BROOKFIELD, Wis.— Fiserv is acquiring Ondot Systems, Inc., a digital experience platform for financial institutions.
The company said the transaction will further expand its digital capabilities, enhancing its suite of integrated solutions to enable clients of all sizes to deliver frictionless, digital-first and personalized experiences to their consumers.
Founded in 2011, Ondot processes more than one-billion transactions per month and provides digital capabilities for over 30 million cards. Fiserv said it plans to further develop the Ondot platform’s “unique interplay” between real-time authorization, user context, and artificial intelligence to engage users before, during and after transactions.
“The importance of digital has accelerated and consumers are increasingly turning to online and mobile banking, as well as contactless payments experiences,” said Frank Bisignano, president and CEO of Fiserv. “By combining Ondot and Fiserv capabilities at scale, we plan to provide our clients with a unified digital experience, spanning card-based payments, digital banking platforms, core banking, and merchant solutions, enabling them to deliver best-in-class solutions that continue to reduce friction for their customers. We look forward to welcoming the talented Ondot team to the Fiserv family as we continue to help our clients deliver innovative ways for their customers to actively manage their financial lives – at the point of thought.”
Accelerated Acquisition
With the integration of Ondot, Fiserv said it will help clients accelerate digital customer acquisition, drive digital commerce, increase card activation and usage, reduce service costs, and engage contextually in moments that matter – all via ready-made solutions for clients.
For example, cardholders can benefit from instant card issuance and usage, as well as unprecedented visibility into purchases through enriched transaction information and actionable insights to spend smarter, Fiserv said.
“Chargebacks and customer service calls are frequently the result of a cardholder not recognizing a transaction. Data enrichment from Ondot organizes and identifies transaction and merchant data, allowing customers to more easily recognize their purchases and understand their spending patterns, resulting in higher engagement and fewer service calls and disputes. With these holistic consumer-facing experiences and client-facing tools, card issuers can deliver modern digital card services quickly on top of their existing processing infrastructure,” Fiserv said.
‘Fully Resonates With Mission’
“The Fiserv aspiration to move money and information in a way that moves the world fully resonates with Ondot’s mission,” said Vaduvur Bharghavan, president and CEO of Ondot Systems. “Joining with Fiserv will provide Ondot the opportunity to innovate and impact the industry on a global scale. We look forward to expanding the scope of our offerings as we integrate with Fiserv’s vast array of capabilities to continue providing high-quality digital solutions to consumers, merchants, acquirers, networks and card issuers.”
The transaction is subject to customary approvals and closing conditions and is expected to close in the first quarter of 2021. Financial terms of the transaction were not disclosed.