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SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
April 4, 1996
FISERV, INC.
(Exact name of registrant as specified in its charter)
Wisconsin
(State or other jurisdiction of incorporation)
0-14948 39-1506125
(Commission File Number) (IRS Employer Identification No.)
255 FIserv Drive 53045
Brookfield, Wisconsin (Zip code)
(Address of principal
executive offices)
Registrant's telephone number, including area code
(414) 879-5000
ITEM 7. (C) EXHIBITS.
(1) News release by Fiserv, Inc., dated April 4, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FISERV, INC.
By /S/ EDWARD P. ALBERTS
------------------------
EDWARD P. ALBERTS
Senior Vice President - Finance
Date: April 4, 1996
For release: April 4, 1996
For more information contact: Leslie M. Muma, President
Fiserv, Inc. and The Chase Manhattan Corporation Announce
New Strategic Alliance Agreement
Brookfield, Wisconsin, April 4, 1996--Fiserv, Inc. and The
Chase Manhattan Corporation announced today an agreement
under which Fiserv will provide experienced check processing
personnel to staff Chase's item processing sites in Brooklyn,
Rochester and Syracuse, N.Y., for up to three years. The new
agreement is in response to the recently completed merger of
Chase and Chemical Banking Corporation, which was effective
March 31, 1996. This agreement, which will initially generate
$20 million of annual revenue for Fiserv, will replace the
strategic alliance between Fiserv and Chase signed in February
1995. For the early termination of the original agreement, Fiserv
will receive a fee, net of certain related charges, of
approximately $15 million pre-tax, which Fiserv plans to
recognize ratably over a 14-month period ending February 1997.
With this new arrangement, Fiserv will assist the new Chase in
merging its check processing platforms, creating an internal
operation. "This agreement supports the implementation of our
strategy to establish enterprise-wide operating platforms
throughout our businesses," said Denis O'Leary, Chase
Executive Vice President and Chief Information Officer. "It
gives us the flexibility to leverage the scale of the new Chase and
continue building our image-enabled item processing platform."
"This new alliance is a positive arrangement for all parties
involved," said Leslie M. Muma, Vice Chairman, President and
Chief Operating Officer of Fiserv. "Fiserv will support the item
processing integration of what will soon be the nation's largest
bank. In turn, the new Chase gains an experienced service
partner dedicated to maintaining the highest levels of customer
satisfaction during the merger process. In addition, our strong
relationship with the new Chase management team has the
potential to lead to additional new business."
According to Donald L. Boudreau, Chase Vice Chairman, "We
have been pleased with the results of our original agreement with
Fiserv. They have exceeded our expectations as a true
technology partner, while improving service quality and
responsiveness at our existing operations. We are confident that
the goals we jointly agreed to in our original alliance would have
been attained by Fiserv."
With $300 billion in assets, The Chase Manhattan Corporation is
the largest banking company in the United States. It has more
primary relationships with large U.S. companies than any other
competitor, making it the leading bank to corporate America.
The new Chase is also among only a handful of truly global
competitors, with wholesale banking operations in 52 countries,
clients in 180 and leadership rankings in almost all areas of
global finance, trading, private banking and information and
transaction services. Domestically, Chase is a preeminent
financial products company, with leading positions in credit
cards, mortgage banking, consumer finance, mutual funds and
home banking. It has offices in 39 states and relationships with
more than 25 million households coast to coast. For information,
please contact Lisa Selkin Lupo of Chase Corporate
Communications at (212) 270-5246.
Fiserv, Inc. is an independent provider of financial data
processing systems and related information management services
and products to more than 5,000 banks, credit unions, mortgage
firms and savings institutions worldwide. A publicly held
company headquartered in Brookfield, Wis., Fiserv stock is
traded on the NASDAQ over-the-counter market under the
symbol FISV. For information, please contact Marji Kennedy of
Fiserv Corporate Communications at (414) 879-5316.
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