SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-K

                 Annual Report Pursuant to Section 13 or 15(d)
                   of the Securities and Exchange Act of 1934

                  For the fiscal year ended December 31, 1995
                          Commission file no. 0-14948

                                  FISERV, INC.
                                 -------------
             (Exact name of Registrant as specified in its charter)

                    WISCONSIN                     39-1506125
        --------------------------------      ------------------
        (State or other jurisdiction of        (I.R.S. Employer
          incorporation or organization)      Identification No.)

255 FISERV DRIVE, BROOKFIELD, WISCONSIN             53045
- ----------------------------------------          ----------
(Address of principal executive offices)          (Zip code)

Registrant's telephone number, including area code:  (414) 879-5000

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

                                      NONE
                                     -----
                                (Title of Class)

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:

                          Common Stock, $.01 Par Value
                          ----------------------------
                                (Title of Class)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.  Yes(X) No

State the aggregate market value of the voting stock held by non-affiliates of
the registrant as of January 31, 1996:  $1,212,102,441

Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of January 31, 1996:  44,892,683

DOCUMENTS INCORPORATED BY REFERENCE:  List the following documents if
incorporated by reference and the part of the Form 10-K into which the document
is incorporated:  (1) Any annual report to security holders; (2) any proxy or
information statement; and (3) any prospectus filed pursuant to Rule 424(b) or
(c) under the Securities Act of 1933.
1995 Annual Report to Shareholders - Parts II, IV
Proxy Statement for March 21, 1996 Meeting - Part III

<PAGE>


                         FISERV, INC. AND SUBSIDIARIES
                                   FORM 10-K
                               December 31, 1995


PART I                                                                Page


Item 1.   Business                                                    1


Item 2.   Properties                                                  10


Item 3.   Legal Proceedings                                           11


Item 4.   Submission of Matters to a Vote of Security Holders         11


PART II


Item 5.   Market for the Registrant's Common Equity and
          Related Shareholder Matters                                 11


Item 6.   Selected Financial Data                                     11


Item 7.   Management's Discussion and Analysis of
          Financial Condition and Results of Operations               11


Item 8.   Financial Statements and Supplementary Data                 11


Item 9.   Changes in and Disagreements with
          Accountants on Accounting and Financial Disclosure          11


PART III


Item 10.  Directors and Executive Officers of the Registrant          12


Item 11.  Executive Compensation                                      12


Item 12.  Security Ownership of Certain Beneficial Owners
          and Management                                              12


Item 13.  Certain Relationships and Related Transactions              12


PART IV


Item 14.  Exhibits, Financial Statement Schedules and
          Reports on Form 8-K                                         12

<PAGE>


                         ==============================


                                     PART I

                         ==============================



ITEM 1.  BUSINESS

     Fiserv was formed on July 31, 1984, through the combination of two major
regional data processing firms located in Milwaukee, Wisconsin, and Tampa,
Florida.  These firms--First Data Processing of Milwaukee and Sunshine State
Systems of Tampa--began their operations in 1964 and 1971, respectively, as the
data processing operations of their parent financial institutions.
Historically, operations were expanded by developing a range of services for
these parent organizations as well as other financial institutions.
     Since its organization in 1984, the Company has grown through the
continuing development of highly-specialized services and product enhancements,
the addition of new clients and the acquisition of firms complementing the
Fiserv organization.

BUSINESS RESOURCES

     Fiserv conducts the following operations nationwide:  financial data
processing, software system development, item processing and check imaging,
multiple technology support and related product businesses.  In addition, the
Company has business support centers in London, England, and Singapore.  The
Fiserv organization, headquartered in Brookfield, Wisconsin, is prepared to meet
the variety of information technology and related product and service needs of
the financial industry.
     The SAVINGS & COMMUNITY BANK GROUP provides service bureau processing and
resource management services for savings institutions and community bank clients
and item processing services for all Fiserv clients nationwide.  Business units
within the Savings & Community Bank Group are arranged by regional markets as
follows:
     Western Region locations:  Phoenix, Arizona; Alameda, Fresno, Fullerton,
Sacramento, San Diego, San Leandro and Walnut, California; Seattle, Washington.
     Southwest Region locations:  Little Rock, Arkansas; Los Angeles,
California; Denver, Colorado; Bowling Green, Kentucky; New Orleans, Louisiana;
Amarillo (Facilities Management site), Beaumont, Dallas, Houston and San
Antonio, Texas.
     Midwest Region locations: Minneapolis and St. Paul, Minnesota; Fargo, North
Dakota.
     Central Region locations:  Chicago, Marion and Pontiac, Illinois; Davenport
and Des Moines, Iowa; Brookfield and Milwaukee, Wisconsin.
     Eastern Region locations:  Jacksonville, Miami and Tampa, Florida; Atlanta
and Macon, Georgia; Pittsburgh, Pennsylvania; Memphis, Tennessee.
     Northeast Region locations:  New Haven, Connecticut; Boston and Somerville,
Massachusetts; Piscataway and Princeton, New Jersey; Lake Success, New York;
Cleveland, Ohio.
     New York Chase alliance locations:  Brooklyn, Rochester and Syracuse, New
York.
     The BANK & CREDIT UNION GROUP includes Fiserv sectors and business units
that provide service bureau processing, in-house software systems and strategic
outsourcing for national and international bank, mortgage bank and credit union
clients.  The Bank & Credit Union Group includes the following:
     CBS Worldwide Sector with business units in Fresno, California; Orlando,
Florida; Arlington Heights, Illinois; London, England; Singapore.
     Financial Institutions Outsourcing Sector with business units in Covina and
Fresno, California; Honolulu, Hawaii; Arlington Heights, Illinois; Oklahoma
City, Oklahoma; Philadelphia and Pittsburgh, Pennsylvania.
     Credit Union Sector with business units in Titusville, Florida; Chicago,
Illinois; Flint and Troy, Michigan; Minneapolis, Minnesota; Corvallis, Oregon.
     Additional business units within the Bank & Credit Union Group include
BankLink cash management services (New York, New York); Data-Link Systems
mortgage banking services (South Bend, Indiana); Outsourcing & Government
Services; Fiserv EFT electronic funds transfer services (Portland, Oregon).
     The INDUSTRY PRODUCTS & SERVICES GROUP includes all Fiserv product and
service company businesses marketing to clients within the Fiserv Corporate
Groups, as well as marketing direct to clients within the financial, healthcare,
insurance, retail, telecommunications and related industries.

     The Industry Products & Services Group includes Cadre, Inc. disaster
recovery services (Hartford, Connecticut); Communications Design marketing
services (Sacramento, California); DataPro Card Services (Indianapolis,
Indiana); Fiserv Forms & Graphics (Seattle, Washington); Fiserv Human Resource
Information Services (Melville, New York); ImageSoft Technologies (Maitland,
Florida); National Embossing Company card services (Houston, Texas); RECOM
network consulting (Tampa, Florida); Sendero Corporation asset/liability
management and decision support systems (Scottsdale, Arizona).
     Fiserv is active in the servicing, administration and record keeping for
Individual Retirement Accounts (IRAs) and business retirement plans.  Three
subsidiary companies provide retirement plan processing services--FIRST TRUST
CORPORATION, LINCOLN TRUST COMPANY and THE AFFINITY GROUP, all headquartered in
Denver, Colorado.  The Affinity Group also does business in Florida as
Retirement Accounts, Inc.  Cumulatively, these Fiserv subsidiaries service
approximately 331,900 retirement plans and custodial accounts with assets valued
at more than $16.8 billion.
     INFORMATION TECHNOLOGY, INC. (ITI) is a Fiserv subsidiary company based in
Lincoln, Nebraska.  ITI is a nationwide leader in the design, development,
delivery, installation and support of the ITI Premier banking software and
related services.  The ITI product serves financial institutions directly
through in-house software licenses, and indirectly through outsourcing providers
using ITI software.

BUSINESS STRATEGY

     The market for products and services offered by financial institutions
continues to undergo change.  New alternative lending and investment products
are being introduced and implemented by the industry with great frequency; the
distinctions among financial services traditionally offered by savings and loan
associations, banks and credit unions continue to narrow; and financial
institutions diversify and consolidate on an ongoing basis in response to market
pressures, as well as under the auspices of the Federal Deposit Insurance
Corporation (FDIC) and the Credit Union National Association (CUNA).
     Although such market changes have led to consolidations which have reduced
the number of financial institutions in the United States, such consolidations
have not resulted in a material reduction of the number of customer accounts
serviced by the financial industry as a whole.  New entrants to the once limited
financial services industry have opened new markets for Fiserv services.
     To stay competitive in this changing marketplace, financial institutions
are finding they must aggressively meet the growing needs of their customers for
a broad variety of new products and services that are typically transaction-
oriented and fee-based.  The growing volume and types of transactions and
accounts have increased the data processing requirements of these institutions.
As a consequence, Fiserv management believes that the financial services
industry has become one of the largest users of data processing products and
services within the United States.
     Moreover, Fiserv expects that the industry will continue to require
significant commitments of capital and human resources to the information
systems requirements, to require application of more specialized systems, and to
require development, maintenance and enhancement of applications software.
Fiserv believes that economies of scale in data processing operations are
essential to justify the required level of expenditures and commitment of human
resources.
     In response to these market dynamics, the means by which financial
institutions obtain data processing services has changed.  Many smaller, local
and regional third-party data processors are leaving the business or
consolidating with larger providers.  A number of large financial institutions
previously providing third-party processing services for other institutions have
withdrawn from the business to concentrate on their primary, core businesses.
Similarly, an increasing number of financial institutions that previously
developed their own software systems and maintained their own data processing
operations have outsourced their data processing requirements by licensing their
software from a third party or by contracting with third-party processors to
reduce costs and enhance their products and services.  Outsourcing can involve
simply the licensing of software, thereby eliminating the costly technical
expertise within the financial institution, or the utilization of service
bureaus, facilities management or resource management capability.  Fiserv
provides all of these options to the financial industry.
     To capitalize on these industry trends and to become the premier national
provider of data processing products and services, Fiserv has implemented a
strategy of continuing to develop new products, improving the cost effectiveness
of services provided to clients, aggressively soliciting new clients and making
both opportunistic and strategic acquisitions.


