BankServ, was a legacy financial services company headquartered in

Enterprise Enterprise (or the archaic spelling Enterprize) may refer to: Business and economics Brands and enterprises * Enterprise GP Holdings, an energy holding company * Enterprise plc, a UK civil engineering and maintenance company * Enterprise ...

Nevada Nevada ( ; ) is a state in the Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. Nevada is the 7th-most extensive, ...

, develops

electronic 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 insti ...

software and operates outsourced data processing centers used by banks and other businesses to move money electronically. Founded in 1996, it does business with over 400 banks in more than 50 countries, primarily supplying banks with the behind-the-scenes programs used for

remote deposit Remote deposit or mobile deposit is the ability of a bank customer to deposit a cheque into a bank account from a remote location, without having to physically deliver the cheque to the bank. This was originally accomplished by scanning a digit ...

, Internet bill payment,

mobile payments A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of ...

wire transfer Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash ...

payments and sending messages over the international

SWIFT Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT ...

network. The company operates offices in

Las Vegas Las Vegas (; Spanish language, Spanish for "The Meadows"), often known simply as Vegas, is the List of United States cities by population, 25th-most populous city in the United States, the most populous city in the U.S. state, state of Neva ...

San Francisco San Francisco (; Spanish language, Spanish for "Francis of Assisi, Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the List of Ca ...

Salt Lake City Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, th ...

Houston Houston (; ) is the List of cities in Texas by population, most populous city in Texas, the Southern United States#Major cities, most populous city in the Southern United States, the List of United States cities by population, fourth-most pop ...

and

London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...

History

BankServ was founded by a group of investors led by current CEO Dick David Kvederis, a former senior vice president of

Wells Fargo Bank Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and inter ...

. Kvederis is widely known in the financial industry for helping introduce

Direct Deposit A direct deposit (or direct credit), in banking, is a deposit of money by a payer directly into a payee's bank account. Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers' acco ...

during his tenure as chairman of the National Automated Clearing House Association (now NACHA-The Electronic Payments Association) during the 1980s. He was also hired by the U.S. government in 1993 to assist with the transition from a

communist Communism (from Latin la, communis, lit=common, universal, label=none) is a far-left sociopolitical, philosophical, and economic ideology and current within the socialist movement whose goal is the establishment of a communist society, a ...

to a

capitalist Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, pri ...

financial system in Lithuania. Originally incorporated under the name Nova Payments, the company now known as BankServ started with the idea of selling check scanners to

grocery store A grocery store ( AE), grocery shop ( BE) or simply grocery is a store that primarily retails a general range of food products, which may be fresh or packaged. In everyday U.S. usage, however, "grocery store" is a synonym for supermarket, ...

s, allowing them to deposit their checks without going to the bank. But in the late 1990s, BankServ’s wire transfer business (acquired from Ictus Inc) became its main revenue source, and the idea of grocery store check conversion was abandoned. However, when the

United States Congress The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washi ...

passed the

Check 21 Act The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, , that was enacted on October 28, 2003 by the 108th U.S. Congress. The Check 21 Act took effect one year later on October 28, 2004. The law allows the ...

in 2003, the legal requirements surrounding remote deposit became less strict, and the company decided to re-enter the business with a flagship product named DepositNow! Since 2004, BankServ has expanded into the fields of consumer

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 vendor ...

and

credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...

processing, and added an international division with the acquisition of the London-based Symtec Corporation. BankServ has received a number of awards, including nominations to Inc. Magazine's Inc. 500 list in 2003 and 2004, a list of the fastest-growing privately held corporations in the United States. Most recently, BankServ was nominated to the Inc. 5,000 Fastest Growing Private Companies list every year from 2003-2010.¹ In January 2004, BankServ acquired Symtec Solutions LTD, a provider of international money transfer and SWIFT financial messaging software headquartered in

London, England London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a major s ...

. In May 2009, BankServ acquired the assets of Commerciant LP, a

-based technology company involved in

wireless Wireless communication (or just wireless, when the context allows) is the transfer of information between two or more points without the use of an electrical conductor, optical fiber or other continuous guided medium for the transfer. The mos ...

credit card processing. The company now offers a handheld terminal that can process credit card transactions on the spot over various

mobile phone A mobile phone, cellular phone, cell phone, cellphone, handphone, hand phone or pocket phone, sometimes shortened to simply mobile, cell, or just phone, is a portable telephone that can make and receive telephone call, calls over a radio freq ...

networks. In 2010, BankServ acquired NetDeposit, one of its main rivals in the remote deposit field, from

Zions Bancorporation Zions Bancorporation is a bank holding company headquartered in Salt Lake City, Utah. Zions Bancorporation originated as Keystone Insurance and Investment Co., a Utah Corporation, in April 1955. In April 1960, Keystone, together with several in ...

in a primarily cash transaction. As a result of the acquisition, BankServ's check processing operations nearly doubled in size, and added new branch capture and mobile phone check deposit software. The company estimates that it now processes remote deposit transactions for more than 100,000 business customers in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five ma ...

. In August 2011, private equity firm GTCR acquired the controlling interest in BankServ, poising the company for expansion and growth. GTCR's portfolio of more than 25 companies includes fast-growing firms in the financial services and technology, healthcare and information services and technology fields. GTCR subsequently announced its intention to merge BankServ with the

Israel Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...

i payments firm Fundtech Ltd., a transaction that was completed in November 2011. The combined company will be known as Fundtech and headquartered in

Jersey City Jersey City is the second-most populous city (New Jersey), city in the U.S. state of New Jersey, after Newark, New Jersey, Newark.

New Jersey New Jersey is a U.S. state, state in the Mid-Atlantic States, Mid-Atlantic and Northeastern United States, Northeastern regions of the United States. It is bordered on the north and east by the state of New York (state), New York; on the ea ...

. In April 2015 D%2BH acquired Fundtech from the Chicago private-equity firm GCTR. Later On 17 June 2017, D%2BH announced that it would be acquired by

Vista Equity Partners Vista Equity Partners is an American investment firm focused on financing and forwarding software, data, and technology-enabled startup businesses. Vista has invested in hundreds of companies, including Misys, Ping Identity, and Marketo. The ...

and combined with Misys, operating under the new company name Finastra for a total enterprise value of approximately $4.8 billion.

References

External links

Fundtech corporate website

DepositNow! remote deposit website

Mobilescape wireless payments website
{{DEFAULTSORT:Bankserv Financial services companies of the United States Companies based in Enterprise, Nevada American companies disestablished in 2017 Financial services companies disestablished in 2017

History

References

Further reading

External links