US banking and payments company Fiserv has acquired payment firm Ondot for an undisclosed fee. The acquisition is undergoing approval before finalizing during Q1 2021.
The deal now expands Fiserv’s digital capabilities, enhancing its suite of integrated solutions. With the integration of Ondot, Fiserv will help clients spur digital customer acquisition, drive digital commerce, increase card activation, and usage.
Fiserv will also leverage on Ondot’s data enrichment that organizes and identifies the transaction and merchant data. This capability allows customers to recognize their purchases easily.
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The acquisition comes barely two years after Ondot was awarded an undisclosed strategic investment from Citi Ventures.
Acquisition to enhance Fiserv’s efficiency
Fiserv’s president and CEO Frank Bisignano highlights some benefits of joining forces with Odot. Bisignano notes that:
“With the integration of Ondot, Fiserv 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. 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.”
Ondot, a ten-year-old company, claims to have over 4,500+ banks and credit unions in the US as clients. The company processes over one billion transactions per month.
Ondot’s technology leverages transactional data to offer insights into spending habits relayed directly to the cardholder
