Fiserv, a provider of financial services technology solutions, has entered into a definitive agreement to acquire CashEdge, a provider of consumer and business payments technologies, for US$465m. The acquisition is expected to accelerate Fiserv’s digital payments and channel strategies.
CashEdge adds to Fiserv’s capabilities in areas such as account-to-account transfer, account opening and funding, data aggregation, small business payments, and person-to-person (P2P) payments. Both companies are in-market today with financial institution-centric P2P services that enable payments to be made from one account to another, Fiserv with ZashPay and CashEdge with Popmoney. This combination should accelerate Fiserv’s ability to provide new capabilities such as P2P money request, and small business electronic invoicing and remittance.
“CashEdge provides an attractive suite of solutions to further enable the delivery of a highly differentiated payments experience for financial institutions and their customers, as well as accelerate the coming P2P movement,” said Jeffery Yabuki, president and chief executive officer (CEO) of Fiserv. “CashEdge brings a strong and knowledgeable team that has a well-deserved reputation for innovative product development and delivery excellence. Importantly, we share a common vision for new payment solutions enabled by a financial institution-centric platform.”
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