Fiserv, Inc. () is an American multinational company headquartered in

Brookfield, Wisconsin Brookfield is a city located in Waukesha County, Wisconsin, United States in the Milwaukee metropolitan area The Milwaukee metropolitan area (also known as Metro Milwaukee or Greater Milwaukee) is a major metropolitan area located in Southeast ...

that provides

financial technology Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are r ...

services to clients across the

financial services Financial services are the economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, accountancy companies, ...

sector, including: banks, thrifts,

credit unions A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provision ...

, securities broker dealers, mortgage, insurance, leasing and finance companies, and retailers. In October 2015, ''

American Banker ''American Banker'' is a Manhattan-based trade publication covering the financial services industry. Originally a daily newspaper, the print edition ceased publication in 2016, with an online edition continuing to be updated. The first issue of ...

'' and BAI ranked the company third by revenue among technology providers to U.S. banks. Fiserv reported total revenue of $10.187 billion in 2019. Fiserv is also the owner of

First Data First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company's STAR Network provided nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and Online outlets for nea ...

, which connects 2 million ATMs through the STAR network. Fiserv currently has the naming rights for the Fiserv Forum stadium in

Milwaukee Milwaukee ( ), officially the City of Milwaukee, is both the most populous and most densely populated city in the U.S. state of Wisconsin and the county seat of Milwaukee County. With a population of 577,222 at the 2020 census, Milwaukee i ...

Wisconsin Wisconsin () is a state in the upper Midwestern United States. Wisconsin is the 25th-largest state by total area and the 20th-most populous. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake M ...

History

Fiserv was founded in 1984. The company quickly grew and was listed on the NASDAQ less than two years after its founding, mainly through a large number of acquisitions, the largest in the early years of the company being Citicorp Information Resources. Fiserv's website was launched in 1995 and subsequently debuted fully electronic bills (branded as E-bills) in 1997. Fiserv reached $1 billion in revenue. Between 2000 and 2017, Fiserv continued to acquire other companies, including CheckFree Corporation, M-Com, CashEdge, and PCLender. In 2005, Jeffery Yabuki became the CEO. In 2020, Yabuki stepped down as CEO and was replaced by

Frank Bisignano Frank J. Bisignano (born August 9, 1959) is an American businessman and the President and CEO of Fiserv. He previously served as the CEO of First Data Corporation and the COO of JPMorgan Chase. Career Based in New York City, Bisignano started hi ...

Company timeline including acquisitions

1991 * Citicorp Information Resources — a subsidiary of Citicorp. This acquisition put Fiserv into the

commercial banking A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with c ...

, internal and

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provis ...

core account processing market space. 1995 * Information Technology, Inc., (ITI) — in Lincoln, Nebraska. This gained Premier, at that time the most widely implemented account processing platform in the US, and grew its number of account processing clients. 2003 * General American Corporation (GAC) * CNS (Consumer Network Services) 2005 * Del Mar Database * Assets of U.S. eLending business from Emergis * Interactive Technologies * Administrative Services Group Inc. * JW Hutton * BillMatrix * VerticalPoint * Xcipio, Inc. 2006 * CareGain, Inc. * Asset of CT Insurance Services & CCH Wall Street 2007 * NetEconomy. * CheckFree — which had itself just acquired Corillian, Carreker, PhoneCharge and Upstream Technologies LLC. Fiserv's largest acquisition to date, CheckFree was then the leading provider of

online banking Online banking, also known as internet banking, web banking or home banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial ins ...

, online bill payment,

electronic bill payment Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or ven ...

services, and software for check clearance and ACH (also known as

direct debit A direct debit or direct withdrawal is a financial transaction in which one organisation withdraws funds from a payer's bank account., https://www.directdebit.co.uk/direct-debit-explained/what-is-direct-debit/ Formally, the organisation that calls f ...

) processing. 2008 * Interactive Technologies, Inc. — billing software and ancillary products for the banking and investment advisory industries, especially for their "''Advantage Fee System''" that calculates complex billing for fees and commissions. * i_Tech — a

Montana Montana () is a state in the Mountain West division of the Western United States. It is bordered by Idaho to the west, North Dakota and South Dakota to the east, Wyoming to the south, and the Canadian provinces of Alberta, British Columb ...

-based item processing company that had been owned by First Interstate Bank * The Data Center — a

Texas Texas (, ; Spanish: ''Texas'', ''Tejas'') is a state in the South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2020, it is the second-largest U.S. state by ...

-based item processing company that had been owned by BBVA Compass Bank 2010 * AdviceAmerica — software for

financial institution Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial inst ...

s. 2011 * M-Com — established in 2000 and based in Auckland,

New Zealand New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island coun ...

, M-Com developed mobile banking apps. * Maverick Network Solutions — established in 2006 and based in

Brandywine Hundred Brandywine Hundred (also known as North Wilmington) is an unincorporated subdivision of New Castle County, Delaware. It is located to the north and northeast of the city of Wilmington. Hundreds were once used as a basis for representation in th ...

, Delaware. * CashEdge — to payment solutions, including Popmoney. 2013 * Open Solutions, Inc. — account processing DNA platform. Fiserv paid $55 million to acquire DNA, by taking on $960 million in debt. 2016 * Community Financial Services — from ACI Worldwide. * Convenience Pay — from Hewlett Packard. 2017 * Dovetail. *

Monitise Monitise Plc was a British company in financial services technology. Monitise was founded by Alastair Lukies and Steven Atkinson in 2003. Its headquarters are in London, United Kingdom, with operations in the US, Turkey, and Cardiff. The compan ...

. 2018 *

MoneyPass MoneyPass is an interbank network owned by Brookfield, Wisconsin-based Fiserv, the third largest North American financial services company by revenue. Previously, MoneyPass had been owned by Elan Financial Services, a business unit of U.S. Ban ...

— surcharge-free debit card and ATM processing network, acquired from Elan Financial Services, a unit of

U.S. Bancorp U.S. Bancorp (stylized as us bancorp) is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution i ...

. 2019 *

— payment processor acquired for $22 billion, making it one of the largest acquisitions in the financial technology sector. 2020 * Bypass Mobile — enterprise

point of sale The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice f ...

platform. 2021 * Ondot Systems, Inc. — digital experience platform for financial institutions. * NetPay — payment facilitator, 2022 * Finxact — cloud-based core banking services. * Layoffs — Significant layoffs occurred. Anonymous sources reported that Fiserv's internal WorkDay took reported that headcount is down to 35,608 as of October 20th. * TIF District -- A tax incremental financing district was created to incentivize Fiserv to remain in downtown Milwaukee, the 7 million dollars will be available through annual payments, with the condition Fiserv must base at least 780 employees at the downtown location.

References

External links

* {{Major financial technology companies Financial technology companies Financial services companies of the United States Information technology consulting firms of the United States Companies based in Wisconsin Financial services companies established in 1984 American companies established in 1984 Companies listed on the Nasdaq Waukesha County, Wisconsin 1980s initial public offerings Kohlberg Kravis Roberts companies