The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Fiserv Loses Harries to DST Global Solutions, Mulkeen Also Out the Door, But What of its eVent Business?

Share article

Following a rather disappointing end of year quarter for its financial segment and a dearth of wins for its corporate actions solution eVent over the last 12 months, it seems Fiserv has suffered yet another blow this month with the departure of two of its key staff members: former vice president of its Investment Services business Geoff Harries and former global head of marketing Irene Mulkeen. Harries, who was with CheckFree for four years and then Fiserv for three, has resurfaced at DST Global Solutions, charged with focusing on OTC derivatives processing, among other things.

The acquisition of the ex-Accurate business (which was under the CheckFree banner at the time) by Fiserv seems to have resulted in a tailing off of its ambitions in the corporate actions space in favour of the CheckFree payments business. When Reference Data Review last spoke to Harries back in October he indicated that the vendor had taken time out to re-invest in the eVent platform and was planning a push in the asset management community. However, in the ensuing months, no deals have materialised (certainly not publicly anyway) and Harries has exited the building. Surely this doesn’t bode well for the eVent business overall?

Perhaps the vendor will be tempted to sell on its business to any willing takers, or it may choose to bow out altogether. After all, the financial segment experienced 0% revenue growth for the fourth quarter of last year and a decline in revenue of 4% for the year overall; not particularly encouraging when contrasted with the 2% revenue increase experienced on the payments side of the business. Head office may be keen to focus on its core strengths, rather than retain a business that is seemingly in decline.

Given that the rest of the corporate actions vendor community seems to be having a much better start to the year, the lack of big wins for Fiserv is particularly noticeable. Perhaps it is the rumoured loss of its on the ground staff to one of its large eVent customers that has held back its ability to service what should be a more healthy client pipeline? Whatever the reason, the future of the eVent platform has something of a question mark over it at the moment.

Related content

WEBINAR

Recorded Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings

A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions can enhance their client onboarding experience, streamline their internal operations, and open the door to new,...

BLOG

DSB Calls on Market Participants to Join Consultation Covering UPI Fee Model

The Derivatives Service Bureau (DSB) is pushing on with development of the Unique Product Identifier (UPI) ahead of implementation in 2022 with consultations designed to understand market participants’ views on how the principles underlying the fee model for the identifier should be established. All firms reporting to trade repositories will need to include the UPI...

EVENT

RegTech Summit London

Now in its 6th year, the RegTech Summit in London explores how the European financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

GDPR Handbook

The May 25, 2018 compliance deadline of General Data Protection Regulation (GDPR) is approaching fast, requiring financial institutions to understand what personal data they hold, why they process it, and whether it is shared with other organisations. In line with individuals’ rights under the regulation, they must also provide access to individuals’ personal data and...