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Fiserv

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Fiserv, Inc.
Company typePublic
Founded1984; 40 years ago (1984)
HeadquartersMilwaukee, Wisconsin, U.S.
Key people
RevenueIncrease US$17.7 billion (2022)
Increase US$3.74 billion (2022)
Increase US$2.58 billion (2022)
Total assetsIncrease US$83.9 billion (2022)
Total equityDecrease US$31.5 billion (2022)
OwnerKKR & Co. (12%)
Number of employees
c. 42,000 (2023)
Websitewww.fiserv.com
Footnotes / references
[1][2]

Fiserv, Inc. (/faɪˈsɜːrv/ fy-SURV) is an American multinational company headquartered in Milwaukee, Wisconsin. Fiserv provides financial technology and services to clients across the financial services sector, including banks, thrifts, credit unions, securities broker dealers, mortgage, insurance, leasing and finance companies, and retailers.[3][4]

In October 2015, Fiserv, Inc. was ranked third by revenue among technology providers to U.S. banks by American Banker and BAI.[5] In 2019, the company reported total revenue of $10.187 billion.[1] Additionally, Fiserv owns First Data, which links 2 million ATMs via the STAR network.

Currently, Fiserv holds the naming rights for the Fiserv Forum stadium located in Milwaukee, Wisconsin.[6]

History

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1980s and 1990s

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Fiserv was founded in 1984, and within two years, it was listed on NASDAQ. The company experienced rapid growth mainly due to a series of acquisitions, including Citicorp Information Resources, which was the largest acquisition in its early years. Fiserv launched its website in 1995 and introduced fully electronic bills (branded as E-bills) in 1997, reaching $1 billion in revenue.[7] From 2000 to 2017, Fiserv continued to acquire other companies, such as CheckFree Corporation, M-Com, CashEdge, and PCLender.[8]

In 1991, Fiserv acquired Citicorp Information Resources, a subsidiary of Citicorp. This acquisition put Fiserv into the commercial banking, internal and credit union core account processing market space.[9]

In 1995, Fiserv acquired Information Technology, Inc., (ITI) of Lincoln, Nebraska. Thus, Fiserv acquired Premier, which at that time was the most widely implemented account processing platform in the US, and represented an increase in Fiserv's of account processing clients.[9]

2000s

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In 2005, Jeff Yabuki became the CEO.

In 2003, Fiserv acquired General American Corporation (GAC) and Consumer Network Services (CNS).[citation needed]

In 2005, Fiserv acquired a number of businesses, including Del Mar Database, assets of U.S. eLending business from Emergis, Interactive Technologies, Administrative Services Group Inc., JW Hutton, BillMatrix, VerticalPoint, and Xcipio, Inc.[citation needed]

In 2006, Fiserv acquired CareGain, Inc. and Asset of CT Insurance Services & CCH Wall Street were acquired by Fiserv.[citation needed]

In 2007, Fiserv acquired NetEconomy[10] and CheckFree — which had itself just acquired Corillian, Carreker, PhoneCharge[11] and Upstream Technologies LLC.[12] This was Fiserv's largest acquisition to date; CheckFree was then the leading provider of online banking, online bill payment, electronic bill payment services, and software for check clearance and ACH (also known as direct debit) processing.[9]

In 2008, Fiserv made an acquisition of Interactive Technologies, Inc., provider of billing software and ancillary products for the banking and investment advisory industries, granting Fiserv control of their "Advantage Fee System" which calculates complex billing for fees and commissions. In the same year, Fiserv Acquires i_Tech, a Montana-based item processing company that had been owned by First Interstate Bank.[13] Fiserv also acquired The Data Center, a Texas-based item processing company that had been owned by BBVA Compass Bank.[14]

2010s

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In 2010, Fiserv acquired AdviceAmerica, provider of software for financial institutions.[15]

In 2011, Fiserv acquired M-Com — established in 2000 and based in Auckland, New Zealand, M-Com developed mobile banking apps.[16] Also, Maverick Network Solutions — established in 2006 and based in Brandywine Hundred, Delaware,[17] and CashEdge — to payment solutions, including Popmoney.[18]

In 2013, Open Solutions, Inc. — account processing DNA platform was yet another company acquired by Fiserv, following a rebrand of Open Solutions managed by branding agency Bob's Your Uncle. Fiserv paid $55 million to acquire DNA, by taking on $960 million in debt.[19][20]

In 2016, Community Financial Services — from ACI Worldwide [21] and Convenience Pay — from Hewlett Packard[22] were acquired.

In 2017, Fiserv acquired Dovetail[23] and Monitise.[24]

In 2018, Fiserv acquired MoneyPass, surcharge-free debit card and ATM processing network, from Elan Financial Services, a unit of U.S. Bancorp.[25]

In 2019, First Data, a payment processor, was acquired for $22 billion, making it one of the largest acquisitions in the financial technology sector.[26]

2020s

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In 2020, Fiserv made an acquisition of Bypass Mobile, enterprise point of sale platform.[27] In the same year, CEO Jeffery Yabuki stepped down and was replaced by Frank Bisignano.

In 2021, Fiserv acquired several companies: Ondot Systems, Inc., a digital experience platform for financial institutions;[28][29] NetPay, a payment facilitator;[30] and BentoBox, provider of online restaurant operations.[31]

In 2022, Fiserv acquired Finxact, provider of cloud-based core banking services.[32] The company also acquired TIF District in the same year.

