Fiserv grows with Dovetail acquisition
The fintech vendor has agreed the deal as it attempts to complete a bid to buy UK mobile banking vendor Monitise.
The fintech vendor has agreed the deal as it attempts to complete a bid to buy UK mobile banking vendor Monitise.
Financial services technology vendor Fiserv is acquiring the UK-based payment solutions provider Dovetail Group for an undisclosed figure. “This acquisition further enables Fiserv to help financial institutions around the world transform their payments infrastructure to meet the evolving needs of wholesale, commercial and retail customers,” the company announced.
The deal promises to give Fiserv an expanded range of products and services. In the US, this includes the foundation for advancing its industry-leading paperless entry processing (PEP) + automated clearing house (ACH) processing solution and a comprehensive real-time payment offering with integration into the NOW Network for payments and transfers, the turnkey service for Zella person-to-person (PSP) payments and The Clearing House (TCH) real-time payments scheme.
In Europe, the new organisation will be in a strong position to support financial institutions with legacy system replacement and the shift to real-time through, for example, SEPA instant credit transfer – SCT Inst – across all operators and UK Faster Payments. Elsewhere globally, Fiserv will be able to support its clients in the move to real-time, the introduction of richer payment information, and SWIFT global payments innovation (gpi).
Fiserv has also been bidding for UK mobile banking vendor Monitise and this month raised its offer price by £5m to £75m in an effort to complete a deal.