Fiserv Starts New Year with Pair of New Credit Union Partners

Photo by Mica Asato from Pexels

It’s a new year and a new decade, but Fiserv – which topped fintech headlines in 2019 with its massive, $22 billion merger acquisition of First Data – has hit the ground running in 2020. The Brookfield, Wisconsin-based payments giant announced this week that it is teaming up with Verve and Superior Choice, two Wisconsin-area credit unions with a combined membership of more than 95,000 members and more than $1 billion in assets.

The collaboration means that half of all the credit unions in Wisconsin with more than $1 billion in assets use Fiserv technology for core account processing. The company’s core account processing solution, DNA, enables FIs to deliver personalized services with more relevant product offerings by leveraging a unified, global view of member relationships. Both Verve and Superior Choice will also take advantage of additional integrated solutions from Fiserv such as enterprise content management, item processing, wire transfer, and financial accounting.

“Our aim is to make every experience at every credit union we work with matter – and that aligns directly with Verve’s strategic vision,” Fiserv EVP and senior group president Byron Vielehr said. “The strong retail and commercial functionality of DNA helps growth-minded credit unions meet member needs for new services and allows their employees to interact and deliver meaningful experiences in a frictionless way.”

Fiserv most recently demonstrated its technology on the Finovate stage in 2018, collaborating with Samsung and its biometric authentication technology. Its 2019 acquisition of First Data (also a Finovate alum), which was completed in July, made Fiserv one of the biggest payments and financial technology providers in the world. When the deal was announced, the company pledged to invest “an incremental $500 million” over the next five years to build on its leadership position in the industry, as well as leverage First Data’s distribution network to expand more meaningfully outside the United States.

Verve was founded in 1937 as Wisconsin Axle Credit Union. The company merged with two other credit unions in 2014 to form Verve, which today has more than $1.2 billion in assets, more than 66,000 members, and 21 locations. With 29,000+ members and more than $488 million in assets, Superior Choice Credit Union was founded in 1932.

In addition to the partnership news with Verve and Superior Choice, Fiserv also announced today that Landmark Credit Union ($4.3 billion in assets and 350,000+ members) was expanding its relationship with the global payments company by choosing to deploy Fiserv’s DNA as its new core account processing platform.

Deluxe Acquires Fiserv’s Remittance Solutions Assets

Business technology company Deluxe announced today it will acquire Remittance Solutions assets from Fiserv. Terms of the agreement were not disclosed.

The Minnesota-based company will use the new tools, which include lockbox processing, to enhance its Treasury Management portfolio.

As part of the agreement, Deluxe will take over Fiserv’s lockbox businesses in five locations and Fiserv will become a reseller of Deluxe lockbox processing.

Deluxe has been busy in the payments arena this year. The company hasa signed more than 25 new payments deals so far this year. “This deal allows Deluxe to extend its expertise and reach with the addition of a reseller arrangement through the banking sales channel of Fiserv,” said Barry McCarthy, Deluxe President and CEO.

“Deluxe is a provider of choice in the remittance processing industry, with impressive scale, geographic reach and resources,” said Todd Horvath, President of Bank Solutions at Fiserv. “Together, we will drive enhanced value for current and future clients and create more opportunities for our people.”

Founded in 1915, Deluxe has a two-tiered approach serving small businesses and financial institutions. The company offers its 4.8 million small business customers products such as incorporation services, logo design, website development and hosting, email marketing, social media, search engine optimization and payroll services, and customized checks and forms. On the bank side, Deluxe serves its 4,600 financial institution clients with data analytics, customer acquisition and treasury management solutions, fraud prevention and profitability tools, and checks.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Saudi Arabia Bets Big on Fintech; Sberbank Unveils Russian Supercomputer

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Fresh off a successful return to Singapore for FinovateAsia, we are happy to announce that FinovateMiddleEast will be back in Dubai later this month, November 20 and 21. For more information about our upcoming fintech conference in the UAE, visit our FinovateMiddleEast page today.

Middle East and Northern Africa

  • Saudi Arabia’s Riyad Bank invests $26.7 million in new fintech startup investment program.
  • BankDhofar signs partnership agreement with Oman-based fintech TelyPay.
  • Central Bank of UAE considers new fintech office to help drive innovation in financial services.

Central and Southern Asia

  • A new B2B fintech program for Indian fintechs, FT Slingshot, launched at Hong Kong FinTech Week.
  • Mumbai, India’s financial capital, is seeking to establish itself as the countr’s fintech hub, as well.
  • Eight Indian fintechs, including Paytm and OlaMoney, earn spots in the KPMG and H2 Ventures Fintech 100 list.

Latin America and the Caribbean

  • Mexican cryptoexchange Bitrus introduces new e-wallet geared toward unbanked population.
  • Creditas, a Brazilian digital consumer lending platform, opens new offices in Valencia, Spain.
  • Born2Invest looks at the growth of the fintech sector in Argentina.

