Fiserv Acquires Global Financial Crime Management Leader, NetEconomy.Solutions will strengthen clients' ability to combat fraud and money laundering The process of taking the proceeds of criminal activity and making them appear legal.
Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds.
BROOKFIELD, Wis. -- Fiserv, Inc. (NASDAQ NASDAQ
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U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : FISV FISV Fiserv, Inc (stock symbol) ), a leading provider of information technology services to the financial industry worldwide, today announced it has acquired NetEconomy, a leading financial crime management and compliance solutions provider to financial institutions across the globe with more than 130 implementations in 58 countries. Financial terms of the acquisition were not disclosed.
NetEconomy, founded in 1993, is headquartered in The Hague, The Hague, The (hāg), Du. 's Gravenhage or Den Haag, Fr. La Haye, city (1994 pop. 445,279), administrative and governmental seat of the Kingdom of the Netherlands, capital of South Holland prov., W Netherlands, on the North Sea. Netherlands, with offices in London, Paris, Boston, New York Boston is a town in Erie County, New York, United States. The population was 7,897 at the 2000 census. The town is named after Boston, Massachusetts.
The Town of Boston is an interior town of the county and one of the county's "Southtowns. , Sydney, Shanghai, and Kuala Lumpur Kuala Lumpur (kwä`lə lm`pr), city (1990 est. pop. , Malaysia. NetEconomy, owned by Esprit Capital Partners since August 2005, provides highly effective and easily deployable solutions for anti-money laundering Anti-money laundering ("AML") is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities. , fraud prevention and compliance.
"NetEconomy's proven products and strong management team will be at the forefront of our efforts to deliver value in the important growth area of enterprise risk management. We will now be able to provide banks, thrifts and credit unions a superior solution for both anti-money laundering and fraud management which will be integrated into all of our core account processing platforms - and at the same time, continue to serve large financial institutions who desire a superior risk management solution," said Fiserv President and Chief Executive Officer Jeff Yabuki. "This is a prime example of how our Fiserv 2.0 strategies come together to benefit clients. We bring high-quality technology products to our client base to help them achieve best-in-class results. We will continue to expand our capabilities in this important area."
"Fiserv is a trusted and world-class organization, providing end-to-end software solutions, and processing data for accounts and transactions across thousands of financial institutions. As a core building block of Fiserv's enterprise risk, compliance and fraud platform, we look forward to working together to help financial institutions meet the business challenges of risk management and compliance," said Sebastian Kuntz, chief executive officer of NetEconomy. "NetEconomy is delighted to now be part of Fiserv. This will advance our client reach, and accelerate the innovation and development of our fraud, risk and anti-money laundering solutions to better serve and grow our global customer base."
Neil Katkov, industry analyst at Celent said of the acquisition, "NetEconomy has leading-edge solutions for anti-money laundering, fraud and compliance, while Fiserv is a major provider of technology and outsourced services to the financial industry. Fiserv will be now able to offer a solid financial crime offering along with its traditional hosted and stand-alone core processing systems - an attractive combination."
Fiserv will offer a holistic enterprise risk, compliance and fraud solution integrated with all Fiserv core account processing platforms. From this, Fiserv plans to aggressively provide - either through organic innovation or continued acquisition - state-of-the-art client solutions in enterprise risk management including governance and compliance.
"We recognize that our clients, both financial institutions and their executives, face a higher level of accountability and need these solutions to fight financial crime. The acquisition of NetEconomy addresses these challenges by providing a key component to develop and deliver a premier enterprise risk, compliance and fraud platform for Fiserv," said Rahul Gupta, group president, payments and industry products, which includes Fiserv's risk management products. "We believe this is the best-in-market platform. We will continue to invest in advanced real-time architecture that will further enhance fraud detection and prevention capabilities, keeping our value proposition ahead of our competitors."
Gupta explained that the NetEconomy acquisition is an essential building block of Fiserv's strategy to develop and deliver the premier enterprise risk, compliance and fraud management solution for financial institutions worldwide, using underlying advanced analytics that offer greater business risk insight, increased operational efficiencies, and a flexible platform to manage evolving risk and compliance requirements Compliance requirements are a series of directives established by United States Federal government agencies that summarize hundreds of Federal laws and regulations applicable to Federal assistance (also known as Federal aid or Federal funds). .
NetEconomy, based in The Hague, with offices in London, Paris, Boston, New York, Sydney, Shanghai, and Kuala Lumpur, Malaysia, and distributors and strategic partners across South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , Australia, Europe, Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. , and the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , is the leading provider of financial crime management and compliance solutions. NetEconomy brings business value to its worldwide client base through its personalized customer approach for minimizing regulatory risk, delivering measurable results, and protecting corporate brand and reputation. For more information, please visit www.neteconomy.com.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management systems and services to the financial and insurance industries. Leading services include transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time.
Transaction processing systems are the backbone of an organization because they update constantly. , outsourcing, business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in (BPO BPO Business Process Outsourcing
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BPO Buffalo Philharmonic Orchestra ), software and systems solutions. The company serves more than 17,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. Headquartered in Brookfield, Wis., Fiserv reported more than $4.5 billion in total revenue for 2006. For more information, please visit www.fiserv.com.