Fiserv snaps up Brazilian EFT software distributor Skytef
US fintech Fiserv is to acquire Skytef, a São Paulo-based financial software provider and the primary distributor of its Brazilian electronic funds transfer (EFT) solution.
Fiserv to acquire EFT software distributor Skytef
The EFT solution, known regionally as ‘Solução Inteligente de Transferência Eletrônica de Fundos’ (SiTef), enables electronic payment processing for independent software vendors (ISVs) and merchants. First introduced in the 1990s, it’s now widely recognised as a fundamental piece of Brazil’s electronic payments infrastructure.
SiTef is hosted by the EFT solution provider Software Express, which Fiserv acquired back in early 2019 through its merchant services arm First Data.
Skytef has been distributing SiTef alongside other Software Express solutions since 2002, and is recognised by Fiserv for its “broad range of capabilities across payment and commerce channels” – a key element the fintech cites in its desire to “work more closely” with the company.
The acquisition of Skytef is expected to benefit Fiserv’s Brazilian distribution network and develop its relationship with more than 600 ISV partners and around 27,000 merchants in the region.
The integration of the two companies will also enable Fiserv’s partners to tap into new product and service options, including Pix and Fiserv’s omnichannel payment ecosystem Carat.
Jorge Valdivia, Fiserv’s general manager for Brazil, says the deal with Skytef will “add even more value to our clients and partners” while “expanding our current and future portfolio of solutions”.
“By integrating Skytef into Fiserv, we will bring their best practices and commercial policies to ISV partners and merchants who are part of the Fiserv network, which includes more than 4,500 connected commercial automation solutions and 170,000 commercial establishments,” he adds.
The financial details of the deal have not been disclosed.
