Fiserv, Inc. (FISV) recently announced an agreement with Visa Inc. (V), which will enable users of ZashPay to send money to and receive money from eligible Visa account holders through their primary financial institution.
In 2010, Fiserv introduced ZashPay – a person-to-person payments service that enables the secure, electronic movement of money between bank accounts based in the U.S., typically within one to three business days.
This agreement will expand the ZashPay network with a potential customer base of more than one billion Visa account holders. This service will initially focus on payment delivery to eligible credit and debit account holders. Both the companies will further expand it to prepaid and international account holders.
Earlier in the month, Fiserv recently announced that it has acquired Credit Union On-Line Inc. (CUOL), which has been providing data processing solutions to credit unions since 1980.
Co-owned by CEO Connie Boretti and two credit unions – RTN Federal Credit Union and Medical Area Federal Credit Union, CUOL is a credit union service organization that runs an outsourced version of the XP2 account processing solution of Fiserv. The financial terms of the deal were not disclosed.
Management stated that the acquisition of CUOL will provide Fiserv clients with a choice of either in-house or outsourced delivery of XP2.
Fiserv also announced that it acquired Mobile Commerce Ltd. (M-Com) to strengthen its existing mobile channel capabilities. Fiserv and M-Com have been partners since 2008 to develop and deliver Mobile Money from Fiserv to hundreds of financial institutions. The financial terms of the acquisition were not disclosed. Fiserv and M-Com have a lot of mutual customers in the U.S. and the merger of the two companies will accelerate the development of innovative solutions for these clients.
The company expects important customer wins in 2011, driven by strong interest of clients in Acumen and the strength of its pipelines. The company expects important customer wins in 2011, driven by the strong interest of clients in Acumen and the strength of its pipelines. Fiserv projects strong performance in market-leading account processing businesses.
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