Fiserv’s item processing assets to be sold

Fiserv’s item processing assets to be sold | Insurance Business

Fiserv’s item processing assets to be sold

A tech solutions provider to insurance companies has entered into a definitive agreement with a global business process management company, which will allow the latter to expand its workforce, client base, and capabilities in Australia.

Fiserv Inc has signed a deal that will transfer the assets of its Australia-based Item Processing Business (IPB), which serves three of the top of major Australian retail banks, to Genpact.

The financial terms of the deal will not be disclosed.

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The move will allow Genpact to enhance its ability to transform and digitise high-volume transaction operations for banks, particularly in the area of payments.

In a statement, Genpact said IPB integrates industry-leading processes, technology, and employee expertise to significantly improve payment processing operations, resulting in superior client service outcomes and operational economies of scale.

“Genpact is well-positioned to carry the business forward, given its business process expertise and our shared commitment to innovation and service excellence,” Steve Tait, group president, Fiserv, commented on the deal.

“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.”

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