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Volante Launches Streamer: Market Data Integration for Ultra Low-Latency Systems
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Supports trading and real-time analytics, high-speed message platforms and CEP, as well as real-time feed normalization
Volante Technologies, Inc., provider of accelerated data integration solutions to the financial industry, introduced its Streamer series of data integration modules for low-latency environments. Volante Streamer combines handlers for market data feeds with microsecond integration into internal applications and market data platforms. Streamer is being demonstrated today at the Accelerating Wall Street Conference in New York.
Volante offers Streamer modules for Reuters RMDS 6.0, OPRA, and Bloomberg B-Pipe feeds. Additional modules will be released in the future.
"When speed is the decisive factor in business success, Volante has always been the transformation technology of choice," said Vijay Oddiraju, CEO of Volante Technologies. "Now with the addition of feed-specific handlers, Volante Streamer meets the need for low-latency market data integration, as well as offering a low-cost, easily customizable, and high-speed alternative for vendor feed normalization and downstream integration."
With transformation speeds clocked in low single-digit microseconds, Volante Streamer radically reduces the delays and bottlenecks typically created by market data integration or normalization. It works in any business application environment, including direct market access, algorithmic trading, and aggregated order book applications, as well as market data platforms and complex event processing engines.
"The proliferation of dynamic, high-volume, time-sensitive data with broad distribution requirements is causing existing infrastructures to fail – disrupting business and erasing profits," said Bob Cramer, CEO, Tervela. "Instead of throwing more hardware at the problem, it makes more sense to change the way that data is processed. The transformative messaging technology of Tervela, supported by Volante’s low-latency, high-volume integration of market data feeds, provides the performance that capital markets institutions need today."
As with all Volante integration solutions, implementation is rapid, typically cutting project time by half or more. Spreadsheet-style interfaces incorporate pre-built definitions for all financial data standards and message formats such as FIX, FAST and XML. Volante automates all coding and documentation, as well as provides metadata for model-driven initiatives such as data governance and application integration.
About Volante
Since 2001, Volante Technologies has been accelerating data management for the financial services industry, while slashing development time and cost of ownership. Volante provides integration solutions for low-latency environments, service oriented architectures, vendor data consolidation, complex event processing, SWIFT message integration and other complex data challenges. Its metadata-based technology also enables enterprise data governance and model-driven data initiatives.
Volante solutions are employed by buy-side and sell-side institutions around the globe, as well as industry utilities, including Brown Brothers Harriman, The Municipal Securities Rulemaking Board, and Broadridge. For more information, visit www.volantetech.com.
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ProfitStars Provides Enterprise Exception Management Suite (eEMS) to Charles Schwab
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Risk Management Solution Helps Mitigate Inherent Risks Associated with Financial and Operational Data
Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, announced that the Enterprise Exception Management Suite (eEMS) provided by its ProfitStars division has been selected by Charles Schwab & Co., Inc. (Nasdaq: SCHW) to automate its reconciliation processes. Charles Schwab is one of the nation’s largest providers of financial services and offers a complete range of investment services and products.
eEMS is an enterprise risk management solution that is driven by a real-time rules engine that helps diverse financial services organizations proactively identify and mitigate the risks associated with financial and operational data. eEMS compiles data from disparate sources, automatically matches data elements, identifies exceptions, and loads each exception into a queue for resolution in a fully automated, secure environment. This innovative solution enables more effective and efficient data management through reconciliation, exception processing and business intelligence.
According to Jennifer O’Reilly, vice president, Operations Control for Charles Schwab “We believe an enterprise-wide exception management solution will better protect our clients, their assets, and our firm. After a lengthy due diligence process, the ProfitStars team clearly demonstrated that eEMS could replace disparate applications we developed internally over the years, automate manual processes, and be tailored to support our specific needs. We anticipate that automating our reconciliation processes with eEMS will ensure the integrity of our data, generate operational efficiencies, and seamlessly support our unique, evolving, and increasingly complex reconciliation requirements. We have developed a valuable partnership with ProfitStars and are excited about the positive impact that eEMS will have on our near- and long-term operations.”
David Foss, general manager of ProfitStars, said, “We consider the evaluation and selection of our enterprise exception management solution by a progressive, highly respected firm like Charles Schwab to be a solid endorsement of our system’s functionality and the tangible value it provides. We are excited about the addition of firms like Charles Schwab to our client roster, and believe we have significant opportunities to expand our market presence as increasing numbers of financial services organizations elect to implement automated solutions for mitigating and controlling the risks associated with their financial and operational data.”
About ProfitStars
ProfitStars, a division of Jack Henry & Associates, Inc., provides best-of-breed solutions that improve the performance of financial institutions of all asset sizes and charters, and diverse corporate entities. These solutions facilitate revenue and growth, risk mitigation and control, and cost control; and complement virtually any core information processing platform. Additional information is available at www.profitstars.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (Nasdaq: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 8,700 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking™ supports banks ranging from de novo to mid-tier institutions with information and transaction processing solutions. Symitar™ is the leading provider of information and transaction processing solutions for credit unions of all sizes. ProfitStars provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at www.jackhenry.com.
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Fiserv’s FraudNet™ Prevents More than $287 Million in Fraud Losses Since Its Inception
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The CheckFree service blocks more than 21,000 attempted fraudulent bill payment transactions
for 462 financial institutions
Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial and insurance industries, announced that the CheckFree FraudNet™ automated fraud detection and case management system has blocked more than 21,000 attempted fraudulent bill payment transactions totaling $287.9 million since the service went live in November 2005.
