Deluxe to assume control of Fiserv lockbox businesses
Fiserv is a current client of Deluxe Treasury Management Services, utilizing the company’s lockbox software, and will become a reseller of Deluxe lockbox processing.
Deluxe (NYSE:DLX) today announces it has added the Remittance Solutions assets of Fiserv, including lockbox processing, complementing its Deluxe Treasury Management portfolio of solutions.
Deluxe will take control of the Fiserv lockbox businesses operating in five locations, including the main Chicago facility. At present, Fiserv is a client of Deluxe Treasury Management Services, utilizing the company’s lockbox software, and will become a reseller of Deluxe lockbox processing. The Fiserv lockbox business primarily services wholesale lockbox processing for B2B payments.
Byron Vielehr, Senior Group President of Digital Banking Solutions at Fiserv, commented:
“We are confident that Deluxe is the right company to guide the Remittance Solutions business through its next chapter. Our reseller arrangement is a testament to this, and a reflection of our shared commitment to help clients achieve best-in-class results.”
Deluxe recently won Synchrony’s remittance processing work in an agreement announced in November this year. The addition of the Fiserv assets boosts the ability of Deluxe to serve clients in the remittance and lockbox processing space, with the knowledge, resources and focus required to be a service provider of choice.
The agreement with Fiserv, along with the Synchrony agreement, is part of Deluxe’s strategy to focus on four key areas: Payments, Cloud Solutions, Promotional Products and Checks. In late November, Deluxe hired Mike Reed as General Manager of the Payments business, filling out the executive team.
“Deluxe is well positioned as a go-to company in receivables processing. This collaborative effort further solidifies our market position and opens new opportunities to reach customers that will benefit from our expertise,” Reed said.
The terms of the acquisition, which closed December 16, 2019, were not made public.