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On January 16, the Board of Directors for Fiserv and First Data Corporation announced a definitive merger agreement. Fiserv, a long-standing partner of Synergent, will acquire First Data Corporation, creating one of the biggest payments and financial technology providers in the market.
For more than 35 years, Fiserv has been a leader in financial services technology, helping clients in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. With the acquisition of First Data, a payment leader in its own right supporting other large payment providers in the credit union system, Fiserv will further solidify its ability to serve both the current and future payment needs of credit unions.
According to a joint statement by Fiserv and First Data Corporation, the combined companies will offer leading technology capabilities that enable a range of payments and financial services, including account processing and digital banking solutions; card issuer processing and network services; e-commerce; integrated payments; and the Clover™ cloud-based point-of-sale solution. Additionally, the new Fiserv will offer comprehensive distribution channels and have deep expertise in partnering with financial institutions, merchants, and billers of all sizes, as well as software developers.
“Change can bring tremendous opportunity,” said Todd Mason, President/CEO of Synergent and the Maine Credit Union League. “Fiserv operates in a competitive marketplace, and First Data will strengthen its ability to meet the evolving needs of credit unions and their members. The acquisition strengthens our ability to serve our credit unions too because First Data provides a multitude of payment services. We’ve been in communications with Fiserv’s leadership on the announcement, and look forward to what it will bring.”