Fiserv Signs 45 New Clients for Account.Create Online Account Opening Solution

11 June 2009

Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, and the largest provider of business-driven technology solutions for credit unions, announced today that it has signed 45 new clients in the past 12 months for its Account.Create™ online account opening solution. The Account.Create tool enables credit unions to provide convenient Web-based account origination capabilities, which studies have shown can save credit unions more than $30 per account opened, compared to in-person account origination. “Economic pressures to do more with less have fueled growth for several of our solutions, particularly those that increase efficiency, promote growth or mitigate risk. Our Account.Create solution accomplishes all of those and more,” said Dave Selina, segment executive, Value-add Capabilities for Credit Union Solutions at Fiserv. “The momentum we’ve seen in this emerging market, with 30 clients signed in the past six months alone, is evidence that Fiserv provides the innovative solutions and services that credit unions are looking for to meet their current business objectives.”

The Account.Create solution enables prospective members to complete new membership applications, and existing account holders to open new accounts online, 24 hours a day. In just a few minutes a prospect can easily complete an application from anywhere they have an Internet connection, making increased growth a reality. In addition to processing the application, the solution verifies the applicant’s identity, pulls the credit bureau report, and recommends additional products and services based on the applicant’s demographics and credit union business rules. The tool also supports account funding via ACH, credit or debit card transactions.

“The Account.Create solution from Fiserv is a strategic addition to our online channel that brings convenience to our customers and cost-saving accuracy and efficiency to our operations. This tool virtually eliminates the manual processes associated with account opening and ensures that all of our accounts are opened and evaluated consistently,” said Marianne Pulice, chief operations officer from XCEL Federal Credit Union in Secaucus, N.J., a credit union with $93 million in assets. “The Online Account Opening tool also enables us to make appropriate product and service offers each time a new account is opened, and helps us increase the adoption rates of our other products and services.” In addition, Account.Create can be used inside the branch as an account-opening wizard. The in-branch version is fully customizable according to whatever steps the credit union chooses to include in their account opening procedures. Staff can view credit bureau reports, be reminded to determine an applicant’s membership eligibility or prompted to verify the authenticity of an identity document. These customized steps promote consistency and greater adherence to credit union policies, as well as streamline account opening procedures. Newly added compliance features also help credit unions comply with USA PATRIOT Act and other regulatory requirements.

“Our online account opening technology is an example of Fiserv's core competency in Processing Services, and brings a great solution to credit unions seeking new opportunities for growth and greater flexibility in their account opening processes,” said Sara Brooks, senior vice president, strategy and offerings development for Credit Union Solutions at Fiserv. “With a laptop computer and wireless Internet connection, credit unions can open new accounts at company picnics, community events or anywhere prospects are gathered. Signing up new members has never been easier.”

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