BROOKFIELD, Wis. -- Fiserv and NCR have signed an asset purchase agreement to transfer NCR's bank processing operations to Fiserv.
Under the terms of the agreement, Fiserv will acquire NCR's core account processing and item processing outsourcing operations, which support daily business transactions for financial institutions such as community banks, savings and loans and credit unions.
The businesses will transfer intact, including assets, customers, operations and employees. NCR will retain its Internet banking and national image archive service operations. The 2002 revenues from this business are projected to be approximately $70 million.
Financial terms of the deal were not disclosed.
Additionally, Fiserv and NCR have entered into an agreement to jointly provide related NCR products and services to Fiserv financial institution clients.
"We are committed to serving the advanced financial services requirements of our growing client base, and the strength we will gain through the people and resources of NCR will enhance our ability to serve this goal, said Leslie M. Muma, Fiserv president and chief executive officer. "In addition, the strategic alliance this transaction creates between Fiserv and NCR will bring an expanded suite of products and services to our financial institution clients."
