Electronic payments company ACI Worldwide said it is leaving the credit union and community banking market by selling its Community Financial Services business to Fiserv for $200 million in cash, according to an announcement.
In the deal, Fiserv will acquire a suite of digital banking and electronic payments solutions from ACI Worldwide, including WebFederal Internet Banking, which is an online banking platform for credit unions. It provides basic functionality such as transfers, account history and bill payment, as well as mobile banking apps, personal financial management and P2P transfers.
"Exiting the community bank and credit union markets enables ACI to focus resources and energy on our strategic products and new high-growth initiatives," ACI Worldwide President and CEO Phil Heasley said.
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The company, which is based in Naples, Fla., said its strategy is to provide software and solutions that facilitate real-time payments for large financial institutions and enablers, retailers and billers worldwide.
Fiserv President/CEO Jeffrey Yabuki said the deal will add strong digital banking capabilities to Fiserv, which is headquartered in Brookfield, Wis.
Also included in the deal are ACI's Architect Banking, which supports online, mobile and tablet banking for retail banks and small business customers on a single platform, as well as the SSB Internet Banking, Advantage Internet Banking solutions, Advantage Consolidated Bank Bill Pay and ACI Defense Services platforms.
Fiserv and ACI said they expect the deal to close before the end of the first quarter of 2016.
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