With the $465 million acquisition of CashEdge, Brookfield, Wis.-based Fiserv, Inc. says it's expanding its electronic payments capabilities in P2P money and small business 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 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."
Cashedge brings more than 500 clients, including Citibank. It is expected to be completed by September.
Fiserv's ZashPay product, along with CashEdge's Popmoney both enable person-to-person electronic payments. Fiserv said the combination could expand the range of electronic payments solutions financial institutions can offer.
"At CashEdge, we have built a strong business delivering innovative payments and data aggregation solutions to financial institutions. We are delighted to be joining the Fiserv family. It represents a very natural next step and exciting growth opportunity for our clients, our people and our products," said Sanjeev Dheer, Co-Founder, Chief Executive Officer and President of CashEdge. "Additionally, we believe that the payments industry has reached a pivotal point in the evolution of consumer and small business payments, and the merger of our efforts will significantly enhance our ability to deliver innovative solutions to our financial institution clients."