While the actual incidence of fraud for electronic payments is low, FraudNet provides a powerful solution for financial institutions to lower fraud rates even further. The FraudNet service is part of a suite of fraud prevention solutions offered by Fiserv that helps detect and mitigate fraud from log-in authentication to back-end payment processing, resulting in a lower cost of ownership in the online channel for financial institutions.
FraudNet provides automated fraud detection and prevention for 462 of the nation’s financial institutions. These customers have deployed FraudNet to help mitigate the risk of attempted fraudulent bill payment transactions for their institutions and their customers, while complying with Federal Financial Institutions Examination Council (FFIEC) regulations.
FraudNet is a centralized fraud detection and integrated case management system that scores each online bill payment and halts the processing of suspicious transactions until they have been reviewed by fraud specialists. By detecting suspicious scenarios and examining behavioral patterns, Fiserv continually updates its business rules with real-time intelligence that identifies new types of fraudulent activity. Both consumer behaviors and merchant transaction activities are analyzed. The sophisticated FraudNet engine leverages advanced algorithms and proprietary negative file history, making it extremely accurate in detecting fraudulent transactions.
CheckFree FraudNet has resulted in savings for large financial institutions and community institutions alike. Using FraudNet, a top-10 financial institution proactively detected and stopped more than $7.4 million in electronic payment fraud in a single month, while a regional bank halted approximately $308,000 in attempted fraud during a four-month period.
Since its implementation in October 2007, FraudNet has helped PSCU Financial Services, the nation’s largest credit union service organization, minimize fraud. Monthly, PSCU Financial Services credit unions generate in excess of 2.8 million online bill payments. FraudNet has enabled PSCU Financial Services fraud representatives to halt $203,000 in attempted fraudulent online bill payments.
"CheckFree FraudNet is a powerful tool for our credit unions in the battle against attempted fraud," David Serlo, chief executive officer, PSCU Financial Services. "Since FraudNet detects and prevents fraudulent payments from being processed, this tool provides our credit unions with added peace of mind about the security of our PayLynx™ online bill payment service, which is also provided through CheckFree."
Designed to ensure that online transactions remain safer for consumers than paper-based transactions, CheckFree FraudNet was developed as a powerful solution for monitoring and stopping fraudulent transactions before they are processed. Due to stringent fraud management practices at financial institutions and increased consumer awareness, the actual instances of fraud involving online banking and electronic payment services have historically been low in comparison to other types of transactions. Still, one of the main barriers to online bill payment adoption remains concerns over online security, and FraudNet was designed to help alleviate those concerns.
"FraudNet’s strength lies in the ability to leverage advanced algorithms and a powerful network of financial institutions sharing negative file data," said Todd Lesher, executive vice president and general manager of CheckFree Electronic Banking Services, now part of Fiserv. "While attempted online bill payment fraud is minimal relative to other channels, FraudNet enables us to work closely with our financial institution customers to remain vigilant and protect this important channel as a safe and trusted place for consumers to use in conducting their financial transactions."
According to a study released in January 2008 by Javelin Strategy & Research, overall identity fraud declined by 12 percent in 2007. However, the average time to resolve new fraud cases increased 23 percent from 40 to 49 hours. By automating detection and prevention efforts for electronic payments, FraudNet helps reduce the time and resources required by financial institutions to manage potential fraud cases to as little as 15 minutes or $12.50 per case. This compares to the industry average of 49 hours or $2,450 per case, based on a total employee cost of $50 per hour. By accelerating financial institutions' ongoing fraud investigations, FraudNet can help financial institutions achieve a return on investment in the service in as little as one week, which lowers their overall total cost of ownership for the electronic payment service.
"Identity fraud is a complex, continually evolving crime that often involves multiple sources and methods. Businesses and consumers must fight back with robust fraud mitigation strategies across multiple channels," said Jim Van Dyke, president of Javelin Strategy & Research. "Financial institutions need to continue to develop and refine their fraud controls to combat the ever-changing fraud landscape, while providing consumers with the knowledge and tools to prevent detect and resolve fraud."
FraudNet enables customers to feel comfortable replacing traditional paper financial transactions with electronic versions. According to Javelin Strategy & Research identity fraud is more frequently committed using traditional methods – a lost or stolen wallet, access of account information from paper mail and trash, and via telephone – and more frequently perpetrated by people the victims know rather than by hackers who use malicious spyware, viruses and mallware to compromise user identifications and passwords and invade accounts.
Americans who monitor their financial accounts online detect fraud more quickly than those who rely on other methods, which is why the 2008 Javelin Strategy & Research identity fraud study recommends that consumers move financial transactions online. For educational tips on how to make the switch to electronic transactions, please access www.checkfree.com/idprotect.
Fiserv, Inc. and CheckFree are committed to educating consumers and businesses through the PayItGreen™ campaign about the environmental benefits of choosing electronic billing, statements, and payments instead of paper. Learn more at www.payitgreen.org.
About PSCU Financial Services
Based in St. Petersburg, Florida, PSCU Financial Services is the nation's largest credit union service organization (CUSO) and serves more than 1,100 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 500 member credit unions representing more than 11 million cardholder accounts and more than 580,000 online bill payment subscribers. Its Contact Center handles more than 14 million inquiries a year. PSCU Financial Services maintains an Eastern operations center in St. Petersburg, Florida, and a Western operations center based in Phoenix, Arizona. The cooperative’s wholly owned subsidiary, Digital Dialogue, operates two 24/7 call centers in Detroit, Mich., that specialize in member services, new member acquisition, cross-selling and automated lending solutions.
