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Fiserv Inc.'s deal to buy the software vendor CashEdge Inc. narrows the field of contenders vying for dominance in the growing person-to-person payments space.
June 30 -
Technology vendor Fiserv Inc. is making a bold move to bolster its digital payments arsenal by shelling out $465 million to buy the smaller technology company CashEdge Inc.
June 29
Fiserv Inc. said Wednesday that it has completed its acquisition of the New York bank technology and payments vendor CashEdge Inc.
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. Sanjeev Dheer, CashEdge's co-founder, president and CEO, remains president of the CashEdge business.