<TABLE>
ACQUISITION HISTORY
<CAPTION>
Founded Acquired    Business                                                Service
- ------- --------    --------                                                -------
<S>     <C>         <C>                                                     <C>
1964    July 1984   First Data Processing, Milwaukee, WI                    Data processing
1971    July 1984   Sunshine State Systems, Tampa, FL                       Data processing
1966    Nov. 1984   San Antonio, Inc., San Antonio, TX                      Data processing

1982    Oct. 1985   Sendero Corporation, Scottsdale, AZ                     Asset/liability management
1962    Oct. 1985   First Trust Corporation, Denver, CO                     DP for retirement planning
1962    Oct. 1985   First Retirement Marketing, Denver, CO                  Retirement planning services

1973    Jan. 1986   On-Line, Inc., Seattle, WA                              Data processing, forms
1966    May  1986   First City Financial Systems, Inc., Beaumont, TX        Data processing

1962    Feb. 1987   Pamico, Inc., Milwaukee, WI                             Specialized forms
1975    Apr. 1987   Midwest Commerce Data Corp., Elkhart, IN                Data processing
1969    Apr. 1987   Fidelity Financial Services, Inc., Spokane, WA          Data processing
1965    Oct. 1987   Capbanc Computer Corporation, Baton Rouge, LA           Data processing

1971    Feb. 1988   Minnesota On-Line Inc., Minneapolis, MN                 Data processing
1965    May  1988   Citizens Financial Corporation, Cleveland, OH           Data processing
1980    May  1988   ZFC Electronic Data Services, Inc., Bowling Green, KY   Data processing
1969    June 1988   GESCO Corporation, Fresno, CA                           Data processing
1967    Nov. 1988   Valley Federal Data Services, Los Angeles, CA           Data processing
1984    Dec. 1988   Northeast Savings Data Services, Hartford, CT           Data processing

1982    May  1989   Triad Software Network, Ltd., Chicago, IL               Data processing
1969    Aug. 1989   Northeast Datacom, Inc., New Haven, CT                  Data processing

1978    Feb. 1990   Financial Accounting Services Inc., Pittsburgh, PA      Data processing
1974    June 1990   Accurate Data On Line, Inc., Titusville, FL             Data processing
1982    June 1990   GTE EFT Services Money Network, Fresno, CA              EFT networks
1968    July 1990   First Interstate Management, Milwaukee, WI              Data processing
1982    Oct. 1990   GTE ATM Networks, Fresno, CA                            EFT networks
1867    Nov. 1990   Boston Safe Deposit & Trust Co. IP Services, Boston     Item processing
1968    Dec. 1990   First Bank, N.A. IP Services, Milwaukee, WI             Item processing

1979    Apr. 1991   Citicorp Information Resources, Inc., Stamford, CT      Data processing
1980    Apr. 1991   BMS Processing, Inc., Randolph, MA                      Item processing
1979    May  1991   FHLB of Dallas IP Services, Dallas, TX                  Item processing
1980    Nov. 1991   FHLB of Chicago IP Services, Chicago, IL                Item processing

1977    Feb. 1992   Data Holdings, Inc., Indianapolis, IN                   Automated card services
1980    Feb. 1992   BMS On-Line Services, Inc. (assets), Randolph, MA       Data processing
1982    Mar. 1992   First American Information Services, St. Paul, MN       Data processing
1981    July 1992   Cadre, Inc., Avon, CT                                   Disaster recovery
1992    July 1992   Performance Analysis, Inc., Cincinnati, OH              Asset/liability management
1986    Oct. 1992   Chase Manhattan Bank, REALM Software, NY                Asset/liability management
1984    Dec. 1992   Dakota Data Processing, Inc., Fargo, ND                 Data processing
1983    Dec. 1992   Banking Group Services, Inc., Somerville, MA            Item processing

1968    Feb. 1993   Basis Information Technologies, Atlanta, GA             Data processing, EFT
1986    Mar. 1993   IPC  Service Corporation (assets), Denver, CO           Item processing
1973    May  1993   EDS' FHLB Seattle (assets), Seattle, WA                 Item processing
1982    June 1993   Datatronix Financial Services, San Diego, CA            Item processing
1966    July 1993   Data Line Service, Covina, CA                           Data processing
1978    Nov. 1993   Financial Processors, Inc., Miami, FL                   Data processing
1974    Nov. 1993   Financial Data Systems, Jacksonville, FL                Item processing
1961    Nov. 1993   Financial Institutions Outsourcing, Pittsburgh, PA      Data processing
1972    Nov. 1993   Data-Link Systems, South Bend, IN                       Mortgage banking services

1985    Apr. 1994   National Embossing Company, Inc., Houston, TX           Automated card services
1962    May  1994   Boatmen's Information Systems of Iowa, Des Moines       Data processing
1981    Aug. 1994   FHLB of Atlanta IP Services, Atlanta, GA                Item processing
1989    Nov. 1994   CBIS Imaging Technology Banking Unit, Maitland, FL      Imaging technology
1987    Dec. 1994   RECOM Associates, Inc., Tampa, FL                       Network integration

1977    Feb. 1995   BankLink, Inc., New York, NY                            Cash management
1976    May  1995   Information Technology, Inc., Lincoln, NE               Software & Services
1957    Aug. 1995   Lincoln Holdings, Inc., Denver, CO                      DP for retirement planning
1993    Sept. 1995  SRS, Inc., Austin, TX                                   Data processing
1992    Sept. 1995  ALLTEL's Document Management Services, CA, NJ           Item processing
1978    Nov. 1995   Financial Information Trust, Des Moines, IA             Data processing
</TABLE>


SYSTEMS, SERVICES AND PRODUCTS

     No matter what a financial institution requires, Fiserv offers a business-
specific solution to satisfy its needs--from data processing to specialized in-
house processing systems to customized outsourcing. Within this dynamic
relationship, Fiserv brings the resources, expertise and technical
specialization that gives an institution the security to focus its efforts on
reaching its strategic business goals.
     All Fiserv products and services are designed to help clients meet their
ultimate goal:  giving their customers the best possible service quickly,
accurately and completely.  Through their relationship with Fiserv, financial
institutions gain the tools to enhance and expand their customer service:
advanced technology, dependable and responsive support, product and system
flexibility, and value for their money.
     As a technology partner, Fiserv offers data processing solutions based on
the financial institution's requirements.  This broad base of offerings results
in delivery options including service bureau capabilities; in-house software
systems; and strategic technology alliances including facilities and resource
management services.  A host of financial information technology products and
services complement these delivery methods: item processing and imaging
technology services; backroom automation software systems; electronic funds
transfer services; plastic cards and other related card management services;
rate risk management systems; self-directed retirement plan processing; network
installation and integration services; human resources outsourcing; disaster
recovery; design and production of business forms and marketing literature; and
delivery and support of leading third-party software and hardware products.

COMPREHENSIVE SERVICE DIMENSION

     Fiserv focuses on providing financial data processing systems and related
information management services and products to banks, credit unions, mortgage
banks, savings institutions and other financial intermediaries.  This focus
allows the Company to concentrate its advanced technology, industry experience,
research and development on creating and supporting solutions uniquely designed
for the financial industry.  Based on market surveys of total clients served,
Fiserv is the nation's leading independent data processing provider for banks,
savings institutions and credit unions with assets over $25 million.
     Many financial institutions, including banks, credit unions, mortgage banks
and savings institutions, rely on Fiserv data center service bureau solutions
for their information processing needs.  These solutions offer clients a choice
of online systems compatible with their existing equipment.  Fiserv data centers
focus on the financial institution's needs within its local business climate,
helping to better serve the customer base and provide quality service at all
points of customer contact.

     In-house software systems give clients a service delivery method that
enables them to process their own work.  These solutions offer clients a broad
array of service capabilities to respond to emerging market opportunities.
Specific to this Fiserv solution is the option of migrating between in-house or
service bureau delivery approaches without new software conversion.  The end
result:  a business alliance designed to help financial institutions respond to
their customers while enabling each institution to select its preferred
operating environment.
     Strategic technology alliances offer financial institutions the option of
full data processing management by Fiserv personnel on-site; or management of
their systems at a Fiserv data center.  Facilities Management brings Fiserv
personnel to the client's site, while Resource Management brings the client's
operations to one of the many Fiserv data processing or computer service centers
throughout the United States.  Both solutions are designed to meet the unique
requirements of the client by partnering to minimize operating costs while
allowing each client to maintain control of its software applications.
     For institutions seeking to expand or enhance their mortgage banking
capabilities, Fiserv offers a specialized line of mortgage products and
services.  The benefits of completely PC WindowsTM-based origination and
secondary marketing solutions and online, real-time loan servicing solutions are
available to help clients effectively meet their mortgage banking needs.
     Offering comprehensive item processing (IP) services to more financial
institutions than any other external provider, Fiserv maintains a network of
specialized, regional processing centers in more than 30 cities.  In a field
where efficiencies are gained through volume, Fiserv is well positioned to
leverage its resources and technological expertise for the benefit of IP
services clients nationwide.  Other item processing services include:  proof of
deposit, inclearing, statement rendering, bulkfile, lockbox, item research,
overdraft processing, qualified returns and return items, cash letter deposit,
fine sorting, account reconcilement and adjustments.
     A growing trend in check operations is the use of imaging technology.
Fiserv offers a full range of image integration products and services.  Included
are image and document management systems for management, storage and
presentation of check and document images.

     Fiserv is among the nation's leading third-party providers of electronic
funds transfer (EFT) services, providing transaction authorization,
comprehensive Automated Teller  Machine / Point of Sale (ATM / POS) processing
and card management services.  Product flexibility and current technology,
coupled with access to all major EFT services networks, helps to keep Fiserv
clients competitive.
     As a leading systems integrator, Fiserv creates joint ventures that combine
core competencies in hardware, software, functional application systems,
networks, data management and end-user computing, along with dedicated human
resources.  In addition, Fiserv complements its service offerings through
numerous strategic alliances with specialized third-party technology providers.
     As a worldwide provider of financial decision-support systems, Fiserv
offers asset/liability management, data warehousing and performance measurement
solutions.  Consulting services help to analyze, enhance and expedite the total
financial management process.
     Office automation and communication network integration services are
designed to meet specialized information technology needs.  Included are
hardware and software installation, maintenance, on-site education and support
for financial institutions.
     For cash management services, Fiserv offers a variety of software products
that take into account an institution's particular needs.  This portfolio of
cash management solutions includes electronic banking information, reporting and
transaction initiation services.
     Fiserv backroom automation systems provide PC-based productivity tools that
deliver the software, service and support necessary to meet the customer service
challenges facing the financial industry.  The systems are designed to
streamline backroom operations by reducing time, keystrokes and labor.
     A full range of human resource, benefit and payroll information services
are available through Fiserv to help large organizations enhance their personnel
management tasks.  Marketing communications and a comprehensive financial
business forms service, including communications needs analysis and complete
project management, provide assistance at all levels of planning and
implementation.  Concept, development and design of printed pieces, ranging from
direct mail and collateral material to annual reports, assist clients in
communicating with their customer base.  To meet the requirements of examining
agencies, business back-up and disaster recovery planning and services are
important elements in continuous customer service.