Established in 1977, the company provides a broad array of cost-effective, high quality financial services that include credit, debit, ATM, prepaid, bill payment and contact center solutions. PSCU Financial Services uniquely offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As a leader in the credit union movement, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit the company's Web site at www.pscufs.com.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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Fiserv Aperio Reaches Scalability Milestone
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Testing proves solution can support 10,000+ concurrent users with Microsoft SQL Server
Fiserv CBS Worldwide, a business unit of Fiserv, Inc. (NASDAQ: FISV), has announced that it has exceeded its performance goal of 10,000 concurrent users with its Aperio customer interaction management solution. Jointly executed by Fiserv, Microsoft and Fiserv’s development partner Portrait Software, the testing involved multiple complex business processes emulating deployment for major institutions. The scalability testing shows Aperio can handle the demands of Tier one, two and three banks with diverse deployment requirements.
"We were very happy to exceed 10,000 concurrent users in our scalability testing with Microsoft SQL Server. This positions us to confidently provide our solution to the world’s largest financial institutions," said Andrew Steadman, director of channel strategy, Fiserv CBS Worldwide.
Fiserv Aperio is a next-generation customer interaction management solution for global financial institutions. Created using the Microsoft Application Platform, including Microsoft SQL Server 2005 Enterprise Edition (64-bit) database software, Aperio integrates and automates business processes, tracks customer interactions across multiple channels and gives organizations the capability to proactively make decisions about how to proceed with their customers based on real time data. With growing demand for Aperio, which is now licensed in every region that Fiserv serves including North America, Asia Pacific, Europe and Latin America, the company wanted to test its scalability for larger organizations.
Building upon the Microsoft Application Platform has helped Fiserv CBS to create a solution that can support even higher processing. "We’ve always been impressed by the scalability of SQL Server. We’ve consistently found that the SQL server provides a solid reliable platform that scales up very well. It is an excellent environment in which to work," said David Saunders, technical architect, Portrait Software, whose framework underlies the Fiserv Aperio solution.
Fiserv CBS partnered with Microsoft to ensure that Aperio was fully capable of providing capacity for large financial institutions while simultaneously offering a scalable solution for financial organizations that aspire to grow. For Microsoft, the initiative was a positive one.
"The results of this project demonstrate that systems based on Microsoft technology are scalable, reliable and secure enough to handle large volumes of data at the heart of a bank’s transaction processing environment, and that they serve mission-critical needs of our customers in the financial services industry," said Kim Saunders, senior director, Microsoft SQL Server Marketing.
About Fiserv CBS Woldwide
Fiserv CBS Worldwide is a unit of Fiserv Inc. (NASDAQ: FISV), a Fortune 500 company that serves more than 18,000 clients in 66 countries around the world. Fiserv CBS Worldwide delivers end-to-end business and technology solutions for retail financial organizations, consumer finance institutions and credit unions throughout Europe, Asia-Pacific, Latin America, the Caribbean, Canada and the United States. Through its offices in the USA, UK, Poland, Russia, Singapore, Australia, China, Indonesia, Colombia, Costa Rica and Mexico, Fiserv CBS Worldwide enables financial institutions globally to deliver integrated solutions for managing the entire customer relationship from core banking to multi-channel customer contact and business intelligence. Fiserv CBS Worldwide can be found on the Internet at www.fiservcbs.com.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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Open Solutions Co-Hosts Health Savings Accounts Forum at The White House
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Open forum addresses government and market issues on the horizon
Open Solutions Inc.®, a provider of integrated enabling technologies for financial services providers across the United States, Canada and other international markets, recently joined N.J.-based Information Strategies Inc., a media and marketing company, to co-host an event on Health Savings Accounts (HSAs) at The White House Executive Office Building in Washington, D.C. on April 15.
More than 80 senior executives from major HSA custodial institutions, community banks and credit unions representing more than 95 percent of all U.S. HSA account holders attended the event to learn more on the political impact of HSAs. Open Solutions offers major trustees, insurance carriers, third-party administrators (TPAs) to insurance carriers and other eligible financial institutions a comprehensive, outsourced processing solution for HSAs.
During the forum, senior policy makers and financial industry leaders addressed the administration's continued focus on accelerating the growth of HSAs, the vulnerability of HSAs in the current political environment and their potential future. Clients and prospects heard from several political figures including Julie Goon, special assistant to the President for Economic Policy; Steve Preston, administrator, U.S. Small Business Administration; and W. Thomas Reeder, benefits tax counsel, U.S. Department of the Treasury, as well as Congressman Paul Ryan, R-WI; Congressman Chris Cannon, R-UT; Roy Ramthun, HSA Consulting Services; Robert Patricelli, chairman & CEO Evolution Benefits; and JoAnn M. Laing, president & CEO, Information Strategies Inc.
According to Mike Nicastro, SVP and CMO, Open Solutions, "As a thought leader in the industry, Open Solutions was delighted to sponsor this event with Information Strategies Inc. It is extremely important to bring industry leaders as well as executive and legislative branch leaders together to evaluate the progress of health savings accounts, and to help make U.S. healthcare more affordable and more widely available. This year's event highlighted the continued growth of HSAs, new challenges on the regulatory front and competing visions for the future of healthcare in the U.S. With the 2008 Presidential election nearing, it's an exciting time to be in this industry, as the years following the election are expected to bring change to the nature of how we plan and pay for healthcare. We look forward to working with industry and government leaders to help create a better future for healthcare."
