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| Type | Public (NASDAQ: FISV) |
|---|---|
| Founded | Brookfield (1984) |
| Headquarters | Brookfield, Wisconsin, United States |
| Key people | Donald F. Dillon, Chairman Thomas Hirsch, CFO Jeffery W. Yabuki, President and CEO |
| Website | www.fiserv.com |
Fiserv, Inc. NASDAQ: FISV a Fortune 500 company, 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[1]. Fiserv has been ranked the largest provider of information technology services to the financial services industry worldwide from 2005-2009 except in 2007 when it gave up the position to Fidelity National Information Services[2]. Fiserv reported more than $4.7 billion in total revenue for 2008.
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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[3], adding credit union services with the 1988 acquisition of Minnesota On-Line, Inc.[3] Within four years, Fiserv was serving some of the nation’s largest financial institutions.[3]
In 1990 Fiserv expanded its electronic funds capabilities through the acquisition of California-based GTE EFT Services Money Network and GTE ATM Networks[3]. Fiserv entered the card fulfillment market in 1992 through Indianapolis-based Data Holdings, Inc[3]. In 2007, Fiserv acquired CheckFree Corporation, their largest acquisition to date[3].
Corporate Structure
Fiserv has nine Business Groups that specialize in solutions for many financial industry sectors:
Bank Systems – In-house and outsourced core processing for banks and thrifts, including cash and treasury management solutions, risk management, imaging solutions, customer contact solutions and data warehousing.
Bank Servicing & 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.[4]
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. [5]
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.
Recent Acquisitions
2008
- i_Tech, a Montana-based item processing company that had been owned by First Interstate Bank[6]
- The Data Center, a Texas-based item processing company that had been owned by BBVA Compass Bank[7]
2007
- NetEconomy
- CheckFree (which had just acquired Corillian, Carreker, and Upstream Technologies LLC)
2006
- CareGain, Inc.
- Asset of CT Insurance Services & CCH Wall Street
2005
- Del Mar Database
- Assets of U.S. eLending business from Emergis
- Interactive Technologies
- Administrative Services Group Inc.
- JW Hutton
- BillMatrix
- VerticalPoint
- Xcipio, Inc.
References
- ^ "Fiserv Corporate Profile, Retrieved 11/14/2009". http://www.fiserv.com/about_profile.htm.
- ^ "Fintech Rankings". http://www.idc-fi.com/services/fintech100.jsp.
- ^ a b c d e f "Fiserv Corporate History, Retrieved 11/14/2009". http://www.fiserv.com/about_history.htm.
- ^ Fiserv Agrees to Sell Health Businesses to UnitedHealthcare
- ^ Fiserv ISS Announcement
- ^ "First Interstate selling Billings-based company" KPAX.com. Retrieved 18 April 2009.
- ^ [1]. Retrieved 9 September 2009.
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