     First Trust Corporation and Lincoln Trust Company, specialized providers of
account processing, administration and trusteeship of self-directed individual
and business retirement plans, are together the largest provider of their kind
in the nation.  Based in Denver, Colorado, these Fiserv companies specifically
assist financial representatives and other financial service intermediaries in
managing information through their proprietary data base technology.

SERVICING THE MARKET

     The market for Fiserv data processing services and products has specific
needs and requirements, with strong emphasis placed by clients on software
flexibility, product quality, reliability of service, comprehensiveness and
integration of product line, timely introduction of new products and features,
and cost value.  Through its multiple product offerings, the Company
successfully services these market needs for clients ranging in size from start-
ups to some of the largest institutions worldwide.
     Fiserv believes that the position it holds as an independent, growth-
oriented company dedicated to its business is an advantage to its clients.  The
Company differs from many of the data processing resources currently available
since it isn't a regional or local cooperatively-owned organization, nor a data
processing subsidiary, an affiliate of a financial institution or a hardware
vendor.  Due to the economies of scale gained through its broad market presence,
Fiserv offers clients a selection of data processing solutions designed to meet
the specific needs of financial institutions.
     The Company believes this independence and primary focus on the financial
industry helps its business development and related Client Service and Product
Support teams remain responsive to the data processing needs of its market, now
and for the future.
     "The Client Comes First" is one of the Company's founding principles.  It's
a belief backed by a dedication to providing ongoing client service and support-
- -no matter the institution size.  The Fiserv Client Support and Account
Management staff is responsible for the day-to-day interface with the operations
of clients.
     The Company's commitment of substantial resources to training and technical
support helps keep Fiserv clients first.  Fiserv conducts the majority of its
new and ongoing client training in its data centers, where the Company maintains
fully-equipped demonstration and training facilities containing equipment used
in the delivery of Fiserv services.  Fiserv also provides local and on-site
training services.

PRODUCT DEVELOPMENT

     In order to meet the changing data processing needs of the financial
institutions served by Fiserv, the Company continually develops, maintains and
enhances its systems.  Resources applied to product development and maintenance
are believed to be approximately 10% of company revenues, about half of which is
dedicated to software development.
     Unique to Fiserv, its network of development and data processing centers
applies the shared expertise of multiple Fiserv teams to design, develop and
maintain specialized processing systems around the leading technology platforms.
The applications of its account processing systems meet the preferences and
diverse requirements of the various international, national, regional or local
market-specific financial service environments of the Company's many clients.
     Though all Fiserv centers rely on the Company's nationally developed and
supported software, each center has specialized capabilities that enable them to
offer system application features and functions unique to their client base.
Where the client's requirements warrant, Fiserv purchases software programs from
third parties which are interfaced with existing Fiserv systems.  In developing
its products, Fiserv stresses responsiveness to the needs of its clients through
close client contact.
     Fiserv provides a dedicated system designed, developed, maintained and
enhanced according to each client's goals for service quality, business
development, asset/liability mix, local-market positioning and other user-
defined parameters.


COMPETITION

     The market for data processing services to banks, credit unions and savings
institutions is highly competitive.  The Company's principal competitors include
internal data processing departments, data processing affiliates of financial
institutions or large computer hardware manufacturers, independent computer
service firms and processing centers owned and operated as user cooperatives.
Fiserv competitors include EDS, M&I, Bisys, ALLTEL, ISSC (IBM), Symitar and
various regional firms.  Certain of these competitors possess substantially
greater financial, sales and marketing resources than the Company.  Competition
from in-house data processing and software departments is intensified by the
efforts of computer hardware vendors who encourage the growth of internal data
centers.
     Competitive factors for processing services include product quality,
reliability of service, comprehensiveness and integration of product line,
timely introduction of new products and features, and price.  The Company
believes that it competes favorably in each of these categories.  In addition,
the Company believes that its position as an independent vendor, rather than as
a cooperative, an affiliate of a financial institution or a hardware vendor, is
a competitive advantage.
     First Trust and Lincoln Trust compete with a number of large and small
providers of retirement plan administration services.

GOVERNMENT REGULATION

     The Company's data processing subsidiaries are not themselves directly
subject to federal or state regulations specifically applicable to financial
institutions such as banks, thrifts and credit unions.  As a provider of
services to these entities, however, the data processing operations are observed
from time to time by the Federal Deposit Insurance Corporation, the National
Credit Union Association, the Office of Thrift Supervision, the Office of the
Comptroller of the Currency and various state regulatory authorities.  These
regulators make certain recommendations to the Company regarding various aspects
of its data processing operations.  Such recommendations are generally
implemented by the Company.  In addition, the Company's operations are reviewed
annually by an independent auditor to provide required internal control
evaluations for its clients' auditors and regulators.
     As trust companies under Colorado law, First Trust and Lincoln Trust are
subject to the regulations of the Colorado Division of Banking.  First Trust and
Lincoln Trust historically have complied with such regulations and, although no
assurance can be given, the Company believes First Trust and Lincoln Trust will
continue to be able to comply with such regulations.  Commencing in 1991, First
Trust received approval of its application for Federal Deposit Insurance
Corporation coverage of its customer deposits.

EMPLOYEES

     Fiserv employs 8,222 specialists throughout the United States and worldwide
in its information management centers and related product and service companies.
This service support network includes employees with backgrounds in computer
science and the financial industry, often complemented by management and other
direct experience in banks, credit unions, mortgage firms, savings and other
financial institution business environments.
     Fiserv employees provide expertise in sales and marketing; account
management and client services; computer operations, network control and
technical support; programming, software development, modification and
maintenance; conversions and client training; and related support services.
     Fiserv employees are not represented by a union, and there have been no
work stoppages, strikes or organizational attempts.  The service nature of the
Fiserv business makes its employees an important corporate asset, and while the
market for qualified personnel is competitive, the Company does not experience
difficulty with hiring or retaining its staff of top industry professionals.  In
assessing companies to acquire, the quality and stability of the prospective
Company's staff are emphasized.
     Management attributes its ability to attract and keep quality employees to,
among other things, the Company's growth and dedication to state-of-the-art
software development tools and hardware technologies.



I
TEM 2.  PROPERTIES

     Fiserv currently operates full-service data centers, software system
development centers, and item processing and back-office support centers in 66
cities (64 in the United States):  Phoenix and Scottsdale, Arizona; Little Rock,
Arkansas; Alameda, Covina, Fresno, Fullerton, Los Angeles, Sacramento, San
Leandro, San Diego and Walnut, California; Denver, Colorado; Hartford, New Haven
and Stamford, Connecticut; Jacksonville, Maitland, Miami, Orlando, Tampa and
Titusville, Florida; Atlanta and Macon, Georgia; Honolulu, Hawaii; Arlington
Heights, Chicago, Marion and Pontiac, Illinois;  Indianapolis and South Bend,
Indiana; Davenport and Des Moines, Iowa; Bowling Green, Kentucky; New Orleans,
Louisiana; Boston and Somerville, Massachusetts; Flint and Troy, Michigan;
Minneapolis and St. Paul, Minnesota; Fargo, North Dakota; Piscataway and
Princeton, New Jersey; Brooklyn, Long Island (Lake Success), Melville, Rochester
and Syracuse, New York; Lincoln, Nebraska; Cleveland, Ohio; Oklahoma City,
Oklahoma; Corvallis and Portland, Oregon; Philadelphia and Pittsburgh,
Pennsylvania; Memphis, Tennessee; Dallas, Beaumont, Houston and San Antonio,
Texas; Seattle, Washington; and Brookfield and Milwaukee, Wisconsin.
International business centers are located in London, England, and Singapore.
The Company owns facilities in Brookfield, Corvallis, Fresno, Hartford, Lincoln
and Titusville; all other buildings in which centers are located are subject to
leases expiring through 1998 and beyond.  The Company owns or leases 128
mainframe computers (Data General, Digital, Hewlett Packard, IBM, NCR and
Unisys).  In addition, the Company maintains its own national data communication
network consisting of communications processors and leased lines.
     Fiserv believes its facilities and equipment are generally well maintained
and are in good operating condition.  The Company believes that the computer
equipment it owns and its various facilities are adequate for its present and
foreseeable business.  Fiserv periodically upgrades its mainframe capability as

needed.  Fiserv contracts with multiple sites to provide processing backup in
the event of a disaster and maintains duplicate tapes of data collected and
software used in its business in locations away from the Company's facilities.
     Fiserv regards its software as proprietary and utilizes a combination of
trade secrecy law, internal security practices and employee non-disclosure
agreements for protection.  The Company has not patented or registered the
copyrights on its software.  The Company believes that legal protection of its
software, while important, is less significant than the knowledge and experience
of the Company's management and personnel and their ability to develop, enhance
and market new products and services.  The Company believes that it holds all
proprietary rights necessary for the conduct of its business.


ITEM 3.  LEGAL PROCEEDINGS

     In the normal course of business, the Company and its subsidiaries are
named as defendants in various lawsuits in which claims are asserted against the
Company.  In the opinion of management, the liabilities, if any, which may
ultimately result from such lawsuits are not expected to have a material adverse
effect on the financial statements of the Company.


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     During the fourth quarter of the fiscal year covered by this report, no
matter was submitted to a vote of security holders of the Company.


                         ==============================


                                    PART II

                         ==============================


     Pursuant to Instruction G(2) for Form 10-K, the information required in

ITEMS 5 THROUGH 8 is incorporated by reference from the Company's annual report
to shareholders, included in this Form 10-K - Annual Report as Exhibit 13.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

     Not applicable.


                         ==============================


                                    PART III

                         ==============================




     Pursuant to Instruction G(3) to Form 10-K, the information required in

ITEMS 10 THROUGH 13 is incorporated by reference from the Company's definitive
proxy statement which is expected to be filed pursuant to Regulation 14A on or
before February 27, 1996, and included in this Form 10-K Annual Report as
Exhibit 28.

                         ==============================


                                    PART IV

                         ==============================



ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a) (1) Financial Statements:

     The consolidated financial statements of the companies as of December 31,
1995 and 1994 and for each of the three years in the period ending December 31,
1995, together with the report thereon of Deloitte & Touche LLP, dated February
2, 1996, appear on pages 26 through 38 of the Company's annual report to
shareholders, Exhibit 13 to this Form 10-K - Annual Report, and are incorporated
herein by reference.