The city of Milwaukee created a tax incremental financing district to incentivize Fiserv to remain in downtown Milwaukee, Wisconsin. The 7 million dollars will be available through annual payments, with the condition Fiserv must base at least 780 employees at the downtown location.[33]

In October 2023, Fiserv acquired Skytef, the primary distributor of Software Express payment solution SiTef.[34]

Products

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Fiserv offers multiple products, including:

  • Carat, a platform that organizes payments and experiences for large businesses[35]
  • CardHub, which allows customers to get digital payment cards[36]
  • Clover, for small businesses to accept payments at the point of sale, as well as to track sales[37]

References

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  1. ^ a b "Fiserv, Inc. 2022 Annual Report (Form 10-K)". United States Securities and Exchange Commission. February 23, 2023.
  2. ^ "SEC FORM 13-D Information Table". sec.gov. U.S. Securities and Exchange Commission.
  3. ^ "Profile: Fiserv Inc (FI.O)". Reuters (U.S ed.). n.d. Retrieved March 23, 2016.
  4. ^ "Contact Us". www.fiserv.com. Retrieved 2023-05-25.
  5. ^ "Top 100 Companies in FinTech". American Banker. October 13, 2015. Archived from the original on July 8, 2014. Retrieved March 23, 2016.
  6. ^ "Naming Rights And Founding Partners". Retrieved 25 April 2021.
  7. ^ Fiserv, Inc. (n.d.). "About Fiserv". Fiserv.com. Archived from the original on January 10, 2019. Retrieved March 23, 2016.
  8. ^ "Our History". www.fiserv.com. Retrieved 2021-02-26.
  9. ^ a b c Fiserv, Inc. (July 31, 2009). "Fiserv Celebrates 25th Anniversary by Remembering Founders and Serving Clients". Fiserv.com (Press release). Retrieved March 23, 2016.
  10. ^ "Fiserv Acquires Global Financial Crime Management Leader, NetEconomy". www.newswire.ca. Retrieved 2017-11-17.
  11. ^ "StackPath". www.tdworld.com. Retrieved 2021-05-06.
  12. ^ "Corillian purchaser CheckFree bought by Fiserv". www.bizjournals.com. Retrieved 2017-11-17.
  13. ^ "First Interstate selling Billings-based company"[permanent dead link‍] KPAX.com. Retrieved 18 April 2009.
  14. ^ "Fiserv Acquires The Data Center from Compass Bank (NYSE:FI)". investors.fiserv.com. Retrieved September 9, 2009.
  15. ^ "Fiserv acquires AdviceAmerica - BusinessWeek". businessweek.com. 2011. Archived from the original on November 2, 2012. Retrieved 2 August 2011.
  16. ^ Cohen, Stessa (3 March 2011), With M-Com Deal, Fiserv Becomes Lead Vendor in Mobile Retail Banking (PDF), Gartner, retrieved 1 February 2013
  17. ^ Starkey, Jonathan (11 March 2011), "Delaware debit firm bought by Wis. company", Delaware Online, Gannett, OCLC 38962480, retrieved 12 March 2011
  18. ^ "Fiserv completes acquisition CashEdge", Yahoo! Finance, Yahoo!, 14 September 2011, retrieved 22 September 2011
  19. ^ "Fiserv Buys Open Solutions to Grow Financial Services", Bloomberg, 15 January 2013, retrieved 15 January 2013
  20. ^ Camhi, Jonathan (January 15, 2013). "Fiserv Acquires Competitor Open Solutions". Retrieved March 23, 2016.
  21. ^ "Fiserv buying digital banking business from ACI Worldwide for $200 million", Milwaukee Business Journal, 21 January 2016, retrieved 24 October 2017
  22. ^ "Fiserv profit on sale business interest | BizTimes Media Milwaukee". BizTimes Media Milwaukee. 2016-05-06. Retrieved 2017-11-16.
  23. ^ "Fiserv Moves to Reinvent Payments Infrastructure with Acquisition Dovetail". www.businesswire.com. 21 August 2017. Retrieved 2017-11-16.
  24. ^ "Fiserv completes Monitise acquisition | BizTimes Media Milwaukee". BizTimes Media Milwaukee. 2017-09-01. Retrieved 2017-11-16.
  25. ^ Hurst, Samantha (October 31, 2018). "Fiserv Completes Acquisition of Elan Financial Services' Third Party Debit Processing Solutions". Crowdfund Insider.
  26. ^ "Fiserv completes acquisition of First Data". July 30, 2019.
  27. ^ "Fiserv Snaps Up Bypass Mobile to Boost Omni-commerce Presence". March 20, 2020.
  28. ^ "Fiserv Enhances Digital Experiences with Acquisition of Ondot" (Press release). December 16, 2020.
  29. ^ "Fiserv Completes Acquisition of Ondot - Fiserv, Inc". newsroom.fiserv.com. Retrieved 2021-02-23.
  30. ^ "Fiserv Acquires NetPay". November 16, 2021.
  31. ^ "Fiserv Completes Acquisition of BentoBox". November 22, 2021. Retrieved June 12, 2023.
  32. ^ "Fiserv to Accelerate Digital Banking Transformation for Clients with Acquisition of Finxact". February 7, 2022.
  33. ^ Daykin, Tom (2022-11-18). "Milwaukee's $7 million plan to help finance Fiserv's headquarters just won its first OK". The Milwaukee Journal Sentinel. Retrieved 2022-11-19. The $7 million would be provided through annual payments for up to 20 years tied to HUB640's higher property tax bills
  34. ^ "Fiserv Strengthens Distribution Network in Brazil With Skytef Acquisition". PYMNTS.com. 2023-10-13. Retrieved 2024-07-17.
  35. ^ "Carat from Fiserv | The next gen platform to drive more commerce". www.carat.fiserv.com. Retrieved 2024-04-24.
  36. ^ "Cardhub". www.fiserv.com. Retrieved 2024-04-24.
  37. ^ "POS System & Credit Card Readers | Clover". www.clover.com. Retrieved 2024-04-24.
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