Wisconsin-based Fiserv has entered an agreement to acquire NCR's bank processing operations. Financial terms have not been disclosed.
Under terms of the agreement, Fiserv will acquire NCR's core account processing and item processing outsourcing operations. These support daily business transactions for financial institutions such as community banks, savings and loans, and credit unions. The businesses will transfer intact, including assets, customers, operations and approximately 600 employees based in North America, Puerto Rico and Argentina. NCR will retain its Internet banking and national image archive service operations.
Additionally, the two companies will jointly provide related NCR products and services to Fiserv financial institution clients.
Howard Lance, president of NCR and chief operating officer of the company's retail and financial group, says offloading its bank processing operations will enable NCR to focus on opportunities in IT infrastructure and self-service, payment and retail solutions.