(a) (2)  Financial Statement Schedules:

     All financial statement schedules are omitted for the reason that they are
either not applicable or not required or because the information required is
contained in the consolidated financial statements or notes thereto.

(b) Reports on Form 8-K:

     During 1995, the Company filed two reports on Form 8-K, one dated May 17,
1995, relating to the acquisition of Information Technology, Inc. and the other
dated August 11, 1995, relating to the acquisition of Lincoln Holdings, Inc.

(c)  Exhibits:

     2.1   Stock Purchase Agreement, dated as of April 6, 1995, by and between
           FIserv, Inc. and Information Technology, Inc. (filed as Exhibit 2.1
           to the Company's Registration Statement on Form S-3, File No. 33-
           58709, and incorporated herein by reference).

     3.1   Articles of Incorporation, as amended (filed as Exhibit 3.1 to the
           Company's Registration Statement on Form S-4, File No. 33-62870, and
           incorporated herein by reference).

     3.2   By-laws, (filed as Exhibit 3.2 to the Company's Registration
           Statement on Form S-4, File No. 33-62870, and incorporated herein by
           reference).

     4.1   Credit Agreement dated as of May 17, 1995, by and among Fiserv, Inc.,
           the Lenders Party Hereto, First Bank National Association, as Co-
           Agent and The Bank of New York, as Agent.  (Not being filed herewith,
           but will be provided to the Commission upon its request, pursuant to
           Item 601(b) (4) (iii) (A) of Regulation S-K.)


     4.2   Note Purchase Agreement dated as of March 15, 1991, as amended, among
           Fiserv, Inc., Aid Association for Lutherans, Northwestern National
           Life Insurance Company, Northern Life Insurance Company and The North
           Atlantic Life Insurance Company of America.  (Not being filed
           herewith, but will be provided to the Commission upon its request,
           pursuant to Item 601(b) (4) (iii) (A) of Regulation S-K.)

     4.3   Note Purchase Agreement dated as of April 30, 1990, as amended, among
           Fiserv, Inc. and Teachers Insurance and Annuity Association of
           America.  (Not being filed herewith, but will be provided to the
           Commission upon its request, pursuant to Item 601(b) (4) (iii) (A) of
           Regulation S-K.)

     4.4   Note Purchase Agreement dated as of May 17, 1995, as amended, among
           FIserv, Inc., Teachers Insurance and Annuity Association of America,
           Massachusetts Mutual Life Insurance Company, Aid Association for
           Lutherans, Northern Life Insurance Company and Northwestern National
           Life Insurance Company.  (Not being filed herewith, but will be
           provided to the Commission upon its request, pursuant to Item 601(b)
           (4) (iii) (A) of Regulation S-K.)

     10.   Material contracts.

     10.1  Stock Purchase Agreement, dated as of December 31, 1992, by and
           between Fiserv, Inc. and First Financial Management Corporation, as
           amended by Amendment dated as of February 10, 1993, included in the
           Company's Current Report on Form 8-K, dated February 10, 1993, and
           incorporated herein by reference.

     10.2  Stock and Asset Purchase Agreement, dated as of July 30, 1993, as
           amended, by and between Mellon Bank Corporation, Mellon Bank, N.A.,
           Mellon Financial Services Corporation #1 and Vertical Technologies,
           Inc., as Sellers, and Fiserv, Inc., as Purchaser, included in the
           Company's Annual Report on Form 10-K, dated February 28, 1994, and
           incorporated herein by reference.

     11.   Computation of Shares Used in Computing Earnings per Share.

     13.   The 1995 Annual Report to Shareholders.

     21.   List of Subsidiaries of the Registrant.

     23.   Manually signed Consent of Independent Auditors.

     28.   The Company's definitive proxy statement for the 1996 annual meeting
           of shareholders to be held on March 21, 1996, to be filed pursuant to
           Regulation 14A under the Securities and Exchange Act of 1934.

<PAGE>




SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this Report to be signed on its
behalf by the undersigned, thereunto duly authorized.

Dated:  February 27, 1996
FISERV, INC.

By /S/ GEORGE D. DALTON
   ------------------------
   George D. Dalton
   (Chairman of the Board)

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report
has been signed below by the following person on behalf of the registrant and in
the capacities indicated on February 27, 1996.

SIGNATURE                   CAPACITY

/S/ George D. Dalton
- ------------------------
George D. Dalton            Chairman of the Board, Chief Executive Officer

/S/ Leslie M. Muma
- ------------------------
Leslie M. Muma              Vice Chairman of the Board, President,
                            Chief Operating Officer
/S/ Donald F. Dillon
- ------------------------
Donald F. Dillon            Vice Chairman of the Board,
                            President - Information Technology, Inc.
/S/ Kenneth R. Jensen
- ------------------------
Kenneth R. Jensen           Senior Executive Vice President, Chief Financial
                            Officer, Treasurer, Director
/S/ Bruce K. Anderson
- ------------------------
Bruce K. Anderson           Director

/S/ Gerald J. Levy
- ------------------------
Gerald J. Levy              Director

/S/ L. William Seidman
- ------------------------
L. William Seidman          Director

/S/ Thekla R. Shackelford
- ------------------------
Thekla R. Shackelford       Director

/S/ Roland D. Sullivan
- ------------------------
Roland D. Sullivan          Director





                                   EXHIBIT 11



      COMPUTATION OF SHARES USED IN COMPUTING EARNINGS PER SHARE



                                           Year Ended December 31,
                                        1995        1994        1993
                                      ----------  ----------  ----------
Primary:

Weighted Average Shares Outstanding   43,058,000  39,954,000  38,588,000
Common Stock Equivalents                 950,000     781,000     867,000
                                      ----------  ----------  ----------
Shares Used                           44,008,000  40,735,000  39,455,000
                                      ==========  ==========  ==========


Weighted average shares outstanding include for all periods approximately
881,000 shares issued in 1995 in connection with the acquisition of Lincoln
Holdings, Inc., accounted for as a pooling of interests.

Fully diluted earnings per share are essentially the same as primary earnings
per share for all periods presented.






Exhibit 21  Subsidiaries of the Registrant

                                                        State of
Name under which Subsidiary does Business            Incorporation

Accurate Data On-Line Corp.                       Florida
Aspen Investment Alliance, Inc.                   Colorado
BMS On-Line Services, Inc.                        Maine
BMS Management Services, Inc.                     Maine
BankLink, Inc.                                    New York
Cadre, Inc.                                       Connecticut
Data Link Systems, Inc.                           Indiana
FIserv Atlanta, Inc.                              Georgia
FIserv Basis, Inc.                                Georgia
FIserv Boston, Inc.                               Massachusetts
FIserv CIR, Inc.                                  Delaware
Citizens Financial Corporation d/b/a
FIserv Cleveland, Inc.                            Ohio
FIserv Data Pro Card Services, Inc.               Indiana
FIserv Des Moines, Inc.                           Iowa
FIserv EFT, Inc.                                  Oregon
FIserv Federal Systems, Inc.                      Delaware
FIserv Financial Systems, Inc.                    Texas
FIserv Financial Systems of Florida, Inc.         Florida
FIserv Fresno, Inc.                               California
FIserv Government Services, Inc.                  Delaware
FIserv Joint Venture, Inc.                        Delaware
FIserv Minneapolis, Inc.                          Minnesota
FIserv New Haven, Inc.                            Connecticut
FIserv Pittsburgh, Inc.                           Pennsylvania
FIserv St. Paul, Inc.                             Minnesota
FIserv San Diego, Inc.                            California
FIserv Seattle, Inc.                              Washington
Fiserv Solutions, Inc.                            Wisconsin
FIserv Spokane, Inc.                              Washington
FIserv Tampa, Inc.                                Florida
FIserv (Europe) Ltd.                              United Kingdom
FIserv (ASPAC) Pte., Ltd.                         Singapore
First Retirement Marketing, Inc.
                  Colorado
First Trust Corporation                           Colorado
Information Technology, Inc.                      Nebraska
Integrated Business Systems                       California
Lincoln Trust Company                             Colorado
Lincoln Retirement Services, Inc.                 California
LT Securities                                     Colorado
National Embossing Company                        Texas
NewFit Co.                                        Iowa
Sendero Corporation                               Arizona
Sendero (ASPAC) Pte. Ltd.                         Singapore
SRS, Inc.                                         Texas
Summit Information Systems Corp.                  Oregon
The Affinity Group, Inc.                          Colorado




INDEPENDENT AUDITORS' CONSENT

We consent to the incorporation by reference in Registration Statement 
No. 33-42088 of FIserv, Inc. on Form S-8 of our report 
dated February 2, 1996, incorporated by reference in the Annual Report on 
Form 10-K of FIserv, Inc. and subsidiaries for the year ended December 31, 1995.

/S/ DELOITTE & TOUCHE LLP

DELOITTE & TOUCHE LLP
Milwaukee, Wisconsin

February 26, 1996






<TABLE> <S> <C>

<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE 1995
ANNUAL REPORT TO SHAREHOLDERS AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH INFORMATION.
</LEGEND>
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1995
<PERIOD-END>                               DEC-31-1995
<CASH>                                          59,743
<SECURITIES>                                   834,286
<RECEIVABLES>                                  154,628
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,209,996
<PP&E>                                         279,088
<DEPRECIATION>                                 130,745
<TOTAL-ASSETS>                               1,885,299
<CURRENT-LIABILITIES>                        1,067,621
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                           449
<OTHER-SE>                                     433,813
<TOTAL-LIABILITY-AND-EQUITY>                 1,885,299
<SALES>                                              0
<TOTAL-REVENUES>                               703,380
<CGS>                                                0
<TOTAL-COSTS>                                  590,621
<OTHER-EXPENSES>                               192,468
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              18,822
<INCOME-PRETAX>                               (98,531)
<INCOME-TAX>                                  (38,668)
<INCOME-CONTINUING>                           (59,863)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (59,863)
<EPS-PRIMARY>                                   (1.36)
<EPS-DILUTED>                                   (1.36)
        

</TABLE>





FISERV, INC. and Subsidiaries
Consolidated statements of operations

Year ended December 31,                     1995          1994         1993

REVENUES                                 $703,380,000  $579,839,000 $467,863,000
                                         ------------  ------------ ------------

COST OF REVENUES:
Salaries, commissions and payroll
  related costs                           330,845,000   281,651,000  223,271,000
Data processing expenses, rentals and
  telecommunication costs                  95,798,000    81,320,000   72,524,000
Other operating expenses                  125,498,000   109,975,000   90,162,000
Depreciation and amortization of
  property and equipment                   38,480,000    31,350,000   22,450,000
Purchased incomplete software
  technology Note 2                       172,970,000
Amortization of intangible assets          25,880,000    10,846,000    9,098,000
Capitalization of internally generated
  computer software-net                   (6,382,000)   (9,599,000)  (7,185,000)
                                         ------------  ------------ ------------
                 Total                    783,089,000   505,543,000  410,320,000
                                         ------------  ------------ ------------

OPERATING INCOME (LOSS)                   (79,709,000)   74,296,000   57,543,000
Interest expense - net                     18,822,000     6,951,000    4,366,000
                                         ------------  ------------ ------------

INCOME (LOSS) BEFORE INCOME TAXES         (98,531,000)   67,345,000   53,177,000
Income tax provision (credit) Note 4      (38,668,000)   26,938,000   20,464,000
                                         ------------  ------------ ------------

NET INCOME (LOSS)                        $(59,863,000) $ 40,407,000 $ 32,713,000
                                         ============  ============ ============
Net income (loss) per common and
  common equivalent share                      $(1.36)       $0.99         $0.83
                                         ============  ============ ============
Shares used in computing net
  income per share                         44,008,000    40,735,000   39,455,000
                                         ============  ============ ============
See notes to consolidated financial statements.


