Fiserv acquires Ondot Systems to offer unique digital experiences
By Pavithra R
Fiserv, a leading global provider of payments and financial services technology solutions, has announced entering into a definitive agreement to acquire Ondot Systems, a leading digital experience platform for financial institutions. The transaction is subject to customary approvals and closing conditions, expected to close in the first quarter of 2021. Financial terms of the transaction were not disclosed.
Through the acquisition, Fiserv is aiming to expand its digital capabilities, bolstering its suite of integrated solutions to enable clients of all sizes to deliver seamless, digital-first, and personalized experiences to their consumers.
“The importance of digital has accelerated, and consumers are increasingly turning to online and mobile banking, as well as contactless payments experiences. 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. We look forward to welcoming the talented Ondot team to the Fiserv family as we continue to help our clients deliver innovative ways for their customers to actively manage their financial lives – at the point of thought,” said Frank Bisignano, President and Chief Executive Officer of Fiserv.
Founded in 2011, Ondot is a FinTech company built from the simple idea, that cardholders should have direct control and awareness over their credit and debit cards. It provides more than 4,500 banks and credit unions with a digital card services platform that drives cardholder engagement. The FinTech enables FIs to offer in-the-moment convenience, transparency and control for credit and debit cards leading to higher usage, reduced cost and fraud. According to company data, the FinTech processes more than 1 bn transactions per month and provides digital capabilities for over 30 mn cards.
Fiserv, with the integration of Ondot, will help its clients accelerate digital customer acquisition, increase card activation and usage, reduce service costs, drive digital commerce, and engage contextually in moments that matter all via ready-made solutions for clients. Data enrichment from Ondot organizes and identifies transaction and merchant data, allowing customers to easily recognize their purchases and understand their spending patterns, thereby resulting in higher engagement and fewer service calls and disputes. Fiserv is also planning to further develop the Ondot platform’s unique interplay between real-time authorization, user context, and artificial intelligence to engage users in-the-moment – before, during and after transactions.
Recently, Fiserv announced supporting Minority Depository Institutions & minority-owned businesses weather the pandemic.
“The Fiserv aspiration to move money and information in a way that moves the world fully resonates with Ondot’s mission. Joining with Fiserv will provide Ondot the opportunity to innovate and impact the industry on a global scale. We look forward to expanding the scope of our offerings as we integrate with Fiserv’s vast array of capabilities to continue providing high-quality digital solutions to consumers, merchants, acquirers, networks and card issuers,” said Vaduvur Bharghavan, President and Chief Executive Officer of Ondot Systems.
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