Daily News: June 24, 2014

Primatics, Fiserv to Offer M&A Loan Accounting to Banks

Primatics Financial announced a partnership with Fiserv. Fiserv and Primatics Financial entered into a joint engineering and services partnership to provide financial institutions secure, Software as a Service (SaaS) solutions for comprehensive loan accounting support for banks doing acquisitions.

The Primatics Evolv Suite is a web-based solution that supports the entire acquisition lifecycle, from the initial bid process and valuation through the close and then ongoing processing, reporting and business intelligence.

“In today’s continually changing and fast-moving regulatory and accounting environment, financial institutions need proven software solutions to comply with the complex regulatory landscape governing M&A and other complex accounting and valuation issues,” explained Eric Wazorko, VP of Alliances at Primatics.

Through integration with Fiserv, Primatics streamlines the difficult data flow process associated with M&A transactions while improving data quality and efficiency within the ongoing monthly accounting process. This partnership will allow Fiserv to deliver an integrated and flexible solution for its customers in need of robust M&A loan accounting support and processing capabilities.

“Fiserv partners with best-in-class vendors to deliver best-of-breed solutions and services to its customers,” said Primatics CEO, Kevin Hesselbirg. “We are pleased to have been selected by Fiserv as their partner of choice given our wealth of experience in M&A loan accounting, having accounted for more than $500 billion in acquired loans across more than 50 banks, including 11 of the 25 largest banks in North America. Our combined goal is to continue to enhance our existing offerings and contribute to the long-term success of our joint customers.”

Fiserv is a global provider of financial services technology.