i_Tech currently provides outsourced account processing, acts as a licensee and reseller of the Fiserv ITI Premier core banking system, while also providing additional services such as electronic funds transfers and check processing. Under the terms of the acquisition agreement – which stipulates a purchase price of USD 40 million – Fiserv is to add i_Tech to its suite of bank technology services, thus aiming to provide the latter’s customers with access to a wider range of bank data processing operations.
In its turn, BancSystem representatives have indicated that the sale, which is expected to close on 31 December 2008, results from the analysis of long-term trends for bank data processing and aims to allow BancSystem to focus more on its community banking franchise.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now