Fiserv has acquired digital card services platform Ondot.
Founded in 2011, Ondot processes more than 1 billion transactions per month and provides digital capabilities for over 30 million cards issued by 4,500 banks and credit unions.
The company's technology uses transactional data to provide insights into spending habits that are relayed direct to the cardholder. For example, data enrichment from Ondot organises and identifies transaction and merchant data, allowing customers to more easily recognize their purchases and understand their spending patterns, resulting in fewer service chargeback calls and disputes.
Frank Bisignano, president and CEO of Fiserv, says: “By combining Ondot and Fiserv capabilities at scale, we plan to provide our clients with a unified digital experience, spanning card-based payments, digital banking platforms, core banking, and merchant solutions, enabling them to deliver best-in-class solutions that continue to reduce friction for their customers."
The transaction is expected to close in the first quarter of 2021. Financial terms were not disclosed.