Financial services technology company Fiserv has acquired Dovetail Group, a provider of bank payments and liquidity management solutions, to transform payments infrastructure of financial institutions clients.
As per the strategy, Fiserv will combine Dovetail’s payments platform, modular services and configurable business processing rules with its payment capabilities, enabling financial institutions to unify discrete solutions into an integrated payments infrastructure.
“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,” said Jeffery Yabuki, president and chief executive officer of Fiserv.
Dovetail payments platform provides the foundation for Fiserv to offer a range of solutions and services to financial institutions.
In the U.S., this includes the foundation for advancing its PEP+ ACH processing solution and a comprehensive real-time payments offering with integration into the NOWSM Network for payments and transfers, the Turnkey Service for Zelle and The Clearing House Real-Time Payments scheme.
In Europe, the new organization will be in a strong position to support financial institutions with legacy system replacement and the shift to real-time through, for example, SCT Inst (across all operators) and UK Faster Payments.
Elsewhere globally, Fiserv will be able to support its clients in the move to real-time, the introduction of richer payment information, and SWIFT gpi.
The enhanced platform, and related group of integrated solutions and services, will be available on premise, and will also be deployed as a cloud-based service (SaaS) with superior customer and segment personalization.
“Joining Fiserv should accelerate our strategy to provide broad access to our payments platform and services, and to unlock value for financial institutions as they seek to modernize their payments infrastructure,” said Martin Coen, chief executive officer of Dovetail.