Financial e-commerce leader changes name to Fiserv as part of an enhanced market approach and rebranding of Fortune 500 leader in financial services
Brookfield, Wis., February 23, 2009–CheckFree, founded in 1981, and acquired in December 2007 by Fiserv, Inc. (NASDAQ: FISV), the world’s leading provider of financial services technology, today announced it is changing its name to Fiserv. The change of the name and the brand unifies all Fiserv business units with a new, enhanced market approach and new brand identity, affirming the company’s commitment to its clients and to leading a transformation of financial services technology. The new icon is representative of a further acceleration in Fiserv’s singular approach to the market and better anticipating changing client demands within a rapidly evolving environment.
CheckFree, based in Norcross, Georgia, and most of its divisions and business units, will now use the Fiserv name. Pete Kight, who founded CheckFree in Columbus, Ohio in 1981, was named Fiserv Vice Chairman at the closing of the CheckFree acquisition in 2007. The CheckFree divisions and business units have approximately 4,000 associates.
CheckFree’s Banking division is now Electronic Banking Solutions and CheckFree’s Biller division is now Biller Solutions, Fiserv. These businesses will continue to provide financial electronic commerce services and products to customers around the world, including the convenience of online banking and receiving and paying bills online, via phone or in person, through 15,000 retail outlets.
CheckFree Health and Fitness is now Club Solutions, Fiserv and will continue to provide software and management services to health and fitness clubs across the world.
CheckFree Investment Services is now Investment Services at Fiserv and will continue to bring investment management solutions and outsourced services to hundreds of financial services clients, particularly in the areas of separately managed accounts and unified managed accounts.
CheckFree’s former software division developed, marketed and supported software applications that have been used by financial institutions to process more than 75 percent of the nearly 16 billion Automated Clearing House transactions in the United States. These solutions have been integrated into existing Fiserv business units, along with solutions in payment processing, reconciliation and exception management, fraud and risk management, cash and logistics management, compliance software and services, and consulting services.
According to Kight, “CheckFree enjoyed 27 years of growth as we played a leading role in the movement from paper to electronic processes in financial services. As a new organization, we embark upon the next phase of our history with a unified Fiserv identity and our combined strengths, including an unsurpassed product portfolio, combined customer base of more than 16,000 clients and Fiserv team of more than 20,000 associates. With our vast cumulative expertise in payments, processing services, risk and compliance, customer and channel management, and business in intelligence and optimization we are singularly focused on defining and transforming the ways in which financial services are delivered.”
Along with the CheckFree name, all of CheckFree’s prior acquisitions including the Corillian and Carreker businesses will use the Fiserv name and display the new brand identity. CheckFree’s consumer-facing services, MyCheckFree.com and CheckFreePay walk-in payments, will retain their existing names.
This new Fiserv brand identity marks a fundamental shift in the company’s approach to the market that began in 2006, when President and Chief Executive Officer Jeffery Yabuki reorganized the company around the Fiserv 2.0 strategic framework. This “2.0” vision of moving Fiserv to the next level was accelerated by the acquisition of financial technology innovators CheckFree, NetEconomy, Corillian and BancIntelligence. Today Fiserv clients have access to proven technologies and best practices available across a broad spectrum of online, mobile, front and back office, payments and processing infrastructures upon which financial institutions and corporations depend.
“We are focusing all of our technology expertise under one brand and one name, Fiserv. The financial landscape has changed forever for our clients, and we are prepared with innovative products and technologies to lead the transformation forward. This new brand strategy will allow Fiserv to build on our 25-year history of unparalleled client focus, strength and stability, and make it easier and even more rewarding to do business with our company,” said Yabuki.
Jeanne Capachin, research vice president of global banking for Financial Insights, has covered Fiserv as an analyst for two decades, most recently to compile the FinTech list of top technology providers in the financial industry. To Capachin, the master brand strategy is a good move for Fiserv. “I’ve seen a lot of market consolidation since we started the FinTech 100. For 25 years Fiserv has been a very successful holding company, acquiring companies and allowing them to function independently. As the market leader, it is to the company’s advantage to align all of their assets in a cohesive manner. This change will allow Fiserv to focus all its technology expertise, and energies on one brand and one structure.”
Fiserv, Inc. (NASDAQ: FISV) is the world leader in information management and e-commerce systems for the financial services industry, driving innovation that transforms banking for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrates its 25th year in 2009. More on Fiserv at www.fiserv.com, and examples of award-winning innovation are listed at www.newfiserv.com.
For more information contact:
Judy DeRango Wicks, APR
Fiserv, formerly CheckFree
Additional Fiserv Contact:
Assistant Vice President Corp. Comm.