Real-time payments in play as Fiserv acquires Dovetail
21 August 2017 | 12401 views | 1
Fiserv is looking to gain an edge on competitors in the fast moving world of real-time payments by acquiring UK-based vendor Dovetail.
With national domestic markets the world over moving to instant payments, the acquisition of Dovetail's real-time payments platform provides the foundation for Fiserv to offer financial institutions a broader range of intelligent data and processing services.
In the US, the Dovetail platform provides a direct gateway to the bank-backed Zelle mobile money network and The Clearing House's real-time payment scheme, while in Europe the product is fine-tuned for connection to the EU-wide SCT Inst scheme and EBA Clearing architecture as well as the UK's Faster Payments programme.
Jeffery Yabuki, president and chief executive officer, Fiserv, comments: “Together, Dovetail’s strong capabilities and our market-leading solutions create a powerful combination for Fiserv to deliver differentiated value for financial institutions and their customers.”
He says the enhanced platform, and related group of integrated services, will be available on premise, and will also be deployed as a cloud-based service (SaaS).
Terms of the deal were not disclosed.
The acquisition comes against the backdrop of Fiserv's ongoing bid to take-over ailing UK mobile banking vendor Monitise. Earlier this month Fiserv raised its offer price by £5 million to £75 million in a last-ditch attempt to convince recalcitrant shareholders to come onboard.