Fiserv – The Dream of Dalton and Muma to build a national data processing firm in America.

The whole world has been changing so fast that it demands newer technology in every part of life. No matter then it is healthcare service, or entertainment and traveling, or financial services. In this all, innovative technology raised the expectations of people, asking for the cut edge technology in every sector. When it comes to money transfer and data processing related services, Fiserv is one of the leading firms in the financial industry. It made it easy to transfer money as well as information to one another. With Fiserv’s platform, one can transfer money when and where as needed, at the point of thought. Thus, meeting all the expectations of the present high-tech world.

The best-known financial solutions it has enabled, assisting many individuals and businesses currently. Being a global leader, the firm is connecting consumers, merchants, businesses, and financial institutions with each other. This process has been done every minute of every day; we can say millions of times a day. Established in 1984 by George Dalton and Leslie Muma, having clients in more than a hundred regions all across the world. That strong foundation has led to the dominant financial service provider Fiserv is today. Despite having tough rivals, the firm has also offer tough competition through its innovative financial services and experience of more than 30 years in the field. Alltel Information Services, Affiliated Computer Services, M & I Data Services, and BISYS Group are some of the competitors of Fiserv. 

Fiserv Journey

Fiserv’s both Founders, and friend Muma and Dalton were in the business of data processing. But both were working separately. However, the idea of merging the businesses pop into their mind in the late 1970s. This idea turned into reality in 1984, the merger of the first data processing of Milwaukee, and Tampa’s Sunshine State System goes well. That, later on, resulted in the formation of Fiserv, which became the USA’s fastest-growing financial data processing firm in the near year.

Founders George Dalton and Leslie Muma’s role

The founders and presidents at Fiserv, Muma, and Dalton wanted to build a national data processing firm. Which later on they built in the form of Fiserv. It was the time when businesses’ mindset was to develop their own data processing system for limited deals. In this all, they had to pay big money and still no reliability in service. While Fiserv successfully changed this scenario under the guidance of Dalton and Leslie. Thus, the constantly escalating cost and insecurity had reduced, relieving the clients.  All the credit goes to George and Muma, who set the strong foundation of the firm.

George Dalton

Being well-experienced and well-reputed in the data processing industry, George served as the first CEO at Fiserv. He was one of them, who believes in hard work. Throughout his tenure, he built the policies based on thorough planning, implemented through hard work. Started the journey as a stock boy at some grocery store, Dalton, later on, learned German and served in World War II. While he shifted his focus on data processing during his high school days.

Thereafter, he joined Northwestern University, which he left to start working at the data processing unit of Bell & Howell Co. Despite a lack of banking knowledge, he handled the position of the data processing unit of Marine Bank. It was all due to his passion for and interest in data processing. Apart from that, he also served at Midland National Bank and First Bank System. With the helped of Muma, he then started his own dream business venture, Fiserv.

Leslie Muma

When he befriended Dalton in setting up Fiserv, Leslie was in his mid-30s, but having excellent knowledge of data processing system. His educational background helped him to work as a data processing consultant. A person who has studied theoretical mathematics, having a master’s in business administration, and top of that extremely knowledgeable in data processing, offered much more effort to raise the business of Fiserv. He became CEO of Fiserv after Dalton retired in 1999.

Boomed in the Financial industry

The top-notch service and acquisition strategy of the firm paid off soon. The business of the firm raised to 700 million dollars, reaching 800 financial institutions, and about 19 million individual clients. It also reduced the cost of financial service offering reliable and secure service to the customers. In fact, in the early 1990s, the firm has acquired a larger client base. One of the known acquisitions of Fiserv is the data processing division of Citicorp for 49 million dollars.

Thereafter, the firm managed to continued steady growth by providing innovative solutions to the clients. As well, the firm soon focused on abroad expansion of the business. Presently, it is one of the three largest data processing firms in America. Most importantly, it is the largest independent processor of checks in the country.