US-based financial technology firm Deluxe has announced it has added the Remittance Solutions assets of financial services solutions company Fiserv – which include lockbox processing – to its Deluxe Treasury Management portfolio of solutions.
Deluxe will assume control of the Fiserv lockbox businesses operating in five locations, including the main Chicago facility. Fiserv is a current client of Deluxe Treasury Management Services, using the company’s lockbox software, and will become a reseller of Deluxe lockbox processing. The Fiserv lockbox business primarily services wholesale lockbox processing for B2B payments.
“We are confident that Deluxe is the right company to guide the Remittance Solutions business through its next chapter” said Byron Vielehr, senior group president of Digital Banking Solutions at Fiserv. “Our reseller arrangement is a testament to this, and a reflection of our shared commitment to help clients achieve best-in-class results”.
This agreement is part of Deluxe’s strategy to focus on four key areas: payments, cloud solutions, promotional products and cheques. In late November, Deluxe hired Mike Reed as general manager of the payments business, filling out the executive team.
The terms of the acquisition, which closed on 16 December 2019, were not disclosed.