Brookfield-based financial services Technology Provider Fiserv Inc is set to buy Atlanta-based Online Banking Solutions, Inc. (OBS) for undisclosed amount. The deal will significantly increase the number of products Fiserv offers for its community which will include OBS’s cash management and digital business banking capabilities.
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Technology solutions included in the transaction will also enable Fiserv to provide financial institutions with a unified experience across multiple devices, with the ability to support capabilities such as notification and authentication via smartphones, tablets and wearable devices on an easy-to-use single platform.
Founded in 2002, OBS also offers digital solutions for fraud prevention, as well as a secure browser that operates as a convenient gateway to applications provided by financial institutions to their commercial customers.
The transaction is subject to satisfaction of customary closing conditions and is anticipated to be completed during this month.
OBS products are already deployed within Fiserv community banking platforms such as Signature®, Premier® and Cleartouch®. The company's clients running Fiserv core account processing platforms have been familiar with the solution for several years.
Commenting on the news, Jeffery Yabuki, President and CEO of Fiserv, said: "Financial institutions are increasingly focused on deepening relationships with commercial customers. The addition of Online Banking Solutions' technologies further enables Fiserv clients to provide greater value to their commercial customers through sophisticated cash management solutions when and where they need them."
Dan Myers, CEO of Online Banking Solutions, added: "Our relationship with Fiserv is already established through our activities with several mutual clients. Joining Fiserv allows us to create new opportunities for our associates and to broaden the reach of our leading solutions to more banks and credit unions, ultimately enabling them to better serve their commercial customers."
