the loss of life during that time, stating he would carry that sorrow throughout his life. Bisignano also discussed his involvement in navigating the financial crisis of 2008 and his efforts to restart the housing market post-crisis.

Most recently, he served as CEO and Chairman of First Data, where he led the transformation of the company into a technology innovator. He noted the merger with Fiserv, where he currently holds the same leadership positions. Bisignano emphasized the scale of Fiserv's operations, processing over 25 million payments daily, which he stated fundamentally serves every American household.

The committee members engaged with Bisignano, asking questions about his vision for the Social Security Administration and how his extensive experience in finance and management would translate to the role. The discussions underscored the importance of leadership in navigating the complexities of social security and the need for innovative solutions to meet the needs of American citizens.

The meeting concluded with a commitment to further evaluate Bisignano's qualifications and the implications of his potential leadership at the Social Security Administration. The committee will continue to deliberate before making a final recommendation to the Senate.