New York Community Bancorp will move to Fiserv’s DNA core platform to improve its retail banking and commercial lending services, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

The bank, which has $51.2 billion in assets, will use an integrated suite of digital banking and payment solutions. It will also move from in-house processing to an application service provider (ASP) model hosted by Fiserv.

It is understood the new tech will replace the legacy Miser solution from Fiserv’s rival FIS.

Barbara Tosi-Renna, assistant chief operating officer, New York Community Bancorp, said: “We chose Fiserv because its solutions, integration and expertise put us in the strongest position to succeed in our fast-changing marketplace.”

The bank will add solutions from Fiserv including Commercial Center for commercial cash management and business banking, and the open, real-time Dovetail Payments Platform (paytech provider Dovetail was acquired by Fiserv in 2017).

It also will move existing in-house solutions including the Corillian Online and Mobiliti digital banking solutions from Fiserv to the bank’s new outsourced environment.

New York Community Bank is the “leading producer of multi-family loans” in New York City and the largest regional bank headquartered in New York by assets.

The bank has customers in New York, New Jersey, Florida, Ohio, and Arizona through a network of more than 250 branches.

Meanwhile, Fiserv has been busy. As usual.

Just last month, Banco CTT, one of Portugal’s newest banks, selected Fiserv to enable anti-money laundering (AML) capabilities.

In addition, and a much bigger deal, Fiserv revealed it will acquire First Data in an all-stock transaction of $22 billion.

A giant will roam the fintech land as Fiserv will acquire First Data in an all-stock transaction of $22 billion, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

With the combined power, Fiserv will be able to offer a range of payments and financial services, including account processing and digital banking solutions; card issuer processing and network services; e-commerce; integrated payments; and the Clover cloud-based point-of-sale solution.

Jeffery Yabuki, president and CEO of Fiserv, said: “We admire First Data for its excellence in merchant acquiring and global issuing services, and the tremendous progress they have made under Frank’s [Bisignano, CEO] leadership.”

Some deals from last year for First Data include Ellie Mae, Mastercard and SIA.

As an example of how they will link up, Fiserv says First Data’s digital merchant account enrollment capabilities can be integrated into its digital banking solutions.

The new entity expects to invest an incremental $500 million over five years. Fiserv reckons growth will come from areas such as bank merchant services and Clover, credit processing, and additional biller services.

The program, when up and running, will focus on a series of new and existing technologies, including merchant solutions, digital enablement, risk management, and data-focused solutions.

The new company expects to generate free cash flow exceeding $4 billion in the third year following close, and generate $900 million of run-rate cost savings, “driven primarily by the elimination of duplicative corporate structures.” The latter of course means job cuts. Firms always say it so coldly.

Fiserv intends to refinance the $17 billion of debt that First Data is expected to have at the time of closing, and has entered into a committed bridge financing arrangement in connection with the transaction.

Yabuki will serve as CEO and chairman of the board of directors of the combined company. Bisignano will assume the role of president and chief operating officer, and will serve as director of the board of the combined company.

The transaction, to close during the second half of 2019, is subject to customary closing conditions and regulatory approvals, including the approval of shareholders of both companies. The transaction is not subject to any financing conditions.

Founded in 1984 and headquartered in Brookfield, Wisconsin, Fiserv demonstrated its Commercial Center: Security solution – partnership with Samsung SDS – at FinovateSpring 2018. Earlier this month, the company announced signing a trio of new bank partners, bringing Fiserv’s total number of new bank clients to more than 80 in the past two years.

Fiserv is living the fintech dream as more than 80 of its bank clients have completed a migration to outsourced core processing in the past 24 months.

This heightened state of happiness is set to continue as the company says nearly 60 more are scheduled to make the move in 2019, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Three banks in the US have been wheeled out to offer some praise.

“After we moved to outsourced core processing, we asked ourselves what other services we should outsource to ensure customer information was held in a secure data centre. This led us to choose hosted infrastructure as a service and managed services from Fiserv,” said Yvette Hamm, vice-president, information security officer, First State Bank of Uvalde in Texas.

Robert Palmer, president and CEO of Missouri-based Bloomsdale Bank, is addicted to outsourcing love as the decision to move was due in part to the difficulty of finding qualified staff to manage technology in-house.

While for JD Bank in Louisiana, it considered doing it for more than two years before making the decision.

Bavo Gall, JD Bank’s EVP and chief information officer, said: “By outsourcing with Fiserv, we have maintained the flexibility to do what needs to get done.”

The bank moved its core processing, item processing and online banking systems to an outsourced environment over a single weekend in late 2017.

In other news, last week, Mi Bank in Michigan announced it was set to debut early this year. The new financial institution says it will use technology from Fiserv, including the DNA core banking system, to power its launch.

Headquartered in Brookfield, Wisconsin and founded in 1984, Fiserv demonstrated its Commercial Center: Security platform – in partnership with Samsung SDS – at FinovateFall 2017.