Fiserv Inc   (FISV)
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Fiserv Inc

Business Description

Fiserv provides integrated data processing and information management systems to more than 15,000 financial services providers, including banks, broker-dealers, credit unions, financial planners and investment advisers, insurance companies and agents, self-insured employers, leasing companies, mortgage lenders and savings institutions. The Company operates centers in the United States for full-service financial data processing, software system development, item processing and check imaging, technology support and related product businesses. The Company’s operations are principally domestic and international operations through business support centers in Argentina, Australia, Canada, Colombia, Indonesia, the Philippines, Puerto Rico, Poland, Singapore and the United Kingdom.

The Company was formed in 1984 through the combination of two major regional data processing firms that began as the data processing operations of their parent financial institutions. Historically, these firms expanded operations by developing a range of services for their parent organizations, as well as other financial institutions. Since its organization, Fiserv has grown by developing highly specialized services and product enhancements, adding new clients and acquiring firms complementing the Fiserv organization.

To stay competitive in this changing marketplace, financial institutions are providing their customers a broad variety of new products and services that are typically transaction-oriented and fee-based. The growing volume and types of transactions and accounts have increased the data processing requirements of these institutions. As a consequence, Fiserv believes that the financial services industry is one of the largest users of data processing products and services.

The Company provides an extensive portfolio of products and services to enable banking, lending, insurance, financial planners and securities providers to deliver anywhere, anytime financial services to their customer base.

The Company’s operations have been classified into three primary business segments. The financial institution outsourcing, systems and services business segment provides account and transaction processing systems and services to financial institutions and other financial intermediaries; the health plan management services segment provides services to employers who self-fund their health plan, including services such as handling payments to healthcare providers, assisting with cost controls, plan design services, medical provider administration and other related services; and the securities processing and trust services business segment provides securities processing products and services and retirement plan administration services to brokerage firms, investment advisers and financial institutions.

Fiserv also provides plastic card issuance, design, personalization and mailing services, and document management products.

We compete with vendors that offer similar transaction processing products and services to financial institutions and other financial intermediaries, including Aurum Technologies, Inc., The Bisys Group, Inc., Fidelity Information Services, Inc., Jack Henry and Associates, Inc. and Metavante Corporation. There has been significant consolidation among providers of information technology products and services to financial institutions, and we believe this consolidation will continue in the future.

Health Plan Management Services. The market for the Company’s administrative services is highly competitive. The major competition for the Company’s services comes from national and regional health insurance companies selling administrative services only. Many of the Company’s competitors serve a larger number of customers, have greater financial resources and proprietary products. In addition, the self-funded health plan market is typically broker-controlled, highly price sensitive and frequently placed out for competitive bid. Significant competitors of the Company include Blue Cross organizations, United Health Group, Cigna and Aetna.

Securities Processing and Trust Services. The Company competes with several larger companies in the securities clearing business. Specifically, the Bank of New York, FleetBoston Financial Corporation, Fidelity Investments, Bear Stearns & Co. and others provide competitive services to those of the Company. Many of these competitors are engaged as well in the retail brokerage business and thus have a captive supply of clearing business that the Company does not have.

In the trust services area, several trust companies, the most notable of which is Delaware Charter, compete with the Company in custody services for self-directed retirement accounts. In the provision of services to financial advisors and the mutual fund trading area, Charles Schwab & Co., which handles a much larger volume of such trades, is the Company’s most significant competitor.

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