Asia-Pacific

  • Tandem Bank, a challenger bank based in the U.K., announces plans for an expansion to Hong Kong.
  • Vietnam’s TPBank forges agreement with Ripple’s RippleNet.
  • International visitors to China have access to a new prepaid card service run by Alipay and supported by Bank of Shanghai.

Sub-Saharan Africa

  • South African fintech iKhokha offers a blunt assessment of the country’s struggle to attract the talent necessary to grow its fintech industry.
  • The U.K. announces plans to deepen fintech partnership with Nigeria and other Africa nations.
  • Andrew Takyi-Appiah, CEO of Ghana-based Zeepay, talks about the business of remittances and its recent partnership with Moneygram.

Central and Eastern Europe

  • Romanian fintech Beez goes live in the U.K.
  • Fiserv inks global agreement with German grocery industry leader ALDI.
  • Sberbank introduces Russia’s fastest supercomputer, the Christofari.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Fiserv Unveils its Intelligent Billpay Solution, CheckFree Next

Personalized advice, more automation, and “unmatched connectivity” are among the attractions of the new billpay service unveiled by Fiserv today. The new solution, CheckFree Next, enters a competitive billpay space with the backing of Fiserv’s extensive biller network, which includes direct connections with more than 600 billers. With nearly 4,0000 FIs currently using Fiserv’s electronic billpay technology – representing 29 million active billpay users – Fiserv expects its latest offering will provide customers with innovations in billpay not experienced with other solutions.

“Electronic bill payment has become an intrinsic part of many people’s daily lives, however, features that were once cutting edge are now status quo,” Fiserv Enterprise Payment Solutions division president Tom Allanson said. “Knowing that people have higher expectations that never before, we stepped back and challenged ourselves to make paying bills at a financial institution as easy and smart as the best digital experiences people have every day.”

CheckFree Next, which has already been piloted by a pair of “top 10 U.S. financial institutions,” automates a range of basic tasks, and leverages a new Bill Discovery feature that automatically identifies and connects customer billers to their accounts and then establishes the biller as a payee once a match is made. Both payment and data entry are automated to help save bill payers time and reduce the potential for manual errors, and customers can set up billpay reminders and alerts to help them keep better track of upcoming expenses and recent payments. CheckFree Next also features a Withdraw Now capability that gives bill payers control over exactly when a bill payment will be debited from their account.

Fiserv also announced upcoming features to the technology, including real-time money movement, to be added in 2020. This functionality will eventually enable bill payers to make real-time payments – via enhanced notifications – that are reflected instantly in their accounts. These and other features, such as Bill Discovery, will be made available as premium add-ons to Fiserv’s other CheckFree solutions such as CheckFree RXP and CheckFree Builder.

Fiserv demonstrated its technology at FinovateSpring 2018, partnering with Samsung SDS to present its Commercial Center: Security digital banking experience. The company made a huge splash at the beginning of the year with news that it was merging with fellow Finovate alum First Data in a deal valued at $22 billion. Fiserv has been on a busy partner-making pace ever since. In October alone, the company has forged deals with North Carolina-based Uwharrie Bank, Portuguese bank NOVO BANCO, and Toronto, Ontario, Canada’s DUCA Financial Services Credit Union.

Founded in 1984, Fiserv is headquartered in Brookfield, Wisconsin. The NASDAQ listed company (FISV) has a market capitalization of $70 billion. Jeff Yabuki is Chairman and Chief Executive Officer.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Fiserv Delivers DNA to Duca Financial Services Credit Union

Toronto-based DUCA Financial Services Credit Union has selected Fiserv and its DNA core account processing platform with the aim to modernise its operations and improve overall agility and efficiency, reports Alex Hamiton of Fintech Futures (Finovate’s sister publication).

Doug Conick, president and CEO of DUCA, says the credit union’s approach has always been about “high touch” and “high tech.” “We needed an intelligent, agile core platform provider that will strengthen our ability serve members both now and in the future,” he added.

Founded in 1954 as Dutch Canadian Toronto Credit Union, DUCA operates 16 branches and employs more than 260 people. The credit union’s transition to the new core platform will be led by Canadian financial technology provider Celero.

“Our focus is on helping credit unions like DUCA gain the operational and relationship management advantages they need to accelerate their growth strategies,” said Simon Vincent, executive vice president for banking and omnichannel at Celero.

“Through our technology integration experience and relationships with organizations like Fiserv, we are helping drive credit unions’ digital transformation goals forward.”

Rob Palin, general manager for Canada at Fiserv, said that DNA is a system that can provide a “complete view” of member relationships: “Along with our partner, Celero, we are committed to helping DUCA meet its aggressive implementation timeline and growth initiatives.”

Fiserv demonstrated its technology at FinovateSpring 2018. Founded in 1984 and headquartered in Brookfield, Wisconsin, the company merged with First Data earlier this year in a deal valued at $22 billion.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.