Kevin JohnsonFiserv is an American financial technology and payments company based in Brookfield, Wisconsin. The company was founded in 1984 by Leslie Muma and George Dalton to serve clients in the fintech services sector. In 1986, Fiserv was listed on the NASDAQ.
The firm launched its website in 1995 and introduced electronic bills two years later. In 2019, Fiserv merged with First Data Corp and completed the integration of the two companies in the first half of 2022. In 2022, the company had over 41,000 employees and posted double-digit profit growth rates. [1]
Fiserv expanded through acquisitions, including Interactive Tech, JW Hutton, Xcipio, M-Com, CareGain, CheckFree, iTech, CashEdge, MoneyPass, and Bypass Mobile. These brands expanded Fiserv’s capabilities. The company now serves banks, thrifts, credit unions, leasing firms, mortgage and securities brokers, insurance agencies, and retailers.
In 2022, Fiserv spent $1 billion on acquisitions. The firm purchased sales organization Merchant One, Inc. and Argentinean payment service provider Yacare. In Q4 2022, Fiserv also signed new business agreements with Target Corporation and Canada’s Desjardins Group to process their credit cards.
However, the company faces stiff competition from Jack Henry, FIS, PwC, Oracle, Finastra, ICSFS, SAP, Temenos, Global Payments, and KPMG. [2]
Here is an in-depth analysis of Fiserv’s top 15 competitors and alternatives:
1. Jack Henry & Associates
Year founded: 1976
Headquarter: Monett, Missouri
Jack Henry is a financial technology and payment processing firm. Its services strengthen the connections between financial institutions and their clients. In 2022, Jack Henry had 6,847 employees and served around 7,800 customers.
Jack Henry is an S&P 500 company with over 45 years of experience in the fintech sector. The firm offers a robust ecosystem to help banks and credit unions enhance capabilities and integrate services to fulfill the needs of their account holders.
In H2 2022, Jack Henry posted a 5% increase in half-year revenue and is one of the top competitors for Fiserv in the financial technology and payments sector. [3]
2. FIS (Fidelity National Information Services, Inc.)
Year founded: 1968
Headquarter: Jacksonville, Florida
FIS is a banking and payments processing conglomerate. The corporation offers a wide range of financial products and services. In 2022, FIS employed over 69,000 people globally.
FIS processes transactions for companies. The company expanded its merchant business in 2019 by acquiring Worldpay for $43 billion, but the acquisition went sour and wiped off over 50% of FIS’s market value to about $39 billion.
In Feb 2023, FIS took a $17.6 billion write-down to spin off Worldpay and its merchant business. The spin-off can help FIS focus on its financial technology services and increase its competitive advantage over Fiserv. [4]
3. PricewaterhouseCoopers (PwC)
Year founded: 1998
Headquarter: London, United Kingdom
PwC is one of the Top Four global accounting and audit firms. The company offers financial technology services, including tax analysis, risk advisory, and assurance. In 2022, PwC had 328,000 employees stationed in 742 locations across 157 countries.
PwC specializes in consulting services and is trusted in the financial industry as the go-to provider of knowledgeable resources and central service lines to solve critical problems.
In Mar 2023, PwC partnered with AI startup Harvey to boost its legal business solutions. PwC is the best alternative to Fiserv for tax, assurance, and financial advisory. [5]
4. Oracle Financial Services (OFS)
Year founded: 1990
Headquarter: Mumbai, India
OFS is a subsidiary of Oracle Corp. that specializes in financial and insurance technology. It started as CITIBANK’s iCorp Oversea Software, which offered MicroBanker and Finware. In 2008, Oracle changed the name of the company to Oracle Financial Services after increasing its stake in the firm to 83%.
The main competitive advantage of OFS is its integration with other Oracle solutions. Thousands of financial institutions already use Oracle’s business productivity tools, making them more likely to choose OFS over Fiserv.
In Jul 2021, Everest partnered with OFS to deliver its API, ID verification, and biometric identification solutions to consumers across 180 countries. Oracle Financial Services is one of the best alternatives to Fiserv. [6]
5. Finastra
Year founded: 2017
Headquarter: London, United Kingdom
Finastra is a British financial software company that offers products and solutions for retail banking, transaction banking, lending, and treasury capital markets. In 2017, Vista Equity Partners acquired payments technology provider D+H Corp for $3.6 billion and merged D+H with its banking and capital markets software firm Misys to create Finastra.
Finastra has been seeking to streamline its operation and portfolio since 2020. In 2021, the firm explored other business models and attempted to sell its capital markets business, but failed to find a suitable buyer. The company is exploring the sale of its banking unit for $7 billion in 2023.
