Fiserv, the Wisconsin-headquartered
end-to-end business and technology solution provider, has acquired
Atlanta-based mobile banking and
payments firm M-Com for an undisclosed sum.
Fiserv and M-Com have
been partners since 2008; more than 200 financial institutions
already offer the firms jointly developed Mobile Money
service.
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The service gives bank
and credit union customers the flexibility to use any mobile device
to check account balances, transfer funds, pay bills, and track
account activity and supports all three mobile access modes: SMS
text messaging, mobile browser, and downloadable
applications.
In addition to a number
of high-profile credit union contract wins, Fiserv’s Mobile Money
solution has been adopted by top 10 US retail banks SunTrust Banks
and Key bank.
Commenting on the M-Com
acquisition, Steve Olsen, group president, Digital Payments,
Fiserv, said:
“The acquisition
of M-Com will enhance our ability to provide anywhere, anytime
access to consumers who want their finances at their
fingertips.
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By GlobalData“Together, we will
deliver best-in-class digital solutions for our clients, enabling a
superior user experience for their customers.”
The deal will give Fiserv the ability to
integrate M-Com mobile banking and payment technology into current
product offerings, as well as leverage that technology for new
solutions.
Current M-Com clients will benefit from
Fiserv’s digital banking and payments expertise and ongoing
investments in mobile financial services.
Last year, the Fiserv/M-Com Mobile Money
service was ranked ‘best in class mobile banking vendors’, scoring
nine out of a possible 10 points, in a report published by
consultants Javelin Strategy and Research.
In a separate statement, Fiserv said that
it had acquired Credit Union On-Line, a credit union service
organisation that runs an outsourced version of Fiserv’s XP2
account processing solution.
The acquisition will provide Fiserv
clients with a choice of either in-house or outsourced delivery of
XP2.
