Brookfield-based financial services technology developer Fiserv Inc. announced it plans to acquire a unit of Elan Financial Services for $690 million.
Elan, a division of U.S. Bancorp with $170 million in annual revenue, has agreed to sell its debit card processing, ATM Managed Services and MoneyPass program to Fiserv, pending regulatory approval. The transaction is expected to close in the fourth quarter.
Fiserv expects the addition of the Elan unit would enhance its debit card processing capabilities, while adding new mobile and digital payment options to its suite of products. MoneyPass is the second-largest fee-free network in the U.S., encompassing 33,000 ATMs.
Read more in BizTimes Milwaukee.