About Health Savings Accounts
The Open Solutions CFS division provides outsourced information processing in the area of asset retention, corporate banking, healthcare banking and insured deposit services for banks, insurance companies and major corporations. Open Solutions has developed a comprehensive and flexible suite of technology and services to enable HSA service delivery for all the participants in the healthcare market from the individual consumer and employer to third party administrators, banks and investment brokers. Our proven solution provides a, secure set of services that enables the full range of HSA activities from enrolment and contribution, to payments, account management and investment.
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, and payment and loan origination solutions. Open Solutions' full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States and Canada to better compete in today's aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions' Internet site at www.opensolutions.com.
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Summit Financial Technologies Canada, Part of Fiserv, Signs Five Canadian Credit Unions for iSpectrum
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Five new British Columbia based credit unions select iSpectrum to meet their strategic, long-term technology needs
Seeking a core system to satisfy their business needs into the future, five British Columbia credit unions have selected iSpectrum from Summit Financial Technologies Canada, part of Fiserv Solutions of Canada, Inc., a business unit of Fiserv, Inc. (NASDAQ: FISV). The five most recent credit unions to select iSpectrum include Integris Credit Union of Prince George ($392 million in assets); Bulkley Valley Credit Union of Smithers ($215 million in assets); North Peace Savings & Credit Union of Fort St. John ($196 million in assets); Williams Lake & District Credit Union of Williams Lake ($171 million in assets); and Spruce Credit Union of Prince George ($93 million in assets).
“As many credit unions across Canada are nearing the end of long-term technology contracts, they are questioning the restrictive systems presented by their current vendors and favoring the enabling features and technology of iSpectrum,” saidKevin Sparks, president of the Fiserv Summit business line. “Built from the ground up to satisfy needs at every level of the enterprise, iSpectrum allows credit unions to conduct business in the manner they choose, address emerging market trends and meet strategic objectives. Our five new British Columbia clients illustrate this trend. We are very pleased and proud tobe their partner of choice to help them realize their long-term goals.
”Facing an imminent and forced change due to the sunset of their system, the five credit unions collaborated in a search to identify a replacement. Following a rigorous selection process, the system search team unanimously selected iSpectrum over the incumbent vendor. iSpectrum was deemed to be superior from a number of technology and operational perspectives.
“Our Functional Review Team, which included staff from the five credit unions, spent a week reviewing each of the two short-listed systems. Each team member used a scorecard to evaluate the various system features and iSpectrum was rated higher than the other system in every single category. There was no question which system our users preferred,” said Nancy Meyer, manager of operations for the Bulkley Valley Credit Union. “Team members were given the opportunity for hands-on experience processing various transactions on iSpectrum. Everything was so intuitive and easy-to-use, there was no need to guess what to do or to remember codes. System wizards take you through frontline processes, making each task easy and fast.”In addition to ease-of-use, the technology of iSpectrum was also important in the group’s selection decision.
“The technology of iSpectrum was definitely a key part of our selection process. From our list of technology requirements, we weren’t just looking for a system with disaster recovery. We were looking for business continuity, a system that never goes down. It is clear iSpectrum offers that,” said Glen Martin, manager of information systems and technology, Williams Lake & District Credit Union. “With iSpectrum, we have a system that will easily integrate with third parties, allowing us to be as productive and effective as we possibly can be. For all of the credit unions involved in the selection process, the ability to respond quickly to member needs in a competitive market is imperative, and iSpectrum will allow us to rapidly launch new products and offerings as they are developed.”
Built exclusively for Canadian credit unions, iSpectrum uses Internet standards and Web service protocols, making connectivity with best-of-breed products and services fast, easy and inexpensive. The three-tiered open architecture includes separate tiers for presentation, application and data, allowing any of the three tiers to be upgraded or replaced independently as requirements or technology change. Increased interest and demand for iSpectrum in 2008 has stemmed not only from use of cutting-edge technology but also from the efficiency and profitability benefits recognized by operationsstaff and executive-level managers.
“Each credit union is interested in having a larger share of their members’ business and iSpectrum facilitates that,” said Ken Dickson, chief operating officer, Integris Credit Union. “Marketing prompts are displayed to frontline staff to show the nextbest-product offer based on each member’s specific needs, giving employees the ability to offer a product that is truly inthe member’s best interest. Because iSpectrum is built like a Web site, employees with Internet experience can quickly andintuitively begin using the system and training time for new employees will be significantly reduced.”
About Summit Financial Technologies Canada
The iSpectrum system provides Canadian credit unions with advanced technology to help them succeed in today’s competitive financial services industry. Summit Financial Technologies Canada delivers iSpectrum services and client support via an operations office in Burnaby, BC and data centres in Vancouver, BC and Toronto, ON as part of Fiserv Solutions of Canada, Inc. Staffed with industry experts, the data centres support license, service bureau/ASP and resource management delivery and service options of the iSpectrum system. For more information on iSpectrum, visit www.summitsite.com/CA.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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Open Solutions Co-Hosts Health Savings Accounts Forum at The White House
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Open forum addresses government and market issues on the horizon
Open Solutions Inc.®, a provider of integrated enabling technologies for financial services providers across the United States, Canada and other international markets, recently joined N.J.-based Information Strategies Inc., a media and marketing company, to co-host an event on Health Savings Accounts (HSAs) at The White House Executive Office Building in Washington, D.C. on April 15.
