Fiserv Buys Service Bureau, Mobile Banking, Pre-Paid Card Specialists
Fiserv Inc. has announced three new acquisitions so far this week, including a credit union core processing service bureau, a mobile banking and payments provider and a startup pre-paid card specialist.
They are Credit Union On-Line, Mobile Commerce Ltd. and Maverick Network Solutions. Terms were not disclosed.
CUOL of Waltham, Mass., was founded in 1980 and is the first provider of Fiserv’s XP2 platform in an outsourcing environment. It serves 23 credit unions and was co-owned by its CEO, Connie Boretti, and $681 million RTN FCU of Waltham and $68 million Medical Area FCU of Brookline, Mass.
Fiserv said the CUOL acquisition will provide the more than 220 XP2 users with a choice of in-house or service bureau delivery and more direct support and access to Fiserv products and services.
Atlanta-based M-Com has partnered with Fiserv since 2008 in its Mobile Money platform, now in use at hundreds of financial institutions. The acquisition will allow Fiserv to accelerate mobile product development and integrate M-Com’s tools into its current product offerings, the company said. M-Com has offices in Atlanta and New Zealand and its staff will transition to Fiserv, the company said.
The third purchase was the prepaid card processing and related technologies of Maverick Network Solutions of Delaware, a 2008 startup that as of today is part of Fiserv Card Services Group.
That acquisition will enable Fiserv to add to its digital payment portfolio–which already includes CheckFree, ACCEL/Exchange and ZashPay–that company’s prepaid processing, turn-key program management, and support of general purpose reloadable and payroll cards for large financial institutions and corporations, the company said.