Fiserv Inc. (FISV), a financial services technology solutions provider, said Wednesday it has agreed to acquire Ondot Systems, Inc., the provider of a digital card services platform for financial institutions.
Financial terms of the transaction, which is expected to close in the first quarter of 2021, were not disclosed.
Fiserv noted that the deal will further expand its digital capabilities and enhance its suite of integrated solutions to enable clients to deliver frictionless and personalized experiences to their consumers.
Ondot, founded in 2011, provides more than 4,500 banks and credit unions with a digital card services platform to drive cardholder engagement. The company processes more than 1 billion transactions per month and provides digital capabilities for over 30 million cards.
Fiserv said it plans to further develop the Ondot platform’s unique interplay between real-time authorization, user context, and artificial intelligence or AI to engage users before, during and after transactions.
“By combining Ondot and Fiserv capabilities at scale, we plan to provide our clients with a unified digital experience, spanning card-based payments, digital banking platforms, core banking, and merchant solutions, enabling them to deliver best-in-class solutions that continue to reduce friction for their customers,” said Frank Bisignano, President and Chief Executive Officer of Fiserv.
Fiserv noted that the integration of Ondot will help its clients to drive digital commerce, increase card activation and usage, reduce service costs, all via ready-made solutions for clients.
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