Fiserv, Inc. provides integrated information management systems and services, including transaction processing, business process outsourcing, document distribution services, and software and systems solutions. The company serves approximately 18,000 clients worldwide, including banks, credit unions, financial planners and investment advisers, insurance companies and agents, self-insured employers, leasing companies, lenders, savings institutions, retailers and merchants, universities, government bodies, not-for-profit organizations and industrial companies.
The company operates centers in the United States for full-service financial data processing, software system development, item processing and check imaging, technology support and related product businesses. The company's operations are principally located in the United States. In 2006, the company's international operations in Argentina, Australia, Canada, China, Colombia, Costa Rica, India, Indonesia, Malaysia, Mexico, the Philippines, Puerto Rico, Poland, Singapore and the United Kingdom.
Principal Solutions and Services
The company's operates in three business segments: Financial segment; Insurance segment; and Investment segment.
Financial
The company provides financial services and solutions that are focused on technology needs to approximately 10,000 financial institutions, including banks, credit unions, leasing and finance companies, mortgage lenders and savings institutions.
Core Processing
The company delivers core solutions that integrate account servicing and management information functions for its bank, thrift and credit union clients, as well as ancillary value-added solutions and services that complement the core solutions. Core solutions include systems to process various customer deposit and loan accounts, the institution’s general ledgers, central information files and other financial information. They also include the extensive security, report generation and other features that these financial institutions require to process transactions for their depositors and other customers, as well as to meet their regulatory compliance requirements and their own management information needs. Core solutions are offered through on-line data transmission connections to the company's data processing centers, often called service bureaus, or as stand-alone, in-house licensed software for installation on client-owned computer systems.
The company supports a range of terminals and other client-owned peripheral devices manufactured by many different vendors. This support capability reduces the company's clients’ initial conversion expenses, improves existing clients’ ability to change equipment, and broadens its market.
Bank and Thrift Core Solutions: The principal service bureau solutions used by banks, thrifts and savings institutions include Fiserv VISION, Comprehensive Banking System (CBS) outsourcing, Information Technology, Inc. (ITI) Premier II outsourcing, Precision Computer Systems (PCS) Vision outsourcing, and SourceOne. The company also offers in-house licensed software solutions to its banking clients, including ITI Premier II, PCS Vision and CBS. The CBS system is available both domestically and internationally through its International Comprehensive Banking System.
Credit Union Core Solutions: The principal core solutions offered primarily to domestic credit unions include: the Summit Spectrum system and its iSpectrum system in Canada; the Galaxy Plus Credit Union System; the Users DataSafe solution; the IntegraSys Premier, CUBE, CUBICS Plus and Charlotte solutions; AFTECH Advantage; XP Systems XP2; several CUSA Technologies systems; and CBS for credit unions in Mexico.
Lending and Item Processing Solutions
The company also offers lending and global item processing solutions to financial institutions and other financial intermediaries. The products and services that the company offers include item processing and imaging systems for the item processing needs of core clients, the Fiserv Clearing Network that allows clients to clear both paper and imaged checks in network and via external clearing options such as the Federal Reserve, and treasury and investment management systems. The company offers an array of solutions through its lending businesses.
Fiserv Fulfillment Services provides Quickclose, valuation services, portfolio analytical services and real estate settlement services.
Fiserv Automotive Solutions provides automobile leasing software products and lease maturity systems.
Fiserv Lending Solutions provides loan origination and tracking systems through its easy LENDER and UniFi PRO Mortgage software offerings.
DelMar Database services the back office needs of the mortgage banking market.
CredStar provides credit and flood reporting services and systems.
Fiserv Lending Solutions provides MortgageServ, a premier loan servicing platform.
Payments and Financial Industry Products
The company provides a number of products and services that can be used in payments businesses as well as risk management solutions and other industry products and services. The company's products and services facilitate a range of financial transactions for a diverse group of clients which include traditional financial institutions, such as banks, thrifts and credit unions, and the financial departments of retailers and others. The company's products and services allows its clients to offer various services to their customers, including home banking, automated teller machine (ATM) access and other treasury and related services of varying complexity and such as asset-liability modeling and cash management. The company offers solutions that allow its clients to offer the electronic funds transfer services of Fiserv EFT, which include the ACCEL network and related ATM access services, as well as internet banking products such as Fiserv eSolutions, bill payment services through BillMatrix and Paytraxx, and credit processing services.
The company also offers complementary and add-on products and services that amplify its core solutions, including a series of treasury management solutions marketed under its BANKLINK brand, the CCS suite of software (including IntelligEnt call center systems and the InformEnt data warehouse) for data warehousing and data mining, Imagesoft enterprise content management, fraud detection, and image archive systems, IPS-Sendero enterprise risk management and performance measurement systems (including SVAL, ASAP/Spectrum, DecisionServ), Interactive Technologies’ fee management and billing software, and electronic document management systems and services using its EPSIIA suite of software. The company's Personix and Jerome businesses provide clients with a variety of document management and distribution products and services, including plastic card manufacturing, personalization and mailing, statement production and mailing, and high-value direct mail solutions, including design and fulfillment. The company offers these product and service solutions through multiple delivery channels primarily in the United States.
