Fiserv acquires Skytef

Fiserv also includes capability with Traditional Terminal, Android Point of Sale (APOS), and multi-merchant solutions that allow terminal applications to be shared by multiple merchants using the same device. The company’s partners receive operational efficiency and expansion of the range of products and services that can be provided to add business value.

The integration of the two companies and the addition of new associates enables Fiserv to broaden its capacity to support large clients with complex after-sale demands. Fiserv wanted to work with Skytef due to its broad range of capabilities across payment and commerce channels and for its inclination to offer Software Express services to the drugstore, food service, and clothing sectors, among others.

According to officials, by integrating Skytef into Fiserv, the company wants to bring Skytef’s practices and commercial policies to ISV partners and merchants who are part of its network, which includes 4,500 connected commercial automation solutions and 170,000 commercial establishments.

The two companies aim to allow partners and distributors to increase their revenue with additional products and services, such as instant payments (PIX), omnichannel payment ecosystems (Carat), acquiring and issuing processing, along access to training and qualified staff from Fiserv. 

Based in the US, Fiserv provides its customers with financial products and technology in areas such as account processing and digital banking solutions, card issuer and network services, payments, ecommerce, merchant acquiring and processing, and the Clover cloud-based point-of-sale and business management platform.

At the beginning of October 2023, Fiserv joined the Swift Partner Programme as a Platform Partner, reportedly facilitating the connectivity to Swift APIs and enhancing support for Swift Global Payments Initiative (GPI) for its clients. This collaboration is expected to enable more financial institutions to access cross-border payment capabilities.

Moreover, during September 2023, Lloyds Bank partnered with Fiserv to provide wholesale foreign exchange (FX) rates to UK and European merchants for dynamic currency conversion (DCC) on card transactions. This initiative aims to enhance transparency and offer consumers improved control over their purchase costs.

At the end of August 2023, Fiserv and Akoya announced a data-sharing agreement that seeks to facilitate secure data distribution between financial institutions, their customers, and the third parties that they conduct business with. The agreement is anticipated to address current issues in the industry, as more and more consumers with financial institution-issued accounts want to have access to their financial information via merchants and third-party apps.   

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