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Lions With Lambs?

In a move which could be seen as a triumph over a long standing nemesis, Fidelity National Information Systems, the leading processor of credit union card transactions, has purchased Asset Exchange, arguably the most well-known broker of credit union credit card portfolios.

By David Morrison | Updated on June 12, 2007

PORTLAND, Ore. — In a move which could be seen as a triumph over a long standing nemesis, Fidelity National Information Systems, the leading processor of credit union card transactions, has purchased Asset Exchange, arguably the most well-known broker of credit union credit card portfolios.

Although the monetary terms of the deal and why it was not revealed more quickly were not disclosed, executives with the two firms agreed that the broker would retain its current leadership and each would remain separate firms. They also agreed that while the sale would mean an increase in the broker’s role as a card portfolio consultant, the firm will continue to broker the sale of CU card portfolios–even when those CUs process their card transactions with FIS.

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