Insurance
The insurance industry, like other industries that the company serves, has requirements for basic administration services and information processing systems. Insurance carriers, health plans, agents, distributors and third-party administrators rely on the company for policy, rating, claims, billing and reinsurance administration, as well as for compliance, education and marketing support. The company provides services and solutions to approximately 2,400 insurance companies, approximately 1,200 employer-sponsored health plans, and approximately 5,000 agencies and brokerages. The company's regulatory and compliance products and services, which it offers to the health, life, and property and casualty segments, include the Tracker unclaimed property system and PATRIOT Manager. The company's financial and billing products and services include Annual Statement, General Ledger, and Accounts Payable.
Health
The company provides various services for the administration of health plans to clients nationwide. These services include claim adjudication and payment, customer service, reporting and related services. In addition to providing these services to self-funded employers, the company provides these services through outsourcing arrangements to other health plan sponsors such as insurance companies and HMOs. CareGain provides technology that enables administration of consumer driven health plans; Avidyn Health offers care management services ranging from traditional services, such as utilization management and case management, to newer disease management, population health and prevention programs; ppoONE provides technology services to a variety of health care organizations for data management and claim repricing; JW Hutton provides subrogation services; and Innovative Cost Solutions provides claim resolution for non-network providers. Innoviant and Innoviant Pharmacy offer pharmacy benefit management (PBM) and pharmacy mail order services.
Life
The company offers a range of products and services targeted at the life insurance market. These products and services include administration systems such as ID3, Life Portraits and LifeSuites systems for life, annuity and long-term care requirements. The company's regulatory and compliance products and services include, among others, DataTrax, InsuranceTrax, and AdvertisingTrax, and its financial and billing products and services include, among others, Fiserv Advanced Billing.
ReliaQuote is a life insurance broker targeting the term life insurance marketplace. Insurance Wholesalers generates lists of mortgage holders and provides those leads to insurance agents.
Property and Casualty
The company offers a range of products and services targeted at the property and casualty insurance market. The company's administration systems products and services include PolicySTAR, Specialty and Claims Workstation. The company's regulatory and compliance products and services include DataTrax, InsuranceTrax, AdvertisingTrax and PATRIOT Manager, and its financial and billing products and services include FRS and URS reinsurance systems and Fiserv Advanced Billing.
Investment
The company provides various administrative, custodial and processing services to individual investors, retirement plan and pension administrators, investment advisors and financial planners, and other financial intermediaries. The services the company offers include securities custody, transaction processing, client reporting and retirement plan administration.
The specific services that the company offers to financial intermediaries and their clients include: Advisor Services, which provides trust and asset custody and back office services to investment advisers and other fee-compensated financial professionals; Institutional Retirement Plan Services, which provides custody and electronic trading support services for daily valuation of qualified retirement plan assets; and Investment Administration Services, which provides trust and custodial services that support the administration of self-directed individual retirement plans.
Competition
Financial
The company competes with vendors that offer similar transaction processing products and services to financial institutions and other financial intermediaries, including Fidelity National Information Services, Inc., Metavante Corporation, Jack Henry and Associates, Inc. and Open Solutions, Inc.
Insurance
The company competes with information technology firms such as Accenture Ltd., CGI Group, Inc., Choicepoint, Inc., Computer Sciences Corporation, DST Systems, Inc., Electronic Data Systems Corp., IBM, Insurance Services Office, Inc., Perot Systems Corp., SAP AG, and Vertafore, Inc.
Investment
Various trust companies, including Sterling Trust, PENSCO, AST Trust Company and Reliance Trust, compete with the company in custody services for retirement account administration. In the provision of services to financial advisors, Charles Schwab & Co. and Fidelity Investments are the Company’s significant competitors.
Acquisitions
In 2006, the company acquired CareGain, Inc., which provides software and outsourced solutions that enable health plan managers to create and administer consumer-directed health plans.
In 2006, the company acquired InsureWorx, Inc., which offers a modular end-to-end core processing solution for workers compensation insurers and other commercial property and casualty lines of business.
In 2006, the company acquired Insurance Wholesalers, Inc., which provides leads to agents to facilitate term and universal life insurance sales to mortgage holders to cover the amount of the insured’s mortgage in the event of a catastrophic event.
In 2006, the company acquired Innovative Cost Solutions, LLC which is a claim resolution company that negotiates health care claims, specifically from non-network providers.
In 2006, the company acquired Jerome Group, LLC, which combines digital printing, web-based print-on-demand technologies and direct marketing services into a one-stop source for clients who need to produce highly personalized, measurable campaigns and programs on demand.
In 2006, the company acquired P2P Link, LLC, which provides web-based solutions that allow healthcare providers to communicate with payors regarding workers’ compensation claims.
In 2006, the company acquired Wolters Kluwer’s CT Insurance Services and Financial Training businesses, which provides software for securities registration and licensing and study aids for NASD exam preparation.
History
Fiserv, Inc. was incorporated in 1984.
