Brookfield-based Fiserv Inc. has agreed to sell the assets of its Item Processing Business to New York-based business process management firm Genpact. The financial terms of the transaction were not disclosed.
Fiserv is a Fortune 500 company that offers financial services technology including payments, processing, risk and compliance to financial institutions. Its Item Processing Business is based in Australia and serves three of the four major retail banks in Australia, which accounts for 70 percent of Australia’s check processing.
“Genpact is well-positioned to carry the business forward, given its business process expertise and our shared commitment to innovation and service excellence,” said Steve Tait, group president at Fiserv. “Fiserv remains fully committed to growth in Australia within our strategic solutions including Digital Banking, Managed Services, Risk and Compliance, Core Banking and Payments. We believe clients of IPB and its associates will be very well-served by Genpact.”
Genpact said the acquisition will expand its footprint in the Australian market and increase its capabilities in high-volume transactions for financial services firms.
“The item processing assets and expertise will strengthen Genpact’s Financial Services business with the addition of a strategic capability, talented workforce, and an extended client base,” said Mohit Thukral, senior vice president and business leader, Banking, Financial Services and Insurance, Genpact. “This addition also provides a unique skill set for driving digital transformation both in the financial services industry and the Australian market, which is a key strategic focus for us.”