More than 80 senior executives from major HSA custodial institutions, community banks and credit unions representing more than 95 percent of all U.S. HSA account holders attended the event to learn more on the political impact of HSAs. Open Solutions offers major trustees, insurance carriers, third-party administrators (TPAs) to insurance carriers and other eligible financial institutions a comprehensive, outsourced processing solution for HSAs.
During the forum, senior policy makers and financial industry leaders addressed the administration’s continued focus on accelerating the growth of HSAs, the vulnerability of HSAs in the current political environment and their potential future. Clients and prospects heard from several political figures including Julie Goon, special assistant to the President for Economic Policy; Steve Preston, administrator, U.S. Small Business Administration; and W. Thomas Reeder, benefits tax counsel, U.S. Department of the Treasury, as well as Congressman Paul Ryan, R-WI; Congressman Chris Cannon, R-UT; Roy Ramthun, HSA Consulting Services; Robert Patricelli, chairman & CEO Evolution Benefits; and JoAnn M. Laing, president & CEO, Information Strategies Inc.
According to Mike Nicastro, SVP and CMO, Open Solutions, “As a thought leader in the industry, Open Solutions was delighted to sponsor this event with Information Strategies Inc. It is extremely important to bring industry leaders as well as executive and legislative branch leaders together to evaluate the progress of health savings accounts, and to help make U.S. healthcare more affordable and more widely available. This year’s event highlighted the continued growth of HSAs, new challenges on the regulatory front and competing visions for the future of healthcare in the U.S. With the 2008 Presidential election nearing, it’s an exciting time to be in this industry, as the years following the election are expected to bring change to the nature of how we plan and pay for healthcare . We look forward to working with industry and government leaders to help create a better future for healthcare.”
About Health Savings Accounts
The Open Solutions CFS division provides outsourced information processing in the area of asset retention, corporate banking, healthcare banking and insured deposit services for banks, insurance companies and major corporations. Open Solutions has developed a comprehensive and flexible suite of technology and services to enable HSA service delivery for all the participants in the healthcare market from the individual consumer and employer to third party administrators, banks and investment brokers. Our proven solution provides a secure set of services that enables the full range of HSA activities from enrolment and contribution, to payments, account management and investment.
About Open Solutions Inc.
Open Solutions Inc. offers a fully featured strategic product platform that integrates core data processing applications built on a single centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, and payment and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States and Canada to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions’ Internet site at www.opensolutions.com.
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SAP and Microsoft Join Together with Leading Industry Players and Global Banks in a New Association to Help Banks Establish a Service-Oriented Architecture
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Key Banking Software Vendors Found Association: Callataÿ & Wouters, Microsoft, SAP, SunGard, Temenos
Leading Service Providers First to Join Association: AXON, Finanz IT, ifb group, Steria, SWIFT, Syskoplan
Leading Global Banks First to Establish Association: Deutsche Bank, Credit Suisse, ING, Deutsche Postbank, Standard Bank, Zürcher Kantonalbank
SAP AG (NYSE: SAP), together with Microsoft, announced a significant milestone in its mission to help banks establish a service-oriented architecture (SOA) for their business operations. SAP and Microsoft, along with other founding members, have created the Banking Industry Architecture Network (BIAN). The goal of BIAN is to help banks ease the transition to an SOA by gathering together a community of industry leading players and global banks who will openly share domain and technical expertise to apply SOA principles and methodologies. In employing these principles, banks globally will be able to better respond to changing customer needs and reduce risk and cost of re-engineering legacy systems towards a more flexible operational environment.
Based on the foundation of the Industry Value Network (IVN) for Banks created by SAP, seventeen founding members have launched BIAN; AXON, Callataÿ & Wouters, Credit Suisse, Deutsche Bank, Deutsche Postbank, Finanz IT, ifb group, ING, Microsoft, SAP, Standard Bank, Steria, SunGard, SWIFT, Syskoplan, Temenos and Zürcher Kantonalbank. The announcement was made at a signing ceremony, where members gathered for the official launch of the BIAN association.
While IT infrastructure is seen as a key component to a bank’s operations, outdated and incompatible legacy systems are increasingly becoming a hindrance in tightly linked, global financial markets. As an association, BIAN members will work within the industry to enable a non-disruptive, step-by-step evolution toward SOA. It will work to create a blueprint to help banks more flexibly use software to run core banking processes and achieve better interoperability among their IT systems allowing them to reduce risk and costs while improving overall operations. The open forum will offer a wide adoption of industry enterprise services and will globally enable banks to easily utilize the results of this collaborative effort.
A goal of BIAN is to define and encourage the development and implementation of standardized services, which will help banks in their daily operations by creating operational efficiencies and allowing them to focus on growth, time-to-market and the increasing demands from their customers. Financial institutions, software vendors and service providers, along with technology partners, are invited to join the association and play a collaborative role with other industry leaders in the definition, building and implementation of next-generation banking platforms.
“Being an active member of the Industry Value Network of Banks, Credit Suisse sees the creation of this association as significant milestone for not only ourselves, but for the industry as a whole,” said Claus Hagen, head of Integration Architecture, Credit Suisse. "The association will create an open environment of members that begins with an idea and takes it all the way through to execution.”
