Fiserv, a financial services technology solutions provider, announced the acquisition of Dovetail Group Limited to further enable it to help financial institutions around the world transform their payments infrastructure. The new capabilities would be used to meet the evolving needs of wholesale, commercial and retail customers.
Bank payments and liquidity management solutions provider Dovetail offers a real-time payments platform, modular services and configurable business processing rules that, when combined with Fiserv’s payment capabilities, will enable financial institutions to unify discrete solutions into a fully-integrated payments infrastructure.
“As payments transform at the speed of life, we expect to enable financial institutions to influence and direct a larger share of the payment value chain,” said Jeffery Yabuki, president and chief executive officer at Fiserv. “Together, Dovetail’s strong capabilities and our market-leading solutions create a powerful combination for Fiserv to deliver differentiated value for financial institutions and their customers.”
In the U.S., the acquisition will help Fiserv advance its PEP+ ACH processing solution. It will also boost a comprehensive real-time payments offering with integration into the NOWSM Network for payments and transfers, the Turnkey Service for Zelle and The Clearing House Real-Time Payments scheme.
In Europe, the combined organization will be in a strong position to support financial institutions with legacy system replacement and the shift to real-time payments through, for example, SCT Inst across all operators and UK Faster Payments. Elsewhere globally, Fiserv will be able to better support its clients in the move to real-time, the introduction of richer payment information and with SWIFT gpi.
The enhanced platform, and related group of integrated solutions and services, will be available on-premise as well as deployed as a cloud-based software as a service (SaaS) with superior customer and segment personalization.
“Dovetail has an established track record of delivering indusupped try-leading payments transformation capabilities to banks of all sizes worldwide,” said Martin Coen, chief executive officer at dovetail. “Joining Fiserv should dramatically accelerate our strategy to provide broad access to our payments platform and services, and to unlock greater value for financial institutions as they seek to modernize their payments infrastructure to support a real-time, digital experience for their customers.”
Fiserv is also busy trying to acquire Monitise, recently increasing its offer for the U.K.-based financial services company to about $98 million in the hopes of gaining the backing of the firm’s investors.