BROOKFIELD (dpa-AFX) - Fiserv, Inc. (FI) has signed a definitive agreement to acquire StoneCastle Cash Management. The company said the acquisition enables Fiserv to become a technology-enabled source of billions of dollars of institutional deposits, including from Fiserv's enterprise customers. StoneCastle's insured deposit platform helps optimize individual, commercial and governmental depositors while providing stable funding to over 1,000 FDIC insured depository institutions.
StoneCastle operates a deposit network in the U.S., paired with an institutional-grade distribution platform to direct cash balances into insured depository institutions. StoneCastle has relationship with over 300 Fiserv core banks as part of the larger deposit network, and it uses Finxact to support ledger services for its emerging digital asset business.
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