“Microsoft is pleased to play a lead role in helping define the roadmap for a more flexible approach across the banking industry,” said Koen Van den Brande, worldwide industry manager for core banking at Microsoft. “A common view of the functional scope of ‘banking enterprise services’ is needed to build a next generation of agile banking platforms. This SOA- based approach is designed to enable our largest customers to implement more flexible banking solutions based on a new generation of banking technologies from our partners.”
Banking Industry Architecture Network Creating and Building Enterprise Services for Banks
One of the key challenges for SOA in banking lies in the semantic definition of services that will provide a more flexible and modularized IT landscape. In 2005, SAP and its banking advisory board began the journey to address this challenge by creating the industry value network (IVN) group for Banks. The IVN banking group, comprised of 37 financial services institutions and software providers, was tasked with combining their own experiences with expertise from SAP to define important SOA services and create the blueprint for a successful transition from today’s tightly coupled IT landscape.
Recently formed as an association according to German law, BIAN has an open intellectual property policy, which helps ensure that the specifications that emerge from this collaboration can be implemented on a variety of technology platforms. BIAN members will work closely with:
· Standards bodies: BIAN will strive wherever possible to encourage the adoption of standards already in existence, while working collaboratively with standards bodies for the benefit of the industry as a whole.
· Global banks: BIAN will work with banks worldwide on the definition of enterprise services that maps closely to banks’ in-house target architectures for next-generation SOA and business process management-based banking platforms.
· Software vendors and systems integrators: BIAN will work with leading independent software vendors and systems integrators worldwide who want to build and implement enterprise services for banks to use with their in-house and software vendors’ platforms.
“Driving the IVN group for banks for the last two years has been a very exciting initiative, through which SAP has been able to work more closely with the banking industry to lead the efforts of standardizing enterprise services and creating a path where our customers can transition their business operations into a more flexible and agile IT environment,” said Thomas Balgheim, senior vice president, global banking line of business, SAP. “Through the success of the IVN, its members and SAP have turned their goal of forming a new industry association into a reality. This will enable members to create a truly open community.”
Microsoft and its partners have long collaborated to advance the business of banking and financial services. Together, they develop technologies designed to enable financial institutions across the global to run their IT systems and applications more effectively and efficiently, allowing staff to better leverage technology to drive business success. This is reflected in Microsoft’s approach with BIAN and via this history and acumen, Microsoft is happy to help shape the future for banking around the important work that BIAN will deliver. BIAN will utilize the existing value from the IVN group for banks which resulted from its collaboration between SAP and leading banks worldwide. Through the identification of customer pain points, critical services and a path to standardize the adoption of the service-oriented architecture (SOA) framework, BIAN will help to accelerate product development under one consistent business language.
The IVN group for banks had created an SOA taxonomy, developed a service landscape and identified the strategic and organizational building blocks that banks require for a successful transition to SOA. This successful collaboration has evolved into a global community comprised of 130 participants representing 37 financial services institutions and software providers.
About Microsoft in Financial Services
Microsoft’s Financial Services group helps financial firms leverage technology to amplify the impact their people can deliver to drive business success. We help our customers in banking, capital markets and securities, and insurance achieve four business outcomes: develop relationships, drive innovation, improve operations and build connections. To do this, we focus our products and technologies, and our work with leading solutions, services and hardware partners, on key areas where we believe we and our partners can deliver exceptional value; those areas include advisor platforms, channel renewal, core banking, insurance value chain, investment management, risk management, and compliance and payments. More information can be found at http://www.microsoft.com/financialservices.
Next Major Events:
SAPPHIRE® 2008 Orlando and SAPPHIRE® 2008 Berlin
More than 15,000 customers, partners and technical experts are convening at SAPPHIRE 2008 to discover how SAP and its thriving partner ecosystem are delivering IT solutions that create value beyond the four walls of the enterprise, to create “business beyond boundaries.” SAP’s premier educational and networking event, SAPPHIRE is the one occasion where senior executives, business managers, and decision-makers can come together every year to explore how innovative business solutions foster long-term, profitable growth. SAPPHIRE® 2008 is being held in Orlando, Florida, May 4-7, and in Berlin, Germany, May 19-21, 2008. For more information, please visit www.sap.com/sapphire.
About SAP
SAP is the world’s leading provider of business software(*), offering applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 47,800 customers in over 120 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol “SAP.” (For more information, visit www.sap.com)
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Quincy Credit Union Extends Relationship with Open Solutions by Selecting its Relational Core Platform
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Long-standing client selects core provider based on strategic partnership, platform sophistication
Quincy Credit Union announced it has selected Open Solutions Inc.’s®The Complete Credit Union Solution®: DNA, Open Solutions’ latest release of its popular relational core processing platform for credit unions, to address its enterprise-wide processing needs. Open Solutions’ latest core release was officially launched earlier in the month at CUNA’s GAC conference and has more than 30 clients running on the product. Open Solutions Inc. is a leading provider of integrated enabling technologies for financial institutions throughout the United States, Canada and other international markets.
Quincy CU is based in Quincy, Mass. With $272 million in assets, more than 23,000 members and 62,000 accounts, Quincy CU was in need of the market’s best choice for service bureau data processing. As the credit union migrated from its current platform, an uncomplicated implementation process was needed to reduce disruption.
Shirley Laliberte, CFO/CTO for Quincy CU, said, “Our decision to select Open Solutions was based on our successful 14-year relationship we have had with the company. It was logical to choose Open Solutions for our core processing needs. We were also impressed with the sophistication of the Open Solutions’ platform, particularly with Microsoft’s .NET platform integration, all of which further improves scalability and security.”
