Brookfield-based financial services technology company Fiserv Inc. sold its remittance solutions business to Minnesota-based Deluxe Corp., the company announced Tuesday.
The Deluxe deal comes less than a month after Fiserv sold 60% of its investment services business to Motive Partners.
Fiserv’s remittance solutions business offers receivables management, remittance processing and lockbox services to customers.
Headquartered in Shoreview, a suburb of St. Paul, Deluxe is a $1.6 billion company that produces personal and business checks for small businesses. However, Deluxe also offers its clients financial services and has offices in the Ireland, Canada and the United States.
Fiserv’s remittance solutions business includes its lockbox business, which primarily services wholesale lockbox processing for business-to-business payments. As part of the deal, Deluxe will control Fiserv’s lockbox businesses operating in five locations, which includes the main Chicago Facility.
Fiserv will also become a reseller of Deluxe lockbox processing following the deal, which closed on Monday. The financial terms of the acquisition were not disclosed.
“We are confident that Deluxe is the right company to guide the Remittance Solutions business through its next chapter,” said Byron Vielehr, Fiserv senior group president of digital banking solutions. “Our reseller arrangement is a testament to this, and a reflection of our shared commitment to help clients achieve best-in-class results.”