<PAGE>


FISERV, INC. and Subsidiaries
Consolidated balance sheets

December 31,                                       1995               1994

ASSETS

Cash and cash equivalents Note 1               $   59,743,000     $   29,683,000
Accounts receivable                               154,628,000        122,984,000
Prepaid expenses and other assets Note 1           63,893,000         34,760,000
Due on sale of securities                          97,446,000
Investment securities Note 1                      834,286,000      1,041,474,000
Other investments Note 1                           55,748,000         64,777,000
Deferred income taxes Note 4                       39,527,000
Property and equipment-net Note 1                 148,343,000        114,966,000
Internally generated computer software-net         73,863,000         67,820,000
Identifiable intangible assets relating
 to acquisitions-net Note 1                        57,270,000         36,487,000
Goodwill-net                                      300,552,000        148,394,000
                                               --------------     --------------
                   TOTAL                       $1,885,299,000     $1,661,345,000
                                               ==============     ==============
LIABILITIES AND SHAREHOLDERS' EQUITY

Accounts payable                               $   43,948,000     $   22,060,000
Accrued expenses                                   59,614,000         59,742,000
Accrued income taxes                                6,116,000          1,952,000
Deferred revenues                                  40,754,000         10,836,000
Trust account deposits                            917,189,000      1,035,217,000
Long-term debt Note 3                             381,361,000        143,864,000
Other obligations Note 3                            2,055,000          6,152,000
Deferred income taxes Note 4                                          22,800,000
                                               --------------     --------------
TOTAL LIABILITIES                               1,451,037,000      1,302,623,000

COMMITMENTS AND CONTINGENCIES Note 6

SHAREHOLDERS' EQUITY:
Common stock outstanding, 44,887,000 and
 40,038,000 shares, respectively                      449,000            400,000
Additional paid-in capital                        315,800,000        184,748,000
Unrealized gain on investments                     15,268,000         11,054,000
Accumulated earnings                              102,745,000        162,520,000
                                               --------------     --------------
TOTAL SHAREHOLDERS' EQUITY                        434,262,000        358,722,000
                                               --------------     --------------
                   TOTAL                       $1,885,299,000     $1,661,345,000
                                               ==============     ==============


See notes to consolidated financial statements.


<PAGE>

FISERV, INC. and Subsidiaries
Consolidated statements of changes in shareholders' equity


<TABLE>
<CAPTION>
Year ended December 31,                                  1995         1994         1993
<S>                                                  <C>          <C>          <C>
SHARES ISSUED-75,000,000 AUTHORIZED:
  Balance at beginning of year                         40,037,854   39,660,740   22,621,946
  Shares issued in pooling of Lincoln Holdings, Inc.                                880,970
  Sale of common stock                                                            1,403,911
  Shares issued under stock plans-net                     274,615      238,838      201,706
  Shares issued for acquired companies                  4,574,659      138,276    2,354,540
  Stock split -- 3-for-2                                                         12,197,667
                                                     ------------ ------------ ------------
  Balance at end of year                               44,887,128   40,037,854   39,660,740
                                                     ============ ============ ============

COMMON STOCK-PAR VALUE $.01 PER SHARE:
  Balance at beginning of year                       $    400,000 $    397,000 $    226,000
  Shares issued in pooling of Lincoln Holdings, Inc.                                  9,000
  Sale of common stock                                                               14,000
  Shares issued under stock plans-net                       3,000        2,000        2,000
  Shares issued for acquired companies                     46,000        1,000       24,000
  Stock split -- 3-for-2                                                            122,000
                                                     ------------ ------------ ------------
  Balance at end of year                                  449,000      400,000      397,000
                                                     ============ ============ ============

CAPITAL IN EXCESS OF PAR VALUE:
  Balance at beginning of year                        184,748,000  181,223,000  105,842,000
  Acquired in pooling of Lincoln Holdings, Inc.                                     174,000
  Sale of common stock                                                           23,712,000
  Shares issued under stock plans-net                     670,000    2,660,000      324,000
  Income tax reduction arising from the
    exercise of employee stock options                  2,400,000      800,000    1,300,000
  Shares issued for acquired companies                127,982,000       65,000   49,993,000
  Stock split -- 3-for-2                                                           (122,000)
                                                     ------------ ------------ ------------
  Balance at end of year                              315,800,000  184,748,000  181,223,000
                                                     ============ ============ ============

UNREALIZED GAIN ON INVESTMENTS                         15,268,000   11,054,000    9,230,000
                                                     ============ ============ ============
ACCUMULATED EARNINGS:
  Balance at beginning of year                        162,520,000  122,023,000   86,405,000
  Acquired in pooling of Lincoln Holdings, Inc.                                   2,974,000
  Net income (loss)                                   (59,863,000)  40,407,000   32,713,000
  Foreign currency translation adjustment                  88,000       90,000      (69,000)
                                                     ------------ ------------ ------------
  Balance at end of year                              102,745,000  162,520,000  122,023,000
                                                     ============ ============ ============
TOTAL SHAREHOLDERS' EQUITY                           $434,262,000 $358,722,000 $312,873,000
                                                     ============ ============ ============
</TABLE>

See notes to consolidated financial statements.


<PAGE>

FISERV, INC. and Subsidiaries
Consolidated statements of cash flows


<TABLE>
<CAPTION>
Year Ended December 31,                              1995           1994           1993
<S>                                              <C>            <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)                                $ (59,863,000) $  40,407,000  $  32,713,000
Adjustments to reconcile net income (loss) to
 net cash provided by operating activities:
 Deferred income taxes                             (58,952,000)    12,375,000     11,883,000
 Depreciation and amortization of
  property and equipment                            38,480,000     31,401,000     22,449,000
 Amortization of intangible assets                  25,880,000     10,846,000      9,098,000
 Charge for incomplete software technology         172,970,000
 Capitalization of internally generated
  computer software - net                           (6,382,000)    (9,599,000)    (7,185,000)
                                                 -------------  -------------  -------------
                                                   112,133,000     85,430,000     68,958,000

 Cash provided (used) by changes in assets
  and liabilities, net of effects from
  acquisitions of businesses:
  Accounts receivable                              (10,014,000)   (12,194,000)   (13,672,000)
  Prepaid expenses and other assets                (23,709,000)    (3,935,000)   (10,482,000)
  Accounts payable and accrued expenses             (4,843,000)    (3,954,000)    (6,411,000)
  Deferred revenue                                   9,283,000       (123,000)       (54,000)
  Accrued income taxes                               5,756,000      2,059,000        285,000
                                                 -------------  -------------  -------------
Net cash provided by operating activities           88,606,000     67,283,000     38,624,000
                                                 -------------  -------------  -------------
CASH FLOWS FROM INVESTING ACTIVITIES:
 Capital expenditures                              (45,039,000)   (53,193,000)   (29,613,000)
 Investments and other assets                       20,136,000    (26,545,000)    (2,002,000)
 Payment for acquisition of businesses,
  net of cash acquired                            (258,237,000)   (20,545,000)  (113,268,000)
 Investment securities                             207,603,000   (176,597,000)   (90,216,000)
 Due on sale of securities                         (97,446,000)
                                                 -------------  -------------  -------------
Net cash used by investing activities             (172,983,000)  (276,880,000)  (235,099,000)
                                                 -------------  -------------  -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Borrowings and other long-term obligations        252,977,000     39,165,000     63,000,000
 Repayment of borrowings and other long-
  term obligations                                 (21,150,000)   (12,720,000)    (3,441,000)
 Issuance of common stock                              638,000      1,918,000     24,036,000
 Trust account deposits                           (118,028,000)   174,567,000     82,803,000
                                                 -------------  -------------  -------------
Net cash provided by financing activities          114,437,000    202,930,000    166,398,000
                                                 -------------  -------------  -------------
Change in cash and cash equivalents                 30,060,000     (6,667,000)   (30,077,000)
Beginning balance                                   29,683,000     36,350,000     66,427,000
                                                 -------------  -------------  -------------
Ending balance                                   $  59,743,000  $  29,683,000  $  36,350,000
                                                 =============  =============  =============
</TABLE>

See notes to consolidated financial statements.


<PAGE>

FIserv, Inc. and Subsidiaries Notes to consolidated financial statements
for the years ended December 31, 1995, 1994 and 1993
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and
its wholly-owned subsidiaries.  All significant intercompany transactions and
balances have been eliminated in consolidation.

Cash and Cash Equivalents
Cash and cash equivalents comprise cash and investments with original maturities
of 90 days or less.

Prepaid Expenses and Other Assets
Prepaid expenses and other assets at December 31, 1995 and 1994 include
$17,817,000 and $7,723,000, respectively, relating to long-term contracts, the
profit from which is being recognized ratably over the periods to be benefited.

Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period. 
Actual results could differ from those estimates.

Trust Account Deposits and Investment Securities
The Company's trust administration subsidiaries accept money market deposits
from trust customers and invest the funds in securities.  Such amounts due trust
depositors represent the primary source of funds for the Company's investment
securities and amounted to $917,189,000 and $1,035,217,000 in 1995 and 1994,
respectively. The related investment securities comprised the following at
December 31, 1995 and 1994:
                                      Principal       Carrying
1995                                    Amount         Value       Market Value
- --------------------------------    -------------  -------------  -------------
U. S. Government and government
 agency obligations                  $553,384,000   $558,893,000   $559,000,000
Corporate bonds                       119,100,000    118,891,000    118,716,000
Repurchase agreements                  96,671,000     96,671,000     96,671,000
Other fixed income obligations         59,877,000     59,831,000     59,831,000
                                    -------------  -------------  -------------
Total                                $829,032,000   $834,286,000   $834,218,000
                                    =============  =============  =============
1994
- --------------------------------
U. S. Government and government
 agency obligations                $  693,711,000 $  696,665,000 $  663,504,000
Corporate bonds                        51,840,000     51,836,000     51,373,000
Repurchase agreements                 226,581,000    226,581,000    226,581,000
Other fixed income obligations         68,050,000     66,392,000     65,079,000
                                    -------------  -------------  -------------
Total                              $1,040,182,000 $1,041,474,000 $1,006,537,000
                                    =============  =============  =============

Substantially all of the investments have contractual maturities of one year or
less except for government agency obligations.



