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Fiserv acquires core processor Open Solutions

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BROOKFIELD, Wis. (1/15/13)--Financial services technology solution provider Fiserv Inc. announced Monday it has acquired core processor Open Solutions Inc. for $55 million.

Fiserv also assumed about $960 million of debt through the deal, which was completed Monday. It will receive an acquired tax asset with a net present value at the time of the purchase of roughly $165 million.

The Glastonbury, Conn.-based Open Solutions provides technology to credit unions and other financial institutions.

The acquisition means that Brookfield, Wis.-based Fiserv will add several new technologies to its offerings, including DNA, a real-time open technology account processing platform that will enable collaboration and technology sharing through DNAcreator and DNAappstore to deliver service.

Other technologies acquired include the CUnify and TotalPlus account processing platforms, Weiland Account Analysis for commercial accounts, tools that enable the creation and sharing of client-developed functionality, and Raddon Financial Group, a performance consulting service.

Founded in 1992, Open Solutions serves more than 3,300 clients worldwide, including more than 800 account processing clients. Fiserv will offer these clients add-on solutions such as its CheckFreeRXP electronic bill payment service, ACCEL/Exchange payments network, debit processing services, Popmoney social payments service, Corillian Online banking, Mobiliti mobile banking, and more.

"Open Solutions provides several growth opportunities, including a real-time account processing capability that serves multiple charter types, languages and currencies on a single platform," said Jeffery Yabuki, Fiserv president/CEO.

Louis Hernandez Jr., Open Solutions chairman and CEO,  noted that "joining Fiserv provides us with significant resources that will benefit our clients and increase market momentum."

Fiserv said it expects to add some of its Acumen account processing platform features to the DNA technology platform over time. During the next several years, it expects annualized revenues of at least $75 million and annualized costs of more than $50 million related to the purchase.

Agility hosts free flu webinar Wed

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CHARLOTTE, N.C. (1/15/13)--Agility Recovery will host a free webinar Wednesday on the current status of the flu affecting the U.S.

The webinar, "The 2013 Flu Outbreak: Risks and Ways to Prepare," will be held from 2 p.m. to 3 p.m. ET.

Agility Recovery is a CUNA Strategic Services Provider.

With 47 states now reporting "widespread" flu activity, a Centers for Disease Control (CDC) report show that deaths from pneumonia and flu are "slightly above the epidemic threshold." 

In the webinar, Dr. Michael Jhung, lead medical officer in the CDC's Influenza Division, will outline steps credit unions can take to reduce the risk to staff, employees and members.

Topics on preparedness will include:

  • Maintaining a healthy work environment;
  • Staying informed;
  • Cross-training employees;
  • Preparing for telecommuting needs;
  • Diversifying the supply chain; and
  • Updating sick, family and medical leave policies.
To register for the meeting, use the link.

SHAZAM rolls out debit mobile app

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DES MOINES, Iowa (1/15/13)--The SHAZAM ATM network has launched a mobile application that provides debit cardholders with free access to their checking accounts.

SHAZAM BOLT$, available to smartphone and tablet users, allows debit cardholders to check balances and set parameters for e-mail alerts. Eventually, users will be able to make person-to-person transfers, the company said.

The application also alerts cardholders to potentially fraudulent activity on their accounts. The alerts are generated when a suspicious purchase is detected, based on:

  • Purchases above amounts specified by the cardholder;
  • Card-not-present transactions; and
  • Suspicious or high-risk transactions.
E-mail alerts will help halt fraud attempts more quickly, said Dan Kramer, SHAZAM senior vice president of marketing and merchant services. "By providing nearly real-time transaction alerts via email--a communication vehicle cardholders are using for everyday interaction--credit unions and community banks will have a more direct line to cardholders, not only limiting fraud losses but potentially improving customer service."

The application can be configured to match a financial institution's branding, including name and logo. A Web version also is available for cardholders who prefer to access the tool from a desktop computer or mobile browser.

SHAZAM is offering the mobile app free to its network participating financial institutions.