UK FinTech Fiserv has announced the acquisition of Dovetail, a provider of bank payment and liquidity management solutions, for an undisclosed amount.

Fiserv said the acquisition would further its service offering to financial institutions around the world, as they transform their payments infrastructure to meet the evolving needs of wholesale, commercial and retail customers.

Fiserv will combine Dovetail’s real-time payments platform, modular services and configurable business processing rules with its existing payment capabilities, enabling financial institutions to unify separate solutions into a fully integrated payments infrastructure.
The platform will aim to provide intelligent, data-driven payment processing and deliver the flexibility to integrate new capabilities and payment types at speed.

Jeffery Yabuki, president and chief executive officer of Fiserv, said: “As payments transform at the speed of life, we expect to enable financial institutions to influence and direct a larger share of the payment value chain. Together, Dovetail’s strong capabilities and our market-leading solutions create a powerful combination for Fiserv to deliver differentiated value for financial institutions and their customers.”

Martin Coen, chief executive officer of Dovetail, added: “Dovetail has an established track record of delivering industry-leading payments transformation capabilities to banks of all sizes worldwide. Joining Fiserv should dramatically accelerate our strategy to provide broad access to our payments platform and services, and to unlock greater value for financial institutions as they seek to modernise their payments infrastructure to support a real-time, digital experience for their customers.”

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