<PAGE>

Property and Equipment
Property and equipment are stated at cost.  Depreciation and amortization are
computed using primarily the straight-line method over the estimated useful
lives of the assets, ranging from 3 to 40 years:


December 31,                                  1995           1994
- ------------------------------------      -------------  -------------
Data processing equipment                  $149,143,000   $121,844,000
Purchased software                           39,810,000     31,522,000
Buildings and leasehold improvements         51,195,000     35,407,000
Furniture and equipment                      38,940,000     31,409,000
                                           ------------  -------------
                                            279,088,000    220,182,000
Less accumulated depreciation and
amortization                                130,745,000    105,216,000
                                           ------------  -------------
Total                                      $148,343,000   $114,966,000
                                          =============  =============

Internally Generated Computer Software
Certain costs incurred to develop new software and enhance existing software are
capitalized and amortized over the expected useful life of the product,
generally five years.  At December 31, 1995 and 1994, the unamortized portion of
internally generated computer software costs amounted to $73,863,000 and
$67,820,000, respectively; amortization of such costs charged to expense
amounted to $19,998,000, $16,655,000, and $13,995,000 in 1995, 1994 and 1993,
respectively.  Routine maintenance of software products, design costs and
development costs incurred prior to establishment of a product's technological
feasibility are expensed as incurred.

Intangible Assets
Intangible assets relate to acquisitions and consist of the following at
December 31:

                                             1995           1994
                                         -------------   ------------
Computer software acquired                $ 30,949,000   $  5,565,000
Non-competition agreements                  10,744,000     19,370,000
Contract rights and other                   48,012,000     33,818,000
                                         -------------   ------------
                                            89,705,000     58,753,000
Less accumulated amortization               32,435,000     22,266,000
                                         -------------   ------------
                                          $ 57,270,000   $ 36,487,000
                                         =============   ============

Goodwill                                  $318,410,000   $158,679,000
Less accumulated amortization               17,858,000     10,285,000
                                         -------------   ------------
                                          $300,552,000   $148,394,000
                                         =============   ============

Except as noted below, the cost allocated to computer software acquired in
corporate acquisitions is being amortized on a straight-line basis over its
expected useful life (generally five years or less).  In connection with certain
acquisitions, the Company has entered into non-competition agreements with the
sellers.  The values assigned are being amortized on the straight-line method
over the periods covered by the agreements (generally five years or less). 
Costs allocated to various customer data processing contracts at the dates of
acquisition are being amortized on a straight-line basis over the remaining
terms of the contracts (generally six years or less). The excess of the purchase
price over the estimated fair value of tangible and identifiable intangible
assets acquired has been recorded as goodwill and is being amortized over forty
years.  The Company periodically reviews goodwill to assess recoverability, and
impairments would be recognized in operating results if a permanent diminution
in value were to occur.

In connection with the acquisition of Information Technology, Inc. referred to
in Note 2 below, the allocation of the purchase price to the various classes of
assets was determined on the basis of an opinion expressed by a nationally
recognized independent appraisal firm.  Values determined for incomplete
software have been expensed and values for completed software are being
amortized utilizing accelerated methods.

<PAGE>

Income Taxes
The consolidated financial statements are prepared on the accrual method of
accounting.  Deferred income taxes are provided for temporary differences
between the Company's income for accounting and tax purposes.

Revenue Recognition
Revenues result primarily from the sale of data processing services to financial
institutions, software sales, and administration of self-directed retirement
plans.  Such revenues are recognized as the related services are provided. 
Revenues include investment income of $35,695,000, $29,695,000, and $18,911,000,
net of direct credits to depositors accounts of $27,561,000, $23,217,000, and
$18,015,000 in 1995, 1994 and 1993, respectively.  Deferred revenues consist
primarily of advance billings for services and are recognized as revenue when
the services are provided.

Income per Share
Income per common and common equivalent share is computed using the weighted
average number of common and dilutive common equivalent shares outstanding
during the periods, after giving effect to stock splits.

Supplemental Cash Flow Information

                                        1995         1994        1993
                                     -----------  ----------  ----------
Interest paid                        $21,184,000 $ 8,871,000 $ 5,945,000
Income taxes paid                     11,488,000  11,417,000   8,309,000
Liabilities assumed in acquisitions
 of businesses                        49,279,000   3,416,000  47,000,000

2. ACQUISITIONS AND CAPITAL TRANSACTIONS
Acquisitions
During 1995, 1994 and 1993 the Company completed the following acquisitions:

<TABLE>
<CAPTION>
                                            Date
Company                                     Acquired        Type of Business                 Consideration
- --------------------------------------      --------        ------------------------------   ------------------
<S>                                         <C>             <C>                              <C>
1995
BankLink, Inc.                              Feb. 10         Cash management                  Cash for stock
Information Technology, Inc.                May 17          Financial processing systems     Cash and stock
                                                                                               for stock
Lincoln Holdings, Inc.                      Aug. 1          Retirement plan administrators   Stock for stock
SRS, Inc.                                   Sep. 29         Data processing                  Cash for stock
Document Management Services                Sep. 30         Item processing                  Cash for assets
Division of ALLTEL Financial Information Services, Inc.
Financial Information Trust                 Nov. 1          Data processing                  Cash for stock
Outsource Technology L. C.                  Nov. 1          Data processing                  Cash for stock

1994:
National Embossing Company, Inc.            Apr. 19         Automated card services          Cash for stock
Boatmen's Information Systems               May 2           Data processing                  Cash for assets
data processing business
Federal Home Loan Bank of Atlanta           Aug. 19         Item processing                  Cash for assets
item processing contracts
Cincinnati Bell Information Systems         Nov. 30         Image and document               Cash for assets
banking business                                              management services
RECOM Associates, Inc.                      Dec. 30         Network integration services     Stock for stock

1993:
Tomahawk Holding, Inc. and                  Feb. 10         Data processing for banks,       Cash and stock
its wholly-owned subsidiary                                   thrifts and credit unions        for stock
Basis Information 
Technologies, Inc.
IPC Service Corporation                     Mar. 2          Item processing                  Cash for assets
EDS item processing                         May 17          Item processing                  Cash for assets
contracts
Datatronix Financial Services               Jun. 25         Item processing                  Stock for stock
Data Line Service Company                   Jul. 13         Data processing for thrifts      Cash for stock
Financial Processors, Inc. and              Nov. 8          Data processing for banks        Cash for stock
Financial Data Systems                                      Item processing                  Cash for assets
Financial Institution Outsourcing and       Nov. 30         Data processing for banks        Cash for assets
Data-Link Systems, Inc.                                     Mortgage banking services        Cash for stock
</TABLE>


<PAGE>


Certain of the acquisition agreements provide for additional cash payments
contingent upon the attainment of specified revenue goals.  Generally, the
acquisitions were accounted for as purchases  and, accordingly, the operations
of the acquired companies are included in the consolidated financial statements
since their respective dates of acquisition as set forth above. Certain of the
acquisitions were accounted for as poolings of interests.  However, except for
the acquisition of Lincoln Holdings, Inc. (LHI), prior year financial statements
were not restated due to immateriality.  Results of operations of LHI have been
included with those of the Company for all periods presented.  Combined and
separate results of the Company and LHI during the periods preceding the quarter
ended June 30, 1995 and pro forma combined results, including preacquisition
results of Information Technology, Inc. (ITI) for the years ended December 31,
1995 and 1994 (in thousands of dollars) were as follows:


<TABLE>
<CAPTION>
                                                                                      Pro forma
                                           Company     LHI     Combined      ITI      combined
                                          ------------------  ---------- ----------- ----------
                                                                               (unaudited)
<S>                                         <C>        <C>      <C>           <C>     <C>
Quarter ended March 31, 1995 (unaudited)
Revenues                                    $152,605   $4,574   $157,179
Net income                                    10,449      792     11,241

Year ended December 31, 1995
Revenues                                     685,582   17,798    703,380      $25,435  $728,815
Net income                                   (63,018)   3,155    (59,863)       2,811   (57,052)

Year ended December 31, 1994                                            
Revenues                                     563,590   16,249    579,839       60,868   640,707
Net income                                    37,664    2,743     40,407        5,885    46,292

Year ended December 31, 1993                                            
Revenues                                     454,692   13,171    467,863
Net income                                    30,693    2,020     32,713
</TABLE>


The acquisition of ITI was consummated for a consideration of approximately $377
million comprising approximately 4,574,000 shares of common stock of the Company
and $249 million cash, including acquisition costs.  Approximately 880,000
shares of common stock of the Company were issued in the acquisition of LHI. 
Net income of the Company has been determined after a pretax charge of $182.9
million relating to the writeoff of incomplete software technology and
accelerated amortization of completed software relating to the acquisition of
ITI.  Accordingly, net income was reduced by $109.6 million, or $2.49 a share
relating to such charges.


<PAGE>

Stock Purchase and Stock Option Plans
The Company has a Restricted Stock Purchase Plan, a qualified Incentive Stock
Option Plan and a Non- Qualified Stock Option Plan, each of which provide for
grants of common stock to employees for a price not less than 100% of the fair
value of the shares at the date of grant.  There has been no recent activity in
the Restricted Stock Purchase Plan.  In general, 20% of the option shares
awarded under the Incentive and Non-Qualified Stock Option Plans may be
purchased annually and expire, generally, five to ten years from the date of the
award.  Plan activity during 1993, 1994 and 1995, adjusted for a 3-for-2 split
effective in May 1993, is summarized as follows:

                                              Shares
                                        -----------------------
                                                          Non-       Price
                                         Incentive    Qualified      Range
                                        ------------ ----------- -------------
Outstanding, December 31, 1992                         1,880,116  $5.56-16.00
Granted                                                  589,850  18.50-20.17
Assumed from Datatronix                       76,895      66,415   1.63-7.10
Forfeited                                                (32,550)
Exercised                                    (23,590)   (277,027)  1.63-15.56
                                        ------------ -----------
Outstanding, December 31, 1993                53,305   2,226,804  1.63-20.17
Granted                                                  559,497  20.00-22.50
Forfeited                                     (3,380)   (102,945)
Exercised                                    (19,505)   (211,529)  1.63-18.50
                                        ------------ -----------
Outstanding, December 31, 1994                30,420   2,471,827  1.63-22.50
Granted                                                  440,434  21.50-27.50
Forfeited                                               (115,493)
Exercised                                    (10,140)   (413,588)  1.63-21.81
                                        ------------ -----------
OUTSTANDING, DECEMBER 31, 1995                20,280   2,383,180  5.56-27.50
                                        ============ ===========
SHARES EXERCISABLE,
   DECEMBER 31, 1995                           7,774   1,300,455
                                        ============ ===========

Options outstanding include 158,819 and 63,686 shares granted in 1994 and 1995
at $20.00 and $22.00 a share, respectively, under a stock purchase plan
requiring exercise within 30 days after a two-year period beginning on the date
of grant.

