Fiserv Completes Purchase of Payments Rival CashEdge

Published September 14, 2011, 11:08 a.m. EDT

Updated September 14, 2011, 10:08 a.m. EDT

1 Min Read

Fiserv Inc. has completed its acquisition of the New York bank technology and payments vendor CashEdge Inc., the firm said Sept. 14.

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CashEdge offers an online payments product called Popmoney that competes with Fiserv's ZashPay. Both products allow consumers to make transfers to one another through online banking.

The acquisition "should accelerate innovation and provide new sources of value for financial institutions and their customers," Jeffery Yabuki, Fiserv's president and chief executive, said in a press release.

Fiserv, of Brookfield, Wis., announced the $465 million acquisition in June (see story). Sanjeev Dheer, CashEdge's co-founder, president and CEO, remains president of the CashEdge business.

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