Fiserv, Inc. (NASDAQ: FISV), a global provider of payments and financial services technology solutions, announced on Friday it has completed its acquisition of Ondot Systems, Inc. The company previously stated it was acquiring Ondot last month.
As previously reported, Ondot processes more than one billion transactions each month and offers digital capabilities for more than 30 million cards. Fiserv intends to further develop the Ondot platform’s interplay between real-time authorization, user context, and AI in order to “engage users in-the-moment – before, during and after transactions.” Frank Bisignano, President and CEO at Fiserv, shared at the time that digital services have become increasingly important and consumers are turning to online and mobile banking. They’re also conducting more contactless payments. As noted in the announcement:
“With the integration of Ondot, Fiserv will help clients accelerate digital customer acquisition, drive digital commerce, increase card activation and usage, reduce service costs, and engage contextually in moments that matter … cardholders can benefit from instant card issuance and usage, as well as [more] visibility into purchases through enriched transaction information and actionable insights to spend smarter.”
Speaking about the acquisition closing, Bisignano revealed:
“Closing this transaction further expands our digital capabilities, enhancing our suite of integrated solutions to enable clients of all sizes to deliver frictionless, digital-first and personalized experiences to consumers.”
Founded in 1984, Fiserv states it is serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization.