to integrate five new solutions with its Fiserv XP2 account processing platform, in 2015. The new solutions are also provided by Fiserv and include Corillian Online for online banking, Checkfree RXP for electronic payments, Wirexchange for wire transfer processing, Fraud Risk Manager for financial crime risk management, and Nautilus for enterprise content management. Pennsylvania-based Northumberland County Schools
Federal Credit Union is adopting a suite of solutions from technology vendor Fiserv in 2015. The credit union is switching to Fiservs CUnify account processing platform, as well as adding the vendor’s Checkfree for electronic payments and Fraudnet for real-time payments and fraud monitoring. The new platform will deliver greater efficiency and flexibility as well as add meaningful value to the community in which its customers live and work
Further acquisitions and reorganisation
Fiserv continued to be acquisitive, fleshing out its offerings, aside from the core banking system acquisitions. For instance, in Q1 2007 it bought anti-money laundering (AML) and compliance specialist, Netherlands-based NetEconomy. NetEconomy had over 130 implementations of its modular Erase Financial Crime Suite, across 58 countries. The suite covers compliance, market surveillance, fraud prevention and employee fraud. Later in 2007, Fiserv bought US payments firm, CheckFree, for about $4.4 billion. The deal gave CheckFree shareholders $48 a share, a 30 per cent premium on the share price at close of play on the day of announcement. Completion saw Fiserv take on CheckFree’s electronic systems for online bill-paying. The vendor claimed its systems processed more than one billion transactions a year. In an attempt to rationalise its acquisitions, Fiserv went
through an extensive rebranding and reorganisation in early 2009. The purpose was to present a more integrated proposition from what had become 77 business units with, for example, 13 online banking platforms. There would be one division for core banking and online banking, and one for payments, item processing, card management and so on. Brands such as CheckFree and Corillian would disappear, as would subsidiaries such as Fiserv CBS, formerly responsible
Other applications
Sales of Fiserv’s core systems have always tended to come with a range of surrounding applications. Indeed, the attraction can often lie in the latter, rather than the former, it seems. When Banco do Brasil, for instance, set up in the US, establishing Federal Savings Bank in 2008, it took Premier plus a host of products from the vendor’s other business units – Fiserv Credit Processing Services (CPS), Fiserv IPS-Sendero for enterprise risk management, Fiserv EFT for ATM and debit cards, and Fiserv Lending Solutions. The bank’s regulatory reporting and OFAC processing were also covered by Fiserv and the entire suite was run on an outsource basis from Fiserv’s Connecticut data center.
in. Fiserv won several contracts from Credit Unions
in 2016. ME/ CU and Encentus Federal Credit Union selected the Portico account processing platform, in addition to the SaaS suit of offering such as Virtual Branch for online banking, Mobiliti for mobile banking, and Mobile Source Capture for mobile deposits. In addition to this, Badlands Federal Credit Union and Danville City Employees Federal Credit Union selected Fiserv’s integrated OnCU core account processing solution. In August 2016, Fiserv announced that Badlands Federal
Credit Union (FCU), based in Glendive, Montana, and Danville City Employees Federal Credit Union, based in Danville, Virginia, had selected the integrated OnCU® core account processing solution suites
for selling the CBS core system within the US. There would also be a move towards an Enterprise Service Framework (ESF), a component which was developed from scratch, for product integration. The aim was for connectivity between all of Fiserv’s 500+ solutions, and rationalisation of the product set was likely to follow. It was announced that CBS, and the non-US-specific version ICBS, would be rebranded as Signature. A host of investors, including Visa, Nasdaq and Fiserv, have
funnelled $30 million into blockchain start-up Chain. This latest series of B round funding is believed to have brought the value of Chain, which is based in San Francisco, up to almost £150 million. Among the rest of the backers is telecoms company Orange, which suggests the French company might be looking at a way to integrate the bitcoin/blockchain technology into its mobile offerings. In December 2016, Fiserv acquired Atlanta-based Online Banking Solutions (OBS) for their cash management solutions to expand Fiserv’s commercial banking suite with advanced cash management and digital business banking capabilities. OBS products are also integrated across several Fiserv solutions and their core processing platform. In August 2017, Fiserv acquired Dovetail, a provider of bank payments and liquidity management solutions, to further bolster its payment offerings. At the same time, it also acquired Monitise plc., to expand its digital technology suite.
Similarly, when Baltimore County Savings Bank, a Maryland-based bank with $275 million in assets, took Fiserv’s Vision retail banking system in 2005, it did so along with check and electronic funds transfer processing services, document imaging, and data warehouse, plus risk management software from Fiserv’s IPS-Sendero subsidiary. Aperio is an important component across the product suite.
A CRM layer was initially developed by Fiserv in the second half of the 1990s with UK ICBS user, Birmingham Midshires. It tracked all customer interaction. Customer and associated product information was held in a folder, with all contacts recorded in a contact log. The information was accessed by staff via a graphical user interface. This component included customer interaction management technology from AIT
US Financial Services Technology Market Report |
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