) recently announced the launch of SpotPay, a mobile card reader
solution for financial institutions, which will allow consumers to
swipe credit and debit cards along with depositing checks and
accepting payments anywhere and anytime.
SpotPay facilitates check deposition for consumers using the
mobile remote deposit capture feature from Fiserv that enables
users to securely capture a picture of the front and back of a
check and deposit it electronically.
Fiserv is set to offer SpotPay as a part of the ACCEL/Exchange
payments network. Customers on the ACCEL/Exchange payments network
can easily add SpotPay to their network as no technical or
operational integrations are required. Financial institutions can
deploy SpotPay to offer their small business and merchant customers
secured and low-cost solution to accept credit and debit card
payments as well as deposit checks.
Fiserv assists financial institutions and health plan
administrators in managing their information systems in order to
efficiently deliver services to their customers. The company
provides financial services technology solutions, including
electronic commerce systems and services, such as transaction
processing, electronic bill payment and presentment, business
process outsourcing, document distribution services, and software
and systems solutions.
Fiserv continues to innovate its existing product portfolio
along with expanding the same. As per a survey, most small
businesses, with less than $11 million in annual sales, prefer
using a smartphone or tablet to receive and process debit or credit
card payments from their customers if the services are
Consequently, the SpotPay solution provides financial
institutions with new opportunities to attract, retain and grow
deposits by enabling their small business and merchant customers
generate more business by accepting all types of payments.
We believe Fiserv's integrated, wide-ranging suite of products
will boost its growth going forward. We currently have a long-term
recommendation of Neutral for Fiserv. The stock also bears a Zacks
#3 Rank, which translates into a short-term rating of Hold.
FISERV INC (FISV): Free Stock Analysis Report
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