In 2022, Finastra integrated with Contour’s Fusion Trade Innovation software and ventured into BNPL in 2022 by collaborating with Jifiti. Finastra is a worthy alternative to Fiserv for banks, lenders, and treasury capitalists. [7]
6. ICS Financial Systems
Year founded: 2004
Headquarter: London, United Kingdom
ICSFS is a business and technology solutions provider that serves financial institutions in over 100 countries globally. In Jul 2022, World Finance recognized ICSFS as the Best Islamic Banking and Finance Software Provider. [8]
ICSFS helps businesses select and implement the best tools and integrate services and e-commerce features into their operations. Its financial systems cater to clients’ unique needs. In 2022, several Islamic banks adopted ICS BANKS Islamic Banking software from ICSFS to streamline their businesses.
The company’s new clients include Al Sanam Bank, UR Islamic Bank in Iraq, and AlRajhi Bank in Jordan. ICSFS is the best alternative to Fiserv for Shari’a-compliant digital financing solutions.
7. SAP
Year founded: 1972
Headquarter: Walldorf, Germany
SAP is a leading multinational software corporation that offers solutions to help financial and non-financial organizations manage business operations and customer relations. In 2022, SAP was recognized as a Leader in Gartner’s Magic Quadrant for Configure, Price, and Quote Application Suites. The company has around 110,000 employees in 115 locations globally.
SAP is a general software provider, while Fiserv is a fintech specialist. The main competitive advantage of SAP is its comprehensive product portfolio, including database solutions, cloud-engineered systems, and enterprise software.
In Dec 2022, SAP partnered with PwC to help organizations achieve their ESG and net-zero targets, making SAP a formidable Fiserv competitor. [9]
8. Temenos
Year founded: 1993
Headquarter: Geneva, Switzerland
Temenos is an enterprise software company specializing in banking and financial services. The firm uses subscription and SaaS models to serve customers globally. In 2022, Temenos employed over 7,500 people and reported an ARR growth of 15%.
Temenos trades on the Swiss Stock Exchange (SWX) under the ticker symbol TEMN. The company has also developed a robust pipeline in North America to support sustainable SaaS business growth.
In 2022, the banking software provider recorded a 37% surge in SaaS revenue in North America and expects increased demand for its SaaS and cloud-based software in 2023. Temenos is one of the top Fiserv competitors in the banking software sector. [10]
9. Global Payments Inc
Year founded: 1967
Headquarter: Atlanta, Georgia
Global Payments is a Fortune 500 company specializing in payments technology. It provides software and services to help organizations streamline business operations across channels. In 2022, Global Payments had around 25,000 team members worldwide.
Global Payments provides payment services to merchants, issuers, and consumers across 170 countries across North America, Europe, Asia Pacific, and Latin America. In 2022, Global Payments refined its portfolio to focus on corporate clients and away from consumer-centric businesses.
The company sold Gaming Solutions to Parthenon Capital Partners for $415 million, offloaded Netspend’s consumer business, and acquired EVO Payments in Mar 2023. These developments increase Global Payments’ competitive advantage over Fiserv. [11]
10. KPMG International Limited
Year founded: 1987
Headquarter: Amstelveen, Netherlands
KPMG is one of the Top Four accounting organizations that offer professional services. The firm operates globally through regional entities. In 2022, KPMG had 265,000 employees and increased its UK partners by 10% to 786. The company pays each partner £757,000 versus over £1 million offered by Big-Four rivals PwC and Deloitte.
The main competitive advantage of KPMG is its combined accounting and advisory model. Both arms work as a single unit, which cushions the firm from global economic turmoil.
In 2022, KPMG reported a 16% increase in revenue driven by its multidisciplinary model and fast-paced expansion of its consulting and advisory divisions. KPMG is one of the best competitors for Fiserv in the accounting and financial advisory sectors. [12]
11. Wolters Kluwer
Year founded: 1836
Headquarter: Alphen aan den Rijn, Netherlands
Wolters Kluwer is a Dutch information services company founded after the merger of Kluwer Publishers and Wolters Samsom. The company offers information, software solutions, and services. In 2022, Wolters Kluwer had around 18,000 employees.
Wolters Kluwer and Fiserv offer financial technology services, but Wolters Kluwer caters to businesses in the healthcare, tax and accounting, governance, risk compliance, and legal sectors.
In Mar 2023, the firm combined four global enterprise software solutions to create a new Corporate Performance & ESG division. Wolters Kluwer is a worthy alternative to Fiserv for financial, operational, and ESG performance management. [13]
12. Ernst & Young Global Limited
Year founded: 1989
Headquarter: London, United Kingdom
Ernst & Young (EY) is one of the Top Four accounting firms that offers assurance, tax advisory, and digital services. In 2022, EY had 365,000 employees in over 700 offices across more than 150 countries.
EY operates one of the largest professional services networks globally. In Dec 2022, EY acquired a German consultancy firm ifb, with over 400 employees in 10 countries.
