Financial Technology

Financial Technology

July 10, 2012

Fiserv Names Dennis Lynch to its Board of Directors

Fiserv has just announced that Dennis Lynch, currently chairman of the board at Cardtronics, will be the newest member of Fiserv’s board of directors.

In addition to his role at Cardtronics, Lynch serves as the director of the Secure Remote Payments Council; he once served as the organization’s chairman. The SRPC is an industry organization designed to promote the growth, development and market adoption of technologies that ensure secure mobile and e-commerce payments.

“Dennis brings significant financial services and payments experience to our Board,” commented Donald F. Dillon, Chairman of the Board of Directors, Fiserv. “We expect that his knowledge and insights will enhance our strategic position, and support our focus on providing technology solutions to an evolving market.”

Lynch previously served as chairman and CEO of RightPath Payments between 2005 and 2008, and he worked as president and CEO of NYCE from 1996 to 2004. Lynch was a founding director of the YANKEE24 ATM Network in New England and served on the board of directors for Open Solutions from 2005 to 2007.

In Q1 of 2012, Fiserv’s revenue rose 5.7 percent to $1.1 billion, and its income rose 18 percent to $132 million. During Q1, Fiserv signed 78 electronic bill payment clients, 59 debit clients and 93 person-to-person clients.

Fiserv also combined its two person-to-person payment offerings, Popmoney and ZashPay, under the Popmoney umbrella. All clients will upgrade to the enhanced Popmoney product by mid-2012. These clients include Citibank, PNC Bank, Regions Bank, BBVA Compass (News - Alert) and Fifth Third Bank.

Fiserv will also integrate Popmoney into its CheckFree (News  - Alert) RXP Payment Suite, which is used by 3,600 financial institutions.

Lynch earned both his bachelor’ and master’s degrees from the University of Rhode Island. During his tenure at Cardtronics, the company generated $9.36 for every $1 spent on assets. Its return on stockholder’s equity was 81.6 percent.

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Edited by Rachel Ramsey

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