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.