Fiserv
From Wikipedia, the free encyclopedia
| Fiserv, Inc. | |
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| Type | Public (NASDAQ: FISV) |
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| Founded | Brookfield (1984) |
| Headquarters | Brookfield, Wisconsin, United States |
| Key people | Donald F. Dillon, Chairman Kenneth R. Jensen, Sr. Vice President and CFO Daniel P. Kearney, Financial Consultant Gerald J. Levy, Lead Director Leslie M. Muma, CEO Jeffery W. Yabuki, President and CEO |
| Website | www.fiserv.com |
Fiserv, Inc. NASDAQ: FISV a Fortune 500 company, provides information management systems and services to the financial and health benefits industries. Its services include transaction processing, outsourcing, business process outsourcing, and software and systems solutions. The company serves more than 17,000 clients worldwide and is a major provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2005 and 2004 FinTech 100 surveys. Fiserv Health provides health plan management, pharmacy benefits management, and BPO services to the managed care market and self-funded commercial and government employers and health plans. Headquartered in Brookfield, Wis., Fiserv reported more than $4 billion in total revenue for 2005.
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[edit] History
Fiserv began as a provider of financial service data processing for small banks and thrifts. In 1986, Fiserv went public as a $70 million regional processor, adding credit union services with the 1988 acquisition of Minnesota On-Line, Inc. Within four years, Fiserv was serving some of the nation’s largest financial institutions.
In 1990 Fiserv expanded it's electronic funds capabilities through the acquisition of California-based GTE EFT Services Money Network and GTE ATM Networks. Fiserv entered the card fulfillment market in 1992 through Indianapolis-based Data Holdings, Inc. And in 1997 it added securities transaction processing services with BHC Financial, Inc., of Pennsylvania.
Since being founded, Fiserv has seen banks expand their market offering and scope. Fiserv entered the insurance industry with the 1998 acquisition of Iowa’s Network Data Processing Corp. And in 2001 it acquired Texas-based Benefit Planners, thereby entering the health benefits market.
[edit] Corporate Structure
Fiserv has nine Business Groups that specialize in solutions for many financial industry sectors, delivering the technology and support that clients need to compete and flourish in today’s challenging marketplace:
Bank Systems – In-house and outsourced core processing for banks and thrifts, including cash and treasury management solutions, risk management, Imaging Solutions, customer contact solutions and data warehousing.
Bank Servicing & ePayments – Outsourced (service bureau) core processing systems, EFT processing, credit processing services, electronic bill payment services and value-added solutions for banks and thrifts.
Lending Solutions – Outsourced and licensed software and services for the lending industry, including mortgage loan servicing, automated property valuation, loan and lease portfolio management for the auto finance market, loan settlement support and contact center services.
Item Processing – Complete solution for the item and image processing needs of financial institutions, providing resources and technology for processing and automating paper-based payment transactions.
Credit Union & Industry Products – Core account processing and value-added solutions for credit unions, plastic card production and services, high-volume laser printing and mailing, electronic document distribution and archival.
Insurance Solutions – Comprehensive insurance processing services and products, emphasizing business process outsourcing for the life, annuity and property and casualty sectors.
Health Solutions – Outsourced services for self-funded and other medical, dental, vision and disability plans, including health plan administration, care and disease management, and pharmacy benefit management.
Investment Support Services – Outsourced services for individual and business retirement plans, trustee, custodial and recordkeeping, back-office investment support and tax reporting.
Fiserv Global Services – Global delivery capabilities provided to Fiserv Business Units and clients in a range of technology and processing disciplines.
[edit] Recent Acquisitions
[edit] 2006
- CareGain, Inc.
- Asset of CT Insurance Services & CCH Wall Street
[edit] 2005
- Del Mar Database
- Assets of U.S. eLending business from Emergis
- Interactive Technologies
- Administrative Services Group Inc.
- JW Hutton
- BillMatrix
- VerticalPoint
- Xcipio, Inc.
[edit] References and Footnotes
[edit] External links
- Fiserv
- Fiserv Insurance Solutions Group
- Fiserv Payment Solutions
