The acquisition will enable Fiserv to help financial institutions to transform their payments infrastructure and meet the changing needs of wholesale, commercial and retail customers.
Financial details related to the acquisition have not been disclosed.
To enable financial institutions to unify discrete solutions into a fully integrated payments infrastructure, Fiserv plans to integrate Dovetail’s real-time payments platform, modular services and customisable business processing rules with its payment capabilities.
According to Fiserv, the combined platform will offer an intelligent, data-driven payment processing and will be flexible enough to integrate new capabilities and payment types.
Fiserve claims that Dovetail’s payment platform, which is built with real-time in mind, can provide a foundation to the company to offer financial institutions with a wide range solutions and services.
After the acquisition, the new company is expected to be in a position in Europe to support financial institutions with legacy system replacement and the shift to real-time.
Fiserv President and CEO Jeffery Yabuki said: "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.
"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."
Dovetail CEO Martin Coen said: "Dovetail has an established track record of delivering industry-leading payments transformation capabilities to banks of all sizes worldwide.
"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."
In December last year,
Fiserv has entered into an agreement to acquire Atlanta-based Online Banking Solutions (OBS). Through the acquisition, Fiserv was expected to gain additional cash management and digital business banking capabilities, which complement its existing solutions.
Image: Fiserv office in Hillsbro, Orgeon. Photo: Courtesy of M.O. Stevens/Wikipedia.
