Brookfield-based financial services technology provider Fiserv Inc today acquired a company specializing in bank payments and liquidity management solutions, Dovetail Group Limited, for an undisclosed amount.
The deal will significantly increase the number of products Fiserv offers its community which will include supporting payments infrastructure in the move towards the introduction of richer payment information and SWIFT gpi.
Technology solutions included in the transaction will also enable Fiserv to provide financial institutions with the foundation to enhance the company’s PEP+ ACH processing solution. In addition, Dovetail will maintain its distinct brand identity but the deal allows integration into the NOWSM Network for payments and transfers, the Turnkey Service for ZelleSM and The Clearing House Real-Time Payments scheme.
Terms include a long-term strategic alliance designed to enhance Fiserv’s offering with the related set of integrated solutions and services to be available on premise, and will also be deployed as a cloud-based service (SaaS) with customer and segment personalization.
Commenting on this, Jeffery Yabuki, CEO of Fiserv, said: “As payments transform at the speed of life, we expect to enable financial institutions to influence and direct a larger share of the payment value chain. Together, Dovetail’s strong capabilities and our market-leading solutions create a powerful combination for Fiserv to deliver differentiated value for financial institutions and their customers.”
Martin Coen, CEO of Dovetail, added: “Dovetail has an established track record of delivering industry-leading payments transformation capabilities to banks of all sizes worldwide. Joining Fiserv should dramatically accelerate our strategy to provide broad access to our payments platform and services, and to unlock greater value for financial institutions as they seek to modernize their payments infrastructure to support a real-time, digital experience for their customers.”