Enhanced by Open Solutions’ advanced open platform and using .NET technology, The Complete Credit Union Solution®: DNA capitalizes on the strength of Open Solutions’ unique universal data model and design and its member-centric processes, while greatly enhancing workflow, flexibility, navigation and productivity. It helps credit unions streamline both front and back office processes and creates a centralized view of members, employees and business partners.
“With Open Solutions, we retain a long-term strategic partner that continuously improves its software without difficult conversion processes,” Laliberte said.
Open Solutions provides credit unions with a fully-featured strategic product platform, integrating core data processing with strategic applications such as Internet banking, business intelligence, financial accounting applications, electronic imaging, payment and interactive voice response solutions. In addition to TCCUS: DNA, Quincy CU is also implementing Open Solutions’ Credit Card Module, StreamLend® Velocity, MarketVision, Dynamic Messaging, Report Wizard, safe deposit box and the Deluxe Check Order Interface.
“Quincy CU is a key player in the Massachusetts marketplace,” Louis Hernandez, Jr., Open Solutions chairman and CEO, said. “By selecting TCCUS: DNA, the credit union has demonstrated its financial services commitment to its membership base.”
“Open Solutions is dedicated to providing institutions like Quincy CU with innovative solutions to sustain long-term strategies and members service,” he added. “By providing Quincy CU with an enterprise-wide core solution, the credit union remains proactive with industry trends, while continuing with a tradition of delivering innovative products and outstanding member service.”
About Open Solutions Inc.
Open Solutions Inc. offers a fully-featured strategic product platform that integrates core data processing applications built on a single, centralized Oracle relational database, with Internet banking, cash management, CRM/business intelligence, financial accounting tools, imaging, digital documents, Check 21, interactive voice response, network services, Web hosting and design, payments and loan origination solutions. Open Solutions’ full suite of products and services allows banks, thrifts, credit unions and financial services providers in the United States, Canada and internationally to better compete in today’s aggressive financial services marketplace, and expand and tap their trusted financial relationships, client affinity, community presence and personalized service.
For more information about Open Solutions or its financial product line, contact Mickey Goldwasser by email at mgoldwasser@opensolutions.com, by phone at 860.652.3153 or via fax at 860.652.3156. Visit Open Solutions’ Internet site at www.opensolutions.com.
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Fiserv and SunTrust Bank Team Up to Promote Eco-Friendly Campaign
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Companies will donate one tree for each customer who signs up for electronic bill activation or pays three or more bills online
Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, and SunTrust Banks, Inc. (NYSE: STI) announced they will donate one tree for every SunTrust customer who signs up for electronic bill (e-bill) activation or pays at least three bills online or via a mobile phone between April 14 and June 30, 2008. With assistance from the Arbor Day Foundation, Fiserv and SunTrust have set a goal of planting more than 10,000 trees as part of the campaign.
According to a 2007 green banking study by Javelin Strategy and Research, if all U.S. households viewed and paid billsonline, it would save 16.5 million trees each year. In one day a single tree can provide oxygen for up to four people anddischarge up to 100 gallons of water from the ground into the air, according to the U.S. Department of Agriculture.
SunTrust’s free Online Banking with Bill Pay product makes it easy for SunTrust customers to pay bills and sign up foreBills, which contain the same information as typical paper bills. "SunTrust Online Banking with Bill Pay not only enhances convenience and security for clients, it provides us an avenue to educate our clients on how paying bills online, activating eBills and turning off paper statements can helpreduce paper, save trees and improve the environment," said Tom Bennett, director of Consumer Deposits and Access Services at SunTrust.
"Forrester Research recently conducted a survey that found that 48 percent of consumers cited ‘it’s better for the environment’ as the top reason why they stopped receiving mailed statements," said Todd Lesher, executive vice president and general manager, CheckFree Electronic Banking Services, now part of Fiserv. "We are committed to working with our banking partners like SunTrust to further educate the public about the positive impact that online bill payment and e-bills can have on the environment."
Fiserv and SunTrust are members of the Pay It Green™ Alliance, the environmental initiative of NACHA, The Electronic Payments Association and comprised of 20 leaders in the financial and consumer billing industries. The Pay It Green™ Alliance focuses on educating consumers and businesses about the positive environmental impact of choosing electronic bills, statements and payments instead of paper. NACHA – The Electronic Payments Association is coordinating the initiative. For more information, visit www.payitgreen.org.
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation’s largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of December 31, 2007, SunTrust had total assets of $179.6 billion and total deposits of $117.8 billion. The Company operates an extensive branch and ATM network throughout the high- growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, equipment leasing and capital markets services. SunTrust’s Internet address is www.suntrust.com.
About The Arbor Day Foundation
The Arbor Day Foundation is a nonprofit, environmental education organization of nearly one million members, with a mission to inspire people to plant, nurture, and celebrate trees. More information on the Foundation and its programs can be found at www.arborday.org.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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Fiserv CBS Positioned in the Leaders’ Quadrant for International Retail Core Banking
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Evaluation based on completeness of vision and ability to execute
Fiserv CBS Worldwide, a business unit of Fiserv, Inc., (NASDAQ: FISV) announced it has been positioned by Gartner, Inc. in the Leaders' quadrant of the "Magic Quadrant for International Retail Core Banking, 2008." The report was published on April 3, 2008 by author Don Free.
