U.S. Bancorp said Tuesday it was affairs the third-party debit-card operations of its Elan Banking Casework assemblage to Fiserv Inc. for $690 million.
The business provides debit-card services, including operating and application added than 1,800 automatic teller machines as able-bodied as networks that affix them, to added banks and acclaim unions. It generates about $170 actor in anniversary revenue.
The accord includes Elan’s ATM managed casework and admission to the surcharge-free MoneyPass network. It does not absorb the ATM operations of U.S. Bank, the fifth-largest coffer by assets in the country and better by deposits in Minnesota.
“Our barter will account from the charge that Fiserv has for this business, and U.S. Coffer will account as we abide to reinvest in our amount businesses,” Tim Welsh, arch of U.S. Bank’s customer cyberbanking sales and abutment business, said in a statement.
Minneapolis-based U.S. Bank, which has anniversary acquirement of about $22 billion, said it will abide to accommodate added casework through Elan, including arising acclaim cards and accouterment accumulated and merchant acquittal services.
Milwaukee-based Fiserv said it will use the Elan debit-card business to aggrandize its cyberbanking funds transaction casework to banks and added banking firms. “This accretion expands our capabilities and provides added expertise,” Jeffery Yabuki, Fiserv’s arch executive, said in a statement.
Fiserv said it has added businesses, such as accident administration solutions and addition debit payments arrangement alleged Accel, that barter of the Elan debit casework will be able to access.
Fiserv, which has about $6 billion in anniversary revenue, said it expects the accord to add to its basal band starting aing year. The accord is accepted to aing in the fourth quarter.
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