US fintech company Fiserv has wrapped up its previously announced acquisition of the third-party debit processing solutions of US Bancorp’s Elan Financial Services, for around $690m.
Through the acquisition, Fiserv has added Elan’s debit card processing, ATM Managed Services and MoneyPass surcharge free network under its fold.
The transaction excluded Elan’s credit card issuing and corporate payments businesses.
The ATM Managed Services offered by Elan included maintenance and replenishment of ATMs, image file processing and image file delivery, deposit collection and delivery, currency management, electronic product delivery, currency management and others.
MoneyPass, on the other hand, is considered to be one of the largest surcharge-free networks in the US, which gives Fiserv access to more than 33,000 ATMs in the country.
The fintech company signed the deal to acquire the third-party debit processing solutions from Elan in late September to further boost its value proposition and strengthen its operations in debit card processing.
By acquiring the third-party debit processing solutions, it also expects to expand its mobile and digital payments solutions for consumers and businesses. At the time of the deal, Fiserv said that the debit processing solutions will consolidate on the growth of its Card Services business by expanding its suite of solutions in ATM Managed Services and other important areas.
Fiserv president and CEO Jeffery Yabuki said: “We’re excited about the opportunities this acquisition creates for our clients, and welcome the new Elan associates to Fiserv.”
Headquartered in Brookfield, Wisconsin, Fiserv provides financial services technology to banks, thrifts, credit unions, leasing and finance companies, securities broker dealers and retailers.
The fintech company reported revenue of $1.41bn for the third quarter 2018 that ended 30 September 2018, which was a 1% increase compared to the $1.4bn it earned in the same quarter in the previous year.
Earlier this week, the company said that New Jersey-based Bogota Savings Bank has selected it to help streamline its operations to provide better customer experience.
As per an agreement, Bogota Savings Bank will be replacing its manual processes and time-consuming batch operations with the customizable, real-time processing in the DNA account processing platform from the fintech company.