|Traded as||NASDAQ: FISV
S&P 500 Component
|Headquarters||Brookfield, Wisconsin, U.S.|
|Employees||21,000 (December 2013)|
Fiserv, Inc. is a global provider of financial services technology. The company serves more than 16,000 clients worldwide, including banks, thrifts, credit unions, investment management firms, leasing and finance companies, retailers, merchants and government agencies. Fiserv is one of the largest providers of information technology services to the financial services industry and was ranked third by revenue in 2013 by American Banker. Fiserv reported total revenue of $4.55 billion in 2013.
Starting in 1984 as a privately held company, Fiserv transformed itself through a corporate acquisitions strategy resulting in more than 150 acquisitions during the following 25 years. Beginning as a $21 million business with 350 employees, by 2009 it had become a Fortune 500 company worth $4.7 billion with more than 19,000 employees.
Fiserv started on July 31, 1984, when Sunshine State Systems, Inc., based in Tampa, Florida, and First Data Processing, based in Milwaukee, Wisconsin, combined to form Fiserv, Inc. Two years later in 1986, Fiserv went public as a $70 million data processor company. Within fours years of becoming public, Fiserv was serving a number of large financial institutions in the United States.
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. Then, in 1995, Fiserv acquired Information Technology, Inc., (ITI), in Lincoln, Nebraska, expanding its number of account processing clients, and gaining, at that time, the most widely implemented account processing platform in the United States, Premier. Later, in 2007, Fiserv made its largest acquisition to date by acquiring CheckFree Corporation, which was a global provider of financial electronic commerce. At the time, CheckFree Corporation was the leading provider of online banking, online bill payment, and electronic bill payment services. CheckFree was also the dominant provider of software for check clearance and ACH processing. CheckFree was later rebranded when, in February 2009, Fiserv announced a rebranding strategy in which all business units came under the Fiserv name.
Two more acquisitions were made in 2011, when the company purchased M-Com, a provider of mobile banking applications; and CashEdge (Popmoney), a provider of online funds transfer services. Two years later, the company purchased Open Solutions (DNA). In October 2013, Fiserv announced that it will offer Guardian Analytics products for its clients to secure online banking channels.
Areas of business
- Account Processing Systems
- Electronic Payments Processing Products and Services (Including, but not limited to, electronic bill payment and presentment, card-based transaction processing and network services, automated clearing house (ACH) transaction processing, account-to-account transfer products and person-to-person payments)
- Internet and Mobile Banking Systems
- Document and Payment Card Production and Distribution,
- Check Processing and Imaging
- Source Capture Systems
- Lending Products and Services
- Risk Management Products and Services
- Post-trade processing systems
- Straight-through processing
- On January 14, 2013 Fiserv♥ announced that it had purchased Open Solutions, Inc. for $55 million and assumed $960 million in debt.
- Mobile Commerce — mobile banking apps; established in 2000 and based in Auckland New Zealand; M-Com was acquired by Fiserv in February 2011.
- Maverick Network Solutions — established in 2006 and based in Brandywine Hundred, Delaware; Maverick was acquired by Fiserv in March 2011 for an undisclosed sum and did not include personnel changes at Maverick.
- CashEdge (including Popmoney) — person to person payments; acquired by Fiserv in September 2011.
- In June 2010, Fiserv acquired AdviceAmerica, the producer of software for financial institutions.
- i_Tech, a Montana-based item processing company that had been owned by First Interstate Bank
- The Data Center, a Texas-based item processing company that had been owned by BBVA Compass Bank
- CareGain, Inc.
- Asset of CT Insurance Services & CCH Wall Street
- Del Mar Database
- Assets of U.S. eLending business from Emergis
- Interactive Technologies
- Administrative Services Group Inc.
- JW Hutton
- Xcipio, Inc.
Currently Jeffery W. Yabuki has been the Chief Executive Officer since 2005. Before joining Fiserv, Mr. Yabuki served as Executive Vice President and Chief Operating Officer for H&R Block, Inc., a financial services firm, from 2002 to 2005.
- "FISERV INC 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 20, 2014.
- "FISERV INC 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. April 30, 2014.
- Fiserv, Inc 2011 Annual Report, Form 10-K, Filing Date Feb 24, 2012
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- BankTech: Jan. 15 2013 "Fiserv Acquires Competitor Open Solutions"
- Reuters: Wed Oct. 23, 2013 9:00am EDT "Fiserv Offers Guardian Analytics for Financial Institution Clients to Secure Online Banking Channels"
- "Reuters Fiserv Profile".
- "Yahoo! Finance Fiserv Profile".
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