BankServ, was a legacy financial services company headquartered in
Enterprise
Enterprise (or the archaic spelling Enterprize) may refer to:
Business and economics
Brands and enterprises
* Enterprise GP Holdings, an energy holding company
* Enterprise plc, a UK civil engineering and maintenance company
* Enterpris ...
,
Nevada
Nevada ( ; ) is a state in the Western region of the United States. It is bordered by Oregon to the northwest, Idaho to the northeast, California to the west, Arizona to the southeast, and Utah to the east. Nevada is the 7th-most extensive, ...
, develops electronic banking software and operates outsourced data processing centers used by banks and other businesses to move money electronically. Founded in 1996, it does business with over 400 banks in more than 50 countries, primarily supplying banks with the behind-the-scenes programs used for
remote deposit
Remote deposit or mobile deposit is the ability of a bank customer to deposit a cheque into a bank account from a remote location, without having to physically deliver the cheque to the bank. This was originally accomplished by scanning a digital ...
, Internet bill payment,
mobile payments
A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of d ...
,
wire transfer
Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash ...
payments and sending messages over the international
SWIFT
Swift or SWIFT most commonly refers to:
* SWIFT, an international organization facilitating transactions between banks
** SWIFT code
* Swift (programming language)
* Swift (bird), a family of birds
It may also refer to:
Organizations
* SWIFT, ...
network. The company operates offices in
Las Vegas
Las Vegas (; Spanish for "The Meadows"), often known simply as Vegas, is the 25th-most populous city in the United States, the most populous city in the state of Nevada, and the county seat of Clark County. The city anchors the Las Vegas ...
,
San Francisco
San Francisco (; Spanish for " Saint Francis"), officially the City and County of San Francisco, is the commercial, financial, and cultural center of Northern California. The city proper is the fourth most populous in California and 17th ...
,
Salt Lake City
Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, United States. It is the seat of Salt Lake County, the most populous county in Utah. With a population of 200,133 in 2020, th ...
,
Houston
Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 i ...
and
London
London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
.
History
BankServ was founded by a group of investors led by current CEO Dick David Kvederis, a former senior vice president of
Wells Fargo Bank
Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United St ...
. Kvederis is widely known in the financial industry for helping introduce
Direct Deposit
A direct deposit (or direct credit), in banking, is a deposit of money by a payer directly into a payee's bank account. Direct deposits are most commonly made by businesses in the payment of salaries and wages and for the payment of suppliers' acco ...
during his tenure as chairman of the National Automated Clearing House Association (now
NACHA-The Electronic Payments Association
Nacha manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data in the United States, and is an association for the payments industry. The ACH Network serves as a netw ...
) during the 1980s. He was also hired by the U.S. government in 1993 to assist with the transition from a communist to a
capitalist
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, priva ...
financial system in Lithuania.
Originally incorporated under the name Nova Payments, the company now known as BankServ started with the idea of selling check scanners to
grocery store
A grocery store ( AE), grocery shop ( BE) or simply grocery is a store that primarily retails a general range of food products, which may be fresh or packaged. In everyday U.S. usage, however, "grocery store" is a synonym for supermarket, a ...
s, allowing them to deposit their checks without going to the bank. But in the late 1990s, BankServ’s wire transfer business (acquired from Ictus Inc) became its main revenue source, and the idea of grocery store check conversion was abandoned. However, when the
United States Congress
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washing ...
passed the
Check 21 Act
The Check Clearing for the 21st Century Act (or Check 21 Act) is a United States federal law, , that was enacted on October 28, 2003 by the 108th U.S. Congress. The Check 21 Act took effect one year later on October 28, 2004. The law allows the ...
in 2003, the legal requirements surrounding remote deposit became less strict, and the company decided to re-enter the business with a flagship product named DepositNow!
Since 2004, BankServ has expanded into the fields of consumer
remote deposit
Remote deposit or mobile deposit is the ability of a bank customer to deposit a cheque into a bank account from a remote location, without having to physically deliver the cheque to the bank. This was originally accomplished by scanning a digital ...
,
electronic bill payment
Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or ven ...
and
credit card
A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...
processing, and added an international division with the acquisition of the London-based Symtec Corporation. BankServ has received a number of awards, including nominations to Inc. Magazine's Inc. 500 list in 2003 and 2004, a list of the fastest-growing privately held corporations in the United States. Most recently, BankServ was nominated to the Inc. 5,000 Fastest Growing Private Companies list every year from 2003-2010.1
In January 2004, BankServ acquired Symtec Solutions LTD, a provider of international money transfer and SWIFT financial messaging software headquartered in
London, England
London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a major s ...
.
In May 2009, BankServ acquired the assets of Commerciant LP, a
Houston
Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 i ...
-based technology company involved in
wireless
Wireless communication (or just wireless, when the context allows) is the transfer of information between two or more points without the use of an electrical conductor, optical fiber or other continuous guided medium for the transfer. The most ...
credit card processing. The company now offers a handheld terminal that can process credit card transactions on the spot over various
mobile phone
A mobile phone, cellular phone, cell phone, cellphone, handphone, hand phone or pocket phone, sometimes shortened to simply mobile, cell, or just phone, is a portable telephone that can make and receive calls over a radio frequency link whi ...
networks.
In 2010, BankServ acquired NetDeposit, one of its main rivals in the remote deposit field, from
Zions Bancorporation
Zions Bancorporation is a bank holding company headquartered in Salt Lake City, Utah. Zions Bancorporation originated as Keystone Insurance and Investment Co., a Utah Corporation, in April 1955. In April 1960, Keystone, together with several in ...
in a primarily cash transaction. As a result of the acquisition, BankServ's check processing operations nearly doubled in size, and added new branch capture and mobile phone check deposit software. The company estimates that it now processes remote deposit transactions for more than 100,000 business customers in the
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
.
In August 2011, private equity firm GTCR acquired the controlling interest in BankServ, poising the company for expansion and growth. GTCR's portfolio of more than 25 companies includes fast-growing firms in the financial services and technology, healthcare and information services and technology fields. GTCR subsequently announced its intention to merge BankServ with the
Israel
Israel (; he, יִשְׂרָאֵל, ; ar, إِسْرَائِيل, ), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a country in Western Asia. It is situated ...
i payments firm Fundtech Ltd., a transaction that was completed in November 2011. The combined company will be known as Fundtech and headquartered in Jersey City,
New Jersey
New Jersey is a state in the Mid-Atlantic and Northeastern regions of the United States. It is bordered on the north and east by the state of New York; on the east, southeast, and south by the Atlantic Ocean; on the west by the Delaware ...
.
In April 2015 D%2BH acquired Fundtech from the Chicago private-equity firm GCTR.
Later On 17 June 2017, D%2BH announced that it would be acquired by
Vista Equity Partners
Vista Equity Partners is an American investment firm focused on financing and forwarding software, data, and technology-enabled startup businesses. Vista has invested in hundreds of companies, including Misys, Ping Identity, and Marketo.
The ...
and combined with
Misys
Finastra is a financial software company headquartered in London, England.Finastra
Finastra is a financial software company headquartered in London, England.