Magazine article American Banker

Fiserv Buys Risk Software Firm to Upgrade Systems

Magazine article American Banker

Fiserv Buys Risk Software Firm to Upgrade Systems

Article excerpt

Fiserv Inc. said it has acquired a Dutch security software firm whose risk management and fraud-fighting capabilities will be incorporated into all its core processing systems.

The Brookfield, Wis., financial technology company announced Wednesday that it had purchased NetEconomy of the Hague from the British venture capital firm Esprit Capital Partners LLP. The price was not disclosed.

Lisa Fiondella, a senior vice president of business and product development at Fiserv, said it plans to pursue other partnerships and acquisitions in the area and to build additional risk management systems internally.

You'll see a lot more activity in this space from us, she said. We're open to all types of approaches in building out the product set.

Virginia Garcia, the vice president of product and management strategy at Fiserv CBS Worldwide, said the deal addresses a gap in our solutions portfolio.

Fiserv Inc. plans to offer NetEconomy's technology as licensed software for in-house installations and as an outsourced service, to both international and domestic customers.

Fiserv offers more than a dozen core processing systems and services. We have different deployment models here, Ms. Garcia said.

The executives said Fiserv plans to make fraud and risk management a major focus of its business. Ms. Fiondella said she joined the company less than two weeks ago, and that focusing on these issues will be one of her main responsibilities.

Ms. Garcia said, "We had a pretty extensive strategic exercise here at Fiserv over the past several months. We did the right thing by taking the strategic view, the long view."

NetEconomy provides a foundation for Fiserv to offer an enterprise risk management strategy to its clients, she said. We intend to be leaps and bounds ahead of the competition by the time we come out of the solution-development effort. …

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