Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Products
Fiserv to acquire i_Tech Corporation
BROOKFIELD, Wis. (12/18/08)--Fiserv Inc. announced this week that it plans to acquire i_Tech Corporation--a provider of outsourced account and payment processing services--from First Interstate BancSystem Inc. for $40 million. The expected closing date is Dec. 31. i_Tech outsourced account processing services as a licensee and reseller of the Fiserv ITI Premier core banking system to financial institutions in the Midwest and West. i_Tech provides electronic funds transfer processing and check processing. Selling i_Tech to Fiserv was based on long-term trends for bank data processing, according to First Interstate BancSystem president/CEO Lyle Knight. The decision was difficult, “but the industry has changed,” he said. Many institutions are divesting themselves of their data processing operations, he added. The acquisition has been discussed for many years, Fiserv said. Fiserv provides information management and electronic commerce systems to financial institutions, including credit unions. The company is headquartered in Brookfield, Wis.


RSS





print
News Now LiveWire
#NewsNow: @CUNA-CFA survey results suggest 3-3.5% increase in holiday spending. http://t.co/GjcDvvwfzy
11 hours ago
.@WOCCU promoted financial inclusion as a sustainable development goal at two separate @UN events this month.
13 hours ago
Colo. authorities OK first-ever #marijuana-focused CU #NewsNow http://t.co/77qj6O3bcu
13 hours ago
.@Vancity busts some Black Friday retail myths http://t.co/q8Wht3CcRc
13 hours ago
Things get hairy at #creditunions during #Movember http://t.co/Hc6tYRMSY8
15 hours ago