3. LONG-TERM DEBT AND OTHER OBLIGATIONS
The Company has available a $300,000,000 unsecured line of credit and commercial
paper facility with a group of banks maturing in 2000 of  which $247,712,000 was
in use at December 31, 1995 at an average rate of 6.25%.  The loan agreements
covering the Company's long-term borrowings contain certain restrictive
covenants including, among other things, the maintenance of minimum net worth
and various operating ratios with which the Company was in compliance at
December 31, 1995.  A facility fee ranging from .175% to .325% per annum is
required on the entire bank line regardless of usage. The facility is reduced to
$255,000,000, $210,000,000 and $150,000,000, respectively, on May 17, 1997, 1998
and 1999 and expires on May 17, 2000.


Long-term debt and other obligations outstanding at the respective year-ends
comprised the following:

December 31,                                    1995           1994
- -----------------------------------------    ------------   ------------
9.45% senior notes payable, due 1996-2000    $ 21,429,000   $ 25,714,000
9.75% senior notes payable, due 1996-2001      15,000,000     17,500,000
8.00% senior notes payable, due 1999-2005      90,000,000
Bank notes and commercial paper               254,932,000    100,650,000
Other obligations                               2,055,000      6,152,000
                                             ------------   ------------
                                             $383,416,000   $150,016,000
                                             ============   ============


<PAGE>

Annual principal payments required under the terms of the long-term agreements
were as follows at December 31, 1995:

Year
- ------------------------------------------------
1996                                $  9,781,000
1997                                  10,712,000
1998                                  45,780,000
1999                                  80,371,000
2000                                 169,877,000
Thereafter                            66,895,000
                                    ------------
                                    $383,416,000
                                    ============

Interest expense with respect to long-term debt and other obligations amounted
to $22,006,000, $9,228,000 and $6,374,000 in 1995, 1994 and 1993, respectively.

4. INCOME TAXES
A reconciliation of recorded income tax expense with income tax computed at the
statutory federal tax rates follows:

                                      1995           1994           1993
                                  -------------    -----------   ------------

Statutory federal tax rate                  35%            35%            35%

Tax computed at statutory rate     $(34,486,000)   $23,571,000    $18,612,000
State income taxes net of
 federal effect                      (5,113,000)     2,792,000      2,647,000
Tax exempt income                      (688,000)      (470,000)      (326,000)
Other                                 1,619,000      1,045,000       (469,000)
                                   -------------   -----------    -----------
Recorded income tax expense        $(38,668,000)   $26,938,000    $20,464,000
                                   =============    ===========  ============


The provision for income taxes consisted of the following:
                                        1995            1994          1993
                                     -------------    -----------   -----------

Currently Payable                     $ 17,884,000    $13,763,000   $ 7,280,000

Tax reduction credited to capital
  in excess of par value                 2,400,000        800,000     1,300,000
Deferred                               (58,952,000)    12,375,000    11,884,000
                                     -------------    -----------   -----------
Total                                 $(38,668,000)   $26,938,000   $20,464,000
                                     =============    ===========   ===========

The approximate tax effects of temporary differences at December 31, 1995 and
1994 were as follows:

                                                 1995         1994
                                              ----------- ------------
Allowance for doubtful accounts              $  2,319,000 $  1,571,000 
Accrued expenses not currently deductible      7,769,000   11,392,000 
Deferred revenue                               9,122,000      857,000 
Other                                          1,728,000    1,074,000 
Net operating loss and
 tax credit carryforwards                      6,739,000    5,901,000 
Deferred costs                                (9,143,000)  (4,911,000)
Internally generated capitalized software    (30,283,000) (27,120,000)
Excess of tax over book depreciation
 and amortization                             (4,419,000)  (4,069,000)
Purchased incomplete software technology      66,305,000 
Unrealized gain on investments               (10,610,000)  (7,495,000)
                                              ------------------------
Total deferred income taxes                 $ 39,527,000 $(22,800,000)
                                              ========== =============

The net operating loss and tax credit carryforwards have expiration dates
ranging from 1996 through 2010.

<PAGE>


5. EMPLOYEE BENEFIT PROGRAMS
The Company and its subsidiaries have contributory savings plans covering
substantially all employees, under which eligible participants may elect to
contribute a specified percentage of their salaries, subject to certain
limitations.  The Company makes matching contributions, subject to certain
limitations, and also makes discretionary contributions based upon the
attainment of certain profit goals.  Company contributions vest at the rate of
20% for each year of service.  Contributions charged to operations under these
plans approximated $8,144,000, $8,900,000 and $6,346,000 in 1995, 1994 and 1993,
respectively.

6. LEASES, OTHER COMMITMENTS AND CONTINGENCIES
Leases
Future minimum rental payments, as of December 31, 1995, on various operating
leases for office facilities and equipment were due as follows:

1996                            $ 32,937,000
1997                              25,833,000
1998                              19,469,000
1999                              11,879,000
2000                               6,495,000
Thereafter                        10,493,000
                                ------------
Total minimum payments          $107,106,000
                                ============

Rent expense applicable to all operating leases was approximately $48,038,000,
$43,065,000 and $45,658,000 in 1995, 1994 and 1993, respectively.

Other Commitments and Contingencies
The Company's trust administration subsidiaries had fiduciary responsibility for
the administration of approximately $17 billion in trust funds as of December
31, 1995.  With the exception of the trust account investments discussed in Note
1, such amounts are not included in the accompanying balance sheets.

In the normal course of business, the Company and its subsidiaries are named as
defendants in various lawsuits in which claims are asserted against the Company.
 In the opinion of management, the liabilities, if any, which may ultimately
result from such lawsuits are not expected to have a material adverse effect on
the financial statements of the Company.

<PAGE>



MANAGEMENT'S DISCUSSION & ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Results of Operations
The following table sets forth, for the periods indicated, the relative
percentage which certain items in the Company's consolidated statements of
income bear to revenues and the percentage change in those items from period to
period.  The table is based upon the accompanying supplemental schedule which
excludes certain charges to 1995 operations associated with the acquisition of
Information Technology, Inc.

<TABLE>
<CAPTION>                                         Percentage of Revenues
                                                 Year Ended December 31,                Increase (Decrease)
                                            1995           1994           1993      1995 vs. 1994  1994 vs. 1993

<S>                                    <C>            <C>            <C>            <C>            <C>
                                       -------        -------        --------       -------------  ---------
Revenues                                 100.0%         100.0%         100.0%           21.3%          23.9%
                                       -------        -------        --------
Cost of revenues: 
Salaries, commissions and payroll
  related costs                           47.0          48.6            47.7            17.5          26.1
Data processing expenses, rentals
  and telecommunication costs             13.6          14.0            15.5            17.8          12.1
Other operating expenses                  17.8          19.0            19.3            14.1          22.0
Depreciation and amortization of
  equipment and improvements               5.5           5.4             4.8            22.7          39.6
Amortization of intangible assets          2.3           1.9             1.9            47.2          19.2
Capitalization of internally generated
  computer software - net                 (0.9)         (1.7)           (1.5)          (33.5)         33.6
                                       -------        -------        --------
Total cost of revenues                    85.3          87.2            87.7            18.7          23.2
                                       -------        -------        --------
Operating income                          14.7%         12.8%           12.3%           38.9          29.1
                                       =======        =======        =======
Income before income taxes                12.0%         11.6%           11.4%           25.2          26.6
                                       =======        =======        =======
Net income                                 7.1%          7.0%            7.0%           23.2          23.5
                                       =======        =======        =======
</TABLE>

The following discussion is based upon the accompanying supplemental schedule
which excludes certain charges to 1995 operations associated with the
acquisition of Information Technology, Inc. aggregating $182.9 million.

Revenues increased $123,541,000 in 1995 and $111,976,000 in 1994.  Approximately
55% of the 1995 growth and 80% of the 1994 growth resulted from the inclusion of
revenues from the date of purchase of acquired businesses as set forth in Note 2
to the financial statements and the balance in each year from the addition of
new clients, growth in the transaction volume experienced by existing clients
and price increases.

As a percentage of revenues, cost of revenues decreased 1.9% from 1994 to 1995
and .5% from 1993 to 1994. The make up of cost of revenues has been
significantly affected in both years by business acquisitions and by changes in
the mix of the Company's business as item processing and electronic funds
transfer operations have enjoyed an increasing percentage of total revenues.

A significant portion of the purchase price of the Company's acquisitions has
been allocated to intangible assets, such as client contracts, computer
software, non-competition agreements and goodwill, which are being amortized
over time, generally three to forty years.  Amortization of these costs
increased $5,116,000 from 1994 to 1995 and $1,748,000 from 1993 to 1994.  As a
percentage of revenues, these costs have remained relatively constant from 1993
to 1994 and increased in 1995.

Capitalization of internally generated computer software is stated net of
amortization and increased $2,414,000 in 1994 and decreased $3,217,000 in 1995.
As a percentage of revenues, net capitalized software remained relatively
constant in 1994 but decreased .8% from 1994 to 1995.  This trend is likely to
continue.

Operating income increased $28,883,000 in 1995 and $16,753,000 in 1994.  As a
percentage of revenues, operating income increased 1.9% in 1995 and .5% in 1994.


<PAGE>

The effective income tax rate was 41% in 1995, 40% in 1994, and 39% in 1993. 
The trend to higher income tax rates results from net increases in non-
deductible permanent differences and an increase in 1993 in the federal income
tax rate.  The effective income tax rate for 1996 is expected to remain at 41%.

