payments. EFD had a customer base of about 4400 community banks and credit unions, around double that of FIS. EFD also had a prepaid card platform, which FIS was
lacking. Fidelity also lacked ATM and debit card processing services outside of the US. The acquisition also brought together EFD’s large outsourcing operation in India with Fidelity’s recently expanded offshore presence there, having acquired a company called Second Foundation in India earlier in the year.
2008
January – Metavante buys UK-based prepaid cards and debit card processing specialist, Nomad Software, for $58 million.
2009
1st April – FNIS acquires Metavante, creating a colossus in the US payment and financial core processing sector, bringing together 8000 customers from the former and 14,000 from the latter. On the payments side, Metavante Payment Solutions had offerings for fraud prevention/monitoring and risk management. Metavante also had an ATM/PIN-debit network, NYCE, mobile financial services, online bill pay, government payments, credit and debit payment cards, merchant-issued and network-branded prepaid cards (derived from Nomad), as well as ACH and check image processing. Metavante also offered consumer healthcare payment solutions for patients, providers, plan administrators and financial institutions. And it had core banking, e-banking and AML solutions, among others outside its Payment Solutions business.
2011 February – FIS acquires Gifts Software. The latter had been around since 1996. The deal added wire transfer, Swift interface and AML offerings. While the latter product had an international user base, users of the rest of the Gifts’ suite were largely in the US (domestic banks and international operations of foreign banks). There was already a partnership between FIS and Gifts. The back office wire transfer space was seen as a gap in the offerings of FIS and Metavante. FIS started to offer the Gifts solutions on an ASP basis. The wire transfer product, which includes Chips and Fedwire support, has also been linked to a range of FIS core systems, initially those that were US-centric, as well as to its e-banking offerings. Gail Angel, FIS’s head of commercial treasury solutions, indicated in November 2011 that the company was also considering setting up a Swift service bureau.
2011 August – Following several weeks of discussions between FIS and Misys regarding the latter’s potential acquisition, both parties announced a termination of negotiations. FIS issued a statement that it was ‘no longer considering making an offer for Misys’, while Misys announced that FIS’s offer ‘materially undervalues the company’ and so the board ‘unanimously decided to reject it and took the decision to withdraw from further discussions with FIS’. Misys was ultimately acquired by Vista Equity Partners the following year, despite the price of 350 pence per share being
2013 March – FIS acquires mobile banking and payments provider, mFoundry. FIS already had a 22 per cent stake and acquired the rest for $120 million. The acquired company, set up in 2004 in California, claimed 850 users, across banking and retail. Banking users included Bank of America, PNC Bank and Zions Bank.
2014
September – FIS acquires rival vendor Clear2Pay for €375 million. 2015
October – FIS teamed up with The Clearing House (TCH) to deliver new Real Time Payments System for the US market
2015
October – FIS acquired Sungard, a US based financial software and technology services company, specializing in enterprise banking and capital markets capabilities. The acquisition propelled FIS into a $9.3 billion company, with over 55,000 employees.
2016
December - -Vista Equity Partners arrived at an agreement to acquire the SunGard Public Sector and Education businesses from FIS for $850 million. The agreement was part of FIS’ strategy to help focus on its key area of service and expertise, which is financial technology. The acquisition was completed in February 2017.
2017 April - In April 2017, FIS sold Ambit Private Banking, which it had acquired from Sungard to Switzerland-based New Access Banking Software. Ambit Private Banking’s core banking system has around 40 users, predominantly in Switzerland. FIS had over the years attempted to enter other markets such as the UK, but failed in gaining any significant international presence. Moreover, few existing customers such as Arab Bank (Switzerland), a private bank in Geneva and BIL Suisse (a subsidiary of Banque Internationale à Luxembourg), also moved out of the system to rival supplier Avaloq, thus prompting the decision by FIS.
Payment Systems & Suppliers Report |
www.ibsintelligence.com 159
lower than the 400 pence per share offered by FIS. 2012
January – Fiserv’s payments solutions and services subsidiaries, CheckFree and CashEdge, file a lawsuit against FIS and its subsidiary, Metavante, in the US District Court for the Middle District of Florida alleging patent infringement. According to a statement released by Fiserv, ‘the lawsuit alleged that FIS infringed on Fiserv’s patents when it provided customers with certain financial and payment solutions, including FIS’s Payment Manager products, which process inter-bank account- to-account fund transfers, process payment instructions, and provide electronic biller notifications as an integral part of its electronic bill payment processes’.
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