Fiserv has added to our portfolio the debit card processing, ATM Managed Services and MoneyPass® surcharge-free network of Elan Financial Services, a unit of U.S. Bancorp. This acquisition deepens our presence in debit card processing and expands our mobile and digital payments offerings for consumers and businesses.
Through this transaction, Fiserv builds on the growth of our Card Services business by expanding our suite of solutions in key areas such as ATM Managed Services. Adding MoneyPass, the second largest surcharge-free network in the U.S. with access to more than 33,000 ATMs nationwide, further enhances our market position. We will offer Elan clients additional services, including risk management solutions, Accel® debit payments network and enhanced debit platform capabilities. (This acquisition does not include the Elan credit card issuing and corporate payments businesses, which are also U.S. Bancorp units.)
"We continue to see opportunities for financial institutions to enhance the card-based payments they provide to their customers in an always-on, anytime-access world," said Fiserv President and CEO Jeffery Yabuki. "This acquisition expands our capabilities and provides additional expertise, which together should enhance the value we provide our clients."
After an evaluation of this business unit, U.S. Bancorp made the strategic decision to sell the business. "We believe this sale is the right thing to do for the bank and our customers," said Tim Welsh, vice chairman, Consumer Banking Sales and Support, U.S. Bank. "Our customers will now benefit from the long-term commitment Fiserv has for this business and its clients and U.S. Bank will benefit as we continue to reinvest in our core businesses."
Fiserv partners with financial institutions, independent sales organizations and retailers to provide a comprehensive suite of Electronic Funds Transfer (EFT) services, including credit and debit card processing, ATM management services, fraud mitigation and risk management solutions, and the Accel debit payments network.