Fiserv acquires real-time payments platform with Dovetail purchase
Fiserv Inc., a provider of financial services technology solutions, has acquired Dovetail Group Ltd., a provider of bank payments and liquidity management solutions.
According to a press release, Fiserv plans to combine Dovetail's real-time payments platform, modular services and configurable business processing rules with its own payment capabilities, allowing financial institutions to unify standalone solutions into a fully integrated payments infrastructure, the release said.
The Dovetail payments platform provides the foundation for Fiserv to offer financial institutions a broader range of solutions and services.
In the U.S., this includes a real-time payments offering with integration into the NOW Network for payments and transfers, the turnkey service for Zelleand The Clearing House Real-Time Payments scheme.
In Europe, the new organization will be in a position to support financial institutions with legacy system replacement and the shift to real-time through SCT Inst (across all operators) and UK Faster Payments, among others.
Elsewhere, Fiserv will be able to support its clients in the move to real-time, the introduction of richer payment information, and Swift gpi, the release said.
"[W]e expect to enable financial institutions to influence and direct a larger share of the payment value chain," Fiserv President and CEO Jeffery Yabuki said in the release "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."
Financial terms of the deal were not disclosed.