Fiserv, Inc. (NASDAQ: FISV), a global provider of financial services technology solutions, announced on Wednesday it has completed its acquisition of the debit card processing, ATM Managed Services and MoneyPass surcharge-free network of Elan Financial Services, a unit of U.S. Bancorp (NYSE: USB). The acquisition, which was announced last month, will further enhance the value proposition of Fiserv, along with deepen its presence in debit card processing and expand its mobile and digital payments offerings for consumers and businesses.
Fiserv reported that through this transaction, it will build on the growth of its Card Services business by expanding its suite of solutions in key areas such as ATM Managed Services. The company will add MoneyPass, the second largest surcharge-free network in the United States with access to more than 33,000 ATMs nationwide, to further enhance its market position.
Fiserv also noted that it will offer Elan clients additional services, including risk management solutions, Accel debit payments network and enhanced debit platform capabilities. This acquisition does not include the Elan credit card issuing and corporate payments businesses, which are also U.S. Bancorp units. The transaction, which is subject to regulatory approval and other customary closing conditions, is anticipated to close in the fourth quarter. Speaking about the acquisition, Jeffery Yabuki, President and CEO of Fiserv, stated:
“We continue to see opportunities for financial institutions to enhance the card-based payments they provide to their customers in an always-on, anytime access world. This acquisition expands our capabilities and provides additional expertise, which together should enhance the value we provide our clients. We look forward to welcoming the Elan team to Fiserv.”
Yabuki went on to add:
“We’re excited about the opportunities this acquisition creates for our clients, and welcome the new Elan associates to Fiserv.”