Fiserv buys AML outfit NetEconomy

Fiserv buys AML outfit NetEconomy

US financial IT firm Fiserv has acquired NetEconomy, a Netherlands-based provider of enterprise risk management and anti-money laundering (AML) technology. Financial terms of the acquisition were not disclosed.

Founded in 1993 NetEconomy has been owned by Esprit Capital Partners since August 2005.

The company is headquartered in The Hague, The Netherlands, with offices in London, Paris, Boston, New York, Sydney, Shanghai, and Kuala Lumpur, Malaysia. The vendor's financial crime management technology is used by companies in 58 countries.

Fiserv says the NetEconomy acquisition is an essential part of its strategy to develop and deliver an enterprise risk, compliance and fraud management platform for financial institutions.

"We recognise that our clients, both financial institutions and their executives, face a higher level of accountability and need these solutions to fight financial crime. The acquisition of NetEconomy addresses these challenges by providing a key component to develop and deliver a premier enterprise risk, compliance and fraud platform for Fiserv," says Rahul Gupta, group president, payments and industry products.

Fiserv says it will offer a "holistic enterprise risk, compliance and fraud system" integrated with all its core account processing platforms. The vendor also plans to provide clients with risk technology covering governance and compliance, either through organic innovation or continued acquisitions.

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