Fiserv
Encyclopedia
Fiserv, Inc. provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing
(BPO), software and systems solutions. The company serves more than 16,000 clients worldwide. Fiserv has been ranked the largest provider of information technology services to the financial services industry worldwide from 2005-2010 except in 2007 when it gave up the position to Fidelity National Information Services
. Fiserv reported more than $4.7 billion in total revenue for 2008.
In 1990, Fiserv expanded its electronic funds capabilities through the acquisition of California-based GTE EFT Services Money Network and GTE ATM Networks. Fiserv entered the card fulfillment market in 1992 through Indianapolis-based Data Holdings, Inc. In 2007, Fiserv acquired CheckFree Corporation, their largest acquisition to date.
In June 2010, Fiserv acquired AdviceAmerica, the producer of software for financial institutions.
ePayments – Outsourced (service bureau) core processing systems, EFT
processing, credit processing services, electronic bill payment services and value-added solutions for banks and thrifts.
Lending Solutions – Outsourced and licensed software and services for the lending industry, including mortgage loan servicing, automated property valuation, loan and lease portfolio management for the auto finance market, loan settlement support and contact center services.
Item Processing – Complete solution for the item and image processing needs of financial institutions, providing resources and technology for processing and automating paper-based payment transactions.
Credit Union
& Industry Products – Core account processing and value-added solutions for credit unions, plastic card production and services, high-volume laser printing and mailing, electronic document distribution and archival.
Health Solutions – Outsourced services for self-funded and other medical, dental,vision and disability plans, including health plan administration, care and disease management, and pharmacy benefit management. Sale of this division to UnitedHealth Group (pending close) was announced 11/2/2007.
Investment Support Services – Outsourced services for individual and business retirement plans, trustee, custodial and recordkeeping, back-office investment support and tax reporting. Sale of this division to TD Ameritrade Online Holdings, Inc. on May 24, 2007 and closed on February 4, 2008.
Fiserv Global Services – Global delivery capabilities provided to Fiserv Business Units and clients in a range of technology and processing disciplines. Fiserv India Pvt. Ltd. is the fully owned Indian subsidiary of Fiserv Global Services.
Business process outsourcing
Business process outsourcing is a subset of outsourcing that involves the contracting of the operations and responsibilities of specific business functions to a third-party service provider. Originally, this was associated with manufacturing firms, such as Coca Cola that outsourced large segments...
(BPO), software and systems solutions. The company serves more than 16,000 clients worldwide. Fiserv has been ranked the largest provider of information technology services to the financial services industry worldwide from 2005-2010 except in 2007 when it gave up the position to Fidelity National Information Services
Fidelity National Information Services
Fidelity National Information Services, Inc. , also known as FIS, is a publicly traded corporation and is a global provider of banking and payments technology solutions, processing services and information-based services...
. Fiserv reported more than $4.7 billion in total revenue for 2008.
History
Fiserv began as a provider of financial service data processing for small banks and thrifts. In 1986, Fiserv went public as a $70 million regional processor, adding credit union services with the 1988 acquisition of Minnesota On-Line, Inc. Within four years, Fiserv was serving some of the largest financial institutions in United States of America.In 1990, Fiserv expanded its electronic funds capabilities through the acquisition of California-based GTE EFT Services Money Network and GTE ATM Networks. Fiserv entered the card fulfillment market in 1992 through Indianapolis-based Data Holdings, Inc. In 2007, Fiserv acquired CheckFree Corporation, their largest acquisition to date.
In June 2010, Fiserv acquired AdviceAmerica, the producer of software for financial institutions.
Corporate structure
Fiserv has nine business groups that specialize in solutions for many financial industry sectors:ePayments – Outsourced (service bureau) core processing systems, EFT
Electronic funds transfer
Electronic funds transfer is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems....
processing, credit processing services, electronic bill payment services and value-added solutions for banks and thrifts.
Lending Solutions – Outsourced and licensed software and services for the lending industry, including mortgage loan servicing, automated property valuation, loan and lease portfolio management for the auto finance market, loan settlement support and contact center services.
Item Processing – Complete solution for the item and image processing needs of financial institutions, providing resources and technology for processing and automating paper-based payment transactions.
Credit Union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
& Industry Products – Core account processing and value-added solutions for credit unions, plastic card production and services, high-volume laser printing and mailing, electronic document distribution and archival.
Health Solutions – Outsourced services for self-funded and other medical, dental,vision and disability plans, including health plan administration, care and disease management, and pharmacy benefit management. Sale of this division to UnitedHealth Group (pending close) was announced 11/2/2007.
Investment Support Services – Outsourced services for individual and business retirement plans, trustee, custodial and recordkeeping, back-office investment support and tax reporting. Sale of this division to TD Ameritrade Online Holdings, Inc. on May 24, 2007 and closed on February 4, 2008.
Fiserv Global Services – Global delivery capabilities provided to Fiserv Business Units and clients in a range of technology and processing disciplines. Fiserv India Pvt. Ltd. is the fully owned Indian subsidiary of Fiserv Global Services.
2011
- Maverick Network Solutions — Maverick was established in 2006 and was based in Brandywine HundredBrandywine HundredBrandywine Hundred is the name of an unincorporated subdivision of New Castle County, Delaware. Hundreds were once used as a basis for representation in the Delaware General Assembly. Brandywine Hundred is a commonly used colloquial name for this area...
, Delaware; acquisition by Fiserv was in March 2011 for an undisclosed sum and did not include personnel changes at Maverick. - CashEdge; acquisition by Fiserv was completed in September 2011.
2008
- i_Tech, a MontanaMontanaMontana is a state in the Western United States. The western third of Montana contains numerous mountain ranges. Smaller, "island ranges" are found in the central third of the state, for a total of 77 named ranges of the Rocky Mountains. This geographical fact is reflected in the state's name,...
-based item processing company that had been owned by First Interstate BankFirst Interstate BancSystemFirst Interstate BancSystem, Inc., a financial holding company, and its primary banking subsidiary First Interstate Bank are based in Billings, Montana, USA.... - The Data Center, a TexasTexasTexas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
-based item processing company that had been owned by BBVA Compass Bank
2007
- NetEconomy
- CheckFree (which had just acquired Corillian, Carreker, and Upstream Technologies LLC)
2005
- Del Mar Database
- Assets of U.S. eLending business from Emergis
- Interactive Technologies
- Administrative Services Group Inc.
- JW Hutton
- BillMatrix
- VerticalPoint
- Xcipio, Inc.