| Type | Public |
|---|---|
| Traded as | NASDAQ: FISV S&P 500 Component |
| Founded | 1984 |
| Headquarters | Brookfield, Wisconsin, U.S. |
| Key people | Donald F. Dillon, Chairman Jeffery W. Yabuki, President and CEO Thomas Hirsch, CFO Charles Sprague, Legal Lance Drummond, HR Dan Murphy, Audit Don MacDonald, Marketing |
| Website | www.fiserv.com |
Fiserv, Inc. (NASDAQ: FISV) provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. The company serves more than 16,000 clients worldwide.[1] Fiserv has been ranked the largest provider of information technology services to the financial services industry worldwide from 2005-2010 except in 2007 when it gave up the position to Fidelity National Information Services.[2] Fiserv reported more than $4.7 billion in total revenue for 2008.
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Fiserv began as a provider of financial service data processing for small banks and thrifts. In 1986, Fiserv went public as a $70 million regional processor,[3] adding credit union services with the 1988 acquisition of Minnesota On-Line, Inc.[3] Within four years, Fiserv was serving some of the largest financial institutions in United States of America.[3]
In 1990, Fiserv expanded its electronic funds capabilities through the acquisition of California-based GTE EFT Services Money Network and GTE ATM Networks.[3] Fiserv entered the card fulfillment market in 1992 through Indianapolis-based Data Holdings, Inc.[3] In 2007, Fiserv acquired CheckFree Corporation, their largest acquisition to date.[3]
In June 2010, Fiserv acquired AdviceAmerica, the producer of software for financial institutions.[4]
Fiserv has nine business groups that specialize in solutions for many financial industry sectors:
ePayments – Outsourced (service bureau) core processing systems, EFT processing, credit processing services, electronic bill payment services and value-added solutions for banks and thrifts.
Lending Solutions – Outsourced and licensed software and services for the lending industry, including mortgage loan servicing, automated property valuation, loan and lease portfolio management for the auto finance market, loan settlement support and contact center services.
Item Processing – Complete solution for the item and image processing needs of financial institutions, providing resources and technology for processing and automating paper-based payment transactions.
Credit Union & Industry Products – Core account processing and value-added solutions for credit unions, plastic card production and services, high-volume laser printing and mailing, electronic document distribution and archival.
Health Solutions – Outsourced services for self-funded and other medical, dental,vision and disability plans, including health plan administration, care and disease management, and pharmacy benefit management. Sale of this division to UnitedHealth Group (pending close) was announced 11/2/2007.[5]
Investment Support Services – Outsourced services for individual and business retirement plans, trustee, custodial and recordkeeping, back-office investment support and tax reporting. Sale of this division to TD Ameritrade Online Holdings, Inc. on May 24, 2007 and closed on February 4, 2008.[6]
Fiserv Global Services – Global delivery capabilities provided to Fiserv Business Units and clients in a range of technology and processing disciplines. Fiserv India Pvt. Ltd. is the fully owned Indian subsidiary of Fiserv Global Services.