The Company's growth has been accomplished largely through the acquisition of
entities engaged in businesses which are complementary to its operations. 
Management believes that a number of acquisition candidates are available which
would further enhance its competitive position and plans to pursue them
vigorously.  Management is engaged in an ongoing program to reduce expenses
related to acquisitions  by eliminating operating redundancies.  The Company's
approach has been to move slowly in achieving this goal in order to minimize the
amount of disruption experienced by its clients and the potential loss of
clients due to this program.

The following table sets forth (in thousands, except per share data) certain
financial highlights and pro forma information for 1995, 1994 and 1993.


Year Ended December 31,                        1995           1994          1993
- -----------------------                   ---------      ---------      --------
Revenues                                  $703,380       $579,839       $467,863
Net income (loss)                          (59,863)        40,407         32,713
                                          ---------      --------       --------
Net income (loss) per share                 $(1.36)         $0.99          $0.83
                                          ---------      --------       --------
Net income as originally reported and
  before certain charges related to
  acquisition of Information
  Technology, Inc.                          49,771         37,664         30,693
                                          ---------      --------       --------
Net income per share as originally reported
  and before certain charges related to
  acquisition of Information
  Technology, Inc.                           $1.13          $0.95          $0.80
                                          ---------      --------       --------


The charges related to acquisition of Information Technology, Inc. (ITI) are a
pre-tax special, one-time, non-cash charge of $173 million to expense the
purchased ITI Premier II research and development and a pre-tax charge of $9.9
million for the accelerated amortization of the completed ITI Premier I
software.  The combined after-tax charge was $109.6 million ($2.49 per share).


Liquidity and Capital Resources
The following table summarizes (in thousands of dollars) the Company's primary
sources of funds:

Year Ended December 31,                            1995        1994        1993
                                              ---------    --------    --------
Cash provided by operating activities          $ 88,606    $ 67,283    $ 38,624
Issuance of common stock-net                        638       1,918      24,036
Decrease (increase) in other investments         12,265     (28,575)     (9,415)
Increase in net borrowings                      231,827      26,445      59,559
                                              ---------    --------    --------
                                               $333,336    $ 67,071    $112,804
                                              =========    ========    ========

The Company has applied a significant portion of its cash flow from operations
and proceeds of its common stock offerings and additional borrowings to
acquisitions.

The 1994 increase in capital expenditures was abnormally high because of the
need to provide a new facility and equipment for Financial Institution
Outsourcing, acquired in November 1993.

The Company believes that its cash flow from operations together with other
available sources of funds will be adequate to meet its funding requirements. 
In the event that the Company makes significant future acquisitions, however, it
may raise funds through additional borrowings or issuance of securities.


<PAGE>

Consolidated Statements of Income Supplemental Schedule
(unaudited)


Year ended December 31,                    1995          1994          1993
- -----------------------                 ------------  ------------ ------------
Revenues                                $703,380,000  $579,839,000 $467,863,000
                                        ------------  ------------ ------------
Cost of revenues:
Salaries, commissions and payroll
  related costs                          330,845,000   281,651,000  223,271,000
Data processing expenses, rentals and
  telecommunication costs                 95,798,000    81,320,000   72,524,000
Other expenses                           125,498,000   109,975,000   90,162,000
Depreciation and amortization of
  property and equipment                  38,480,000    31,350,000   22,450,000
Amortization of intangible assets         15,962,000    10,846,000    9,098,000
Capitalization of internally generated
  computer software-net                   (6,382,000)   (9,599,000)  (7,185,000)
                                        ------------  ------------ ------------
                 Total                   600,201,000   505,543,000  410,320,000
                                        ------------  ------------ ------------
Operating income                         103,179,000    74,296,000   57,543,000
Interest expense - net                    18,822,000     6,951,000    4,366,000
                                        ------------  ------------ ------------
Income before income taxes                84,357,000    67,345,000   53,177,000
Income tax provision                      34,586,000    26,938,000   20,464,000
                                        ------------  ------------ ------------
Net income                              $ 49,771,000  $ 40,407,000 $ 32,713,000
Net income per common and
  common equivalent share                      $1.13         $0.99        $0.83
                                        ============  ============ ============
Net income per common and common
  equivalent share as originally               $1.13         $0.95        $0.80
  reported                              ============  ============ ============
Shares used in computing net
  income per share                        44,008,000    40,735,000   39,455,000
                                        ============  ============ ============

Selected Financial Data

The following data (in thousands, except per share data), which has been
materially affected by acquisitions, should be read in conjunction with the
financial statements and related notes thereto included elsewhere in this Annual
Report.

<TABLE>
<CAPTION>
Year Ended December 31,               1995        1994        1993        1992          1991
                                    ----------  ----------  ----------  ----------    --------
<S>                                <C>          <C>         <C>         <C>         <C>
Revenues                           $  703,380   $  579,839  $  467,863  $  341,448    $288,450
Income (loss) before income taxes     (98,531)      67,345      53,177      39,291      29,703
Income taxes (credit)                 (38,668)      26,938      20,464      14,925      10,686
Net income (loss)                     (59,863)      40,407      32,713      24,366      19,017
Net income (loss) per share            $(1.36)       $0.99       $0.83       $0.69       $0.57
                                    ----------  ----------  ----------  ----------    --------

Total Assets                       $1,885,299   $1,661,345  $1,395,403  $1,097,339    $863,499
Long-term debt and other long-
  term obligations                    383,416      150,016     122,417      59,472      57,768
Shareholders' equity                  434,262      358,722     312,873     195,630     168,683
                                    ----------  ----------  ----------  ----------    --------
</TABLE>


Note:  The above information has been restated to recognize (1) 3-for-2 stock
splits effective in May 1993, June 1992 and July 1991 and (2) the acquisition in
1995 of Lincoln Holdings, Inc. accounted for as a pooling of interests.



<PAGE>

QUARTERLY FINANCIAL INFORMATION
for the years ended December 31, 1995 and 1994
(Unaudited)

(Amounts in thousands, except per share data)

<TABLE>
<CAPTION>
                                               Quarters
1995                     First       Second      Third       Fourth     Total
                         --------    --------    --------   --------   --------
<S>                      <C>         <C>         <C>        <C>        <C>
Revenues                 $157,179    $173,470    $176,922   $195,809   $703,380 
                         --------    --------    --------   --------   --------
Cost of revenues          136,288     148,725     148,286    349,790    783,089 
                         --------    --------    --------   --------   --------
Operating income (loss)    20,891      24,745      28,636   (153,981)   (79,709)
                         --------    --------    --------   --------   --------
Income (loss) before
  income taxes             19,054      20,308      22,223   (160,116)   (98,531)
                         --------    --------    --------   --------   --------
Income taxes                7,813       8,326       9,111    (63,918)   (38,668)
                         --------    --------    --------   --------   --------
Net income (loss)        $ 11,241    $ 11,982    $ 13,112   $(96,198)  $(59,863)
                         --------    --------    --------   --------   --------
Net income (loss) per share $0.27       $0.28       $0.29    $(2.10)     $(1.36)
                         --------    --------    --------   --------   --------


1994
Revenues                 $139,852    $139,801    $143,661   $156,525   $579,839
                         --------    --------    --------   --------   --------
Cost of revenues          122,651     121,379     124,694    136,819    505,543
                         --------    --------    --------   --------   --------
Operating income           17,201      18,422      18,967     19,706     74,296
                         --------    --------    --------   --------   --------
Income before income taxes 15,627      16,790      17,154     17,774     67,345
                         --------    --------    --------   --------   --------
Income taxes                6,251       6,716       6,861      7,110     26,938
                         --------    --------    --------   --------   --------
Net income               $  9,376    $ 10,074    $ 10,293   $ 10,664   $ 40,407
                         --------    --------    --------   --------   --------
Net income per share        $0.23       $0.25       $0.25      $0.26      $0.99
                         --------    --------    --------   --------   --------

</TABLE>

The above information has been restated to recognize the acquisition in 1995 of
Lincoln Holdings, Inc. accounted for on a pooling of interests basis.


Market Price Information
The following information relates to the closing price of the Company's $.01 par
value common stock, which is traded on the over-the-counter market and is quoted
on the NASDAQ National Market System under the symbol FISV. 

                                     1995             1994
Quarter Ended                    High     Low     High     Low

March 31                        27.75    21      23.5    18.5
June 30                         28.375   25.75   22.25   20
September 30                    31       25.5    22.75   18.75
December 31                     30.125   25.5    23.5    19.25


At December 31, 1995, the Company's common stock was held by approximately
20,000 shareholders of record or through nominee or street name accounts with
brokers.  The closing sale price for the Company's stock on January 26, 1996 was
$26.25 per share.

The Company's present policy is to retain earnings to support future business
opportunities, rather than to pay dividends.



MANAGEMENT'S STATEMENT OF RESPONSIBILITY

The management of FIserv, Inc. assumes responsibility for the integrity and
objectivity of the information appearing in the 1995 Annual Report. This
information was prepared in conformity with generally accepted accounting
principles and necessarily reflects the best estimates and judgment of
management.

To provide reasonable assurance that transactions authorized by management are
recorded and reported properly and that assets are safeguarded, the Company
maintains a system of internal controls.  The concept of reasonable assurance
implies that the cost of such a system is weighed against the benefits to be
derived therefrom.

Deloitte & Touche LLP, certified public accountants, audit the financial
statements of the Company in accordance with generally accepted auditing
standards.  Their audit includes a review of the internal control system, and
improvements are made to the system based upon their recommendations.

The Audit Committee ensures that management and the independent auditors are
properly discharging their financial reporting responsibilities.  In performing
this function, the Committee meets with management and the independent auditors
throughout the year.   Additional access to the Committee is provided to
Deloitte & Touche LLP on an unrestricted basis, allowing discussion of audit
results and opinions on the adequacy of internal accounting controls and the
quality of financial reporting.




/S/ GEORGE D. DALTON

GEORGE D. DALTON
Chairman and Chief Executive Officer









INDEPENDENT AUDITORS' REPORT


Shareholders and Directors of FIserv, Inc.:

We have audited the accompanying consolidated balance sheets of FIserv, Inc. and
subsidiaries as of December 31, 1995 and 1994 and the related consolidated
statements of operations, shareholders' equity and cash flows for each of the
three years in the period ended December 31, 1995. These financial statements
are the responsibility of the Company's management.  Our responsibility is to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly,  in all
material respects, the financial position of FIserv, Inc. and subsidiaries at
December 31, 1995 and 1994 and the results of their operations and their cash
flows for each of the three years in the period ended December 31, 1995, in
conformity with generally accepted accounting principles.


/S/ DELOITTE & TOUCHE LLP

Deloitte & Touche LLP
Milwaukee, Wisconsin
February 2,1996