The acquisition expands EY’s offering in Fiserv’s markets, including technology-driven financial, risk, and compliance services. Ernst & Young is one of the best alternatives to Fiserv for finance consultancy and technology. [14]
13. AcctTwo
Year founded: 2010
Headquarter: Houston, Dallas
AcctTwo is an AICPA financial management system and value-added reseller (VAR) of Sage Intacct. The platform also offers managed services and proprietary solutions. In 2022, AcctTwo had around 100 employees in Houston, Dallas, and remote locations.
AcctTwo is an advisory CPA firm and a seven-time Partner of the Year of Sage Intacct. In Sep 2021, Baker Tilly acquired AcctTwo Shared Services to enhance its digital practice and product development capabilities.
Fintech firms can now rely on AcctTwo to access best-in-class software, business process transformation, and financial services. This acquisition increases AcctTwo’s competitive advantage over Fiserv. [15]
14. Voya Financial, Inc.
Year founded: 1991
Headquarter: New York City, New York
Voya Financial is a leading health, wealth, and investment company. It offers products, solutions, and technologies to help financial, retirement, investment, and insurance providers streamline operations. In 2022, Voya had around 6,100 employees and served 14.3 million business, workplace, and institutional clients.
Voya is a socially, environmentally, economically, and ethically responsible firm. It has been considered as one of the most ethical companies by the Ethisphere Institute and one of the best places to work for Disability Inclusion.
As of Sep 2022, Voya Financial managed $711 billion in clients’ assets, making it a worthy alternative to Fiserv. [16]
15. Capital Banking Solutions
Year founded: 1997
Headquarter: New York City, New York
Capital Banking Solutions (CBS) provides end-to-end, integrated banking software. The firm operates across Europe, Africa, the Middle East, and the Americas.
In 2022, CBS attained double-digit growth and served over 200 customers. Its clientele includes Bank Audi, Bank of Africa, Banco Sabadell, Credit Suisse, Rothschild, ME Investment Bank, Al-Khaliji Bank, and Aruba Bank.
Capital Banking Solutions offers integrated and modular products for corporate, retail, private banks, and financial institutions. Organizations rely on the company to manage front and back-office IT operations, expand to new markets, and meet local regulations.
In Jun 2022, EBNA Bank signed with CBS to upgrade its digital banking solution from PowerCash to CapitalDigital. Capital Banking Solutions is one of the best alternatives to Fiserv for banks. [17]
References & more information
- Nykiel, T. (2023, Feb 7). Fiserv reports better-than-expected revenue growth in 2022. Business Journal
- Mullen, C. (2023, Feb 7). Fiserv discloses acquisitions. Payments Dive
- Jack Henry & Associates, Inc. (2023, Feb 7). Jack Henry & Associates, Inc. Reports Second Quarter Fiscal 2023 Results. PRNewswire
- Nishant, N. (2023, Feb 13). FIS takes a $17.6 billion hit in merchant units to be spun off. Reuters
- Faggard, D. (2023, Mar 15). PwC announces strategic alliance with Harvey, positioning PwC’s Legal Business Solutions at the forefront of legal generative AI. PwC.com
- Pavithra, R. (2021, Jul 15). Everest partners with Oracle Financial Services, a leap forward for traditional FIs to adopt blockchain-based technologies. IBS Intelligence
- CET (2023, Feb 16). Finastra explores the sale of its banking unit. The Paypers
- ICSFS Staff (2022, Jul 5). World Finance names ICSFS as Best Islamic Banking & Finance Software Provider for the Third Year in a Row. ICSFS Newsroom
- SAP SE (2023, Jan 26). SAP Announces Q4 and FY 2022 Results. PRNewswire
- Oladipupo, S. (2023, Feb 20). Temenos Sees Highest Ever Software Licensing in North America in 2022. Finance Magnates
- Global Payments, Inc. (2023, Feb 10). Global Payments Reports Fourth Quarter and Full Year 2022 Results. GlobalPaymentsInc.com
- Consultancy Editor (2023, Feb 3). KPMG UK revenues hit £2.7 billion in 2022. Consultancy
- Wolters Kluwer (2023, Feb 22). Wolters Kluwer: 2022 Full-Year Report. Globe Newswire
- Consultancy Editor (2022, Dec 8). EY acquires 400-strong finance consultancy and technology firm ifb. Consultancy.eu
- CPA Editor (2021, Sep 1). Baker Tilly Acquires Houston-Based AcctTwo. CPA Practice Advisor
- Voya Financial, Inc. (2023, Jan 10). Voya Financial schedules announcement of fourth-quarter and full-year 2022 results. Business Wire
- Fintech News Desk (2022, Jun 15). EBNA Bank signs with Capital Banking Solutions to Upgrade its Digital Banking Solution from PowerCash to CapitalDigital. Global Fintech Series
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