The Gartner, Inc. Magic Quadrant is an annual analysis of international core banking system vendors and their technologies. The analysis evaluates solutions and their providers in part for their ability to execute against the banking market.
Gartner, Inc. describes Fiserv CBS and others residing in the Leaders' Quadrant as "vendors that possess a strong banking market understanding, and have a measurable strategy for disaggregating core banking software functionality into component-based constructs. Most vendors exhibit highly developed and certified development and delivery of quality methodologies or are executing on a strategic road map to attain certification. Most vendors in this quadrant have extensive marketing delivery and sales. They also show a clear willingness to own and be accountable for a successful customer experience."
"We consider our positioning in the Leaders' Quadrant by Gartner a confirmation of Fiserv CBS Worldwide's competence to repeatedly deliver flexible and cost-effective solutions," said Tony Catalfano, president, Fiserv CBS Worldwide. "We will continue to deliver our best of breed offerings to large and mid-tier financial services clients in global markets and measure our success by the long term value in the relationships we establish."
About the Magic Quadrant
The Magic Quadrant is copyrighted 2008 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the Leaders' Quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About Fiserv CBS Worldwide
Fiserv CBS Worldwide is a unit of Fiserv Inc. (NASDAQ: FISV), a Fortune 500 company that serves more than 18,000 clients in 66 countries around the world. Fiserv CBS Worldwide delivers end-to-end business and technology solutions for retail financial organizations, consumer finance institutions and credit unions throughout Europe, Asia-Pacific, Latin America, the Caribbean, Canada and the United States. Through its offices in the USA, UK, Poland, Russia, Singapore, Australia, China, Indonesia, Colombia, Costa Rica and Mexico, Fiserv CBS Worldwide enables financial institutions globally to deliver integrated solutions for managing the entire customer relationship from core banking to multi-channel customer contact and business intelligence. Fiserv CBS Worldwide can be found on the Internet at www.fiservcbs.com.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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Fiserv to Provide Check Processing Services for Customers Affected by Fed’s Migration to Electronic Payment Products
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Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, announced that it offers replacement services to assist its customers affected by the Federal Reserve Bank’s accelerated program to migrate its Payor Bank Services to Check 21 products.
As check volumes steadily decline, hundreds of financial institutions continue to rely on the Fed’s Payor Bank Services. Many of these financial institutions are not ready to move to the electronic delivery and receipt of check images that will be required with Check 21 products. In response, Fiserv is offering products that can help financial institutions bridge the gap between the legacy world of paper checks and the mass migration toward electronic delivery of check images in both the short and long term.
"By 2010 financial institutions will be faced with Federal Reserve Banks discontinuing most non-Check 21 Payor Bank Services as it moves toward a more common check clearing industry standard," said Christine Barry, research director, Aite Group. "With some sunset dates already looming in 2008, it is increasingly important for vendors to be able to help their customers evaluate their options in preparing to transition to Check 21 enabled services as soon as possible."
"At Fiserv, commitment to our customers is top priority," said Teri Carstensen, division president, Fiserv Item Processing. "The market is clearly changing and we’ll be there to help our customers through every step of their payments transformation. We believe that embracing payments transformation and offering a complete vision of payment processing is the best way for financial institutions to realize the most extensive benefits with respect to operational efficiencies and increased revenue."
The Federal Reserve Banks (FRB) will migrate all Payor Bank Services and formats to Check 21 products, some of it starting in July 2008, with completion set for December 2009. The services slated for sunset on July 1, 2008 include most MICR file formats, MICR manipulation, grayscale image capture services and account number sorting/cycle sorting services. The services slated for sunset on December 31, 2008 include all MICR information services, MICR presentment and MICR presentment plus services, account totals services, FedImage® File Delivery and FedImage CD-ROM Delivery (excludes CD-ROM delivery for selected accounts). In 2009, Computer Interface/Bulkdata connections and MICR Presentment services will also be discontinued.
To address these crucial business issues Fiserv offers services to replace critical functionality currently provided by the FRB including MICR manipulation, account sorting and totals, and support for existing processes and workflow. The Fiserv Check 21 team will work with clients to develop a long-term strategy for image exchange and provide individual strategies for financial institutions to meet their needs during the transition period and into the future. An example of this is the Fiserv Clearing Network (FCN) that has been offered by Fiserv since 2005 as a Check 21 solution for electronic clearing. FCN currently has more than 700 members.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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Fifth Third Bank and Fiserv Plant Trees to Tout Environmental Benefits of Online Bill Payment
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Companies will donate one tree when select customers pay five or more bills
CheckFree, now part of Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, and Fifth Third Bank, a $111 billion diversified financial services company, announced a campaign promoting the environmental benefits of online bill payment.
Between April 21 and June 30, 2008, Fifth Third Bank and Fiserv will donate a tree on behalf of targeted customers who pay five or more bills online. To promote the campaign, select customers will receive direct mailers that use eco-friendly recycled paper embedded with wildflower seeds, and ready for planting. With assistance from the Arbor Day Foundation, Fifth Third and Fiserv hope to plant more than 10,000 trees as part of the campaign.
According to a 2007 green banking study by Javelin Strategy and Research, if all U.S. households viewed and paid bills online it would save 16.5 million trees each year. A single tree in one day can provide oxygen for up to four people and discharge up to 100 gallons of water from the ground into the air, according to the U.S. Department of Agriculture.
"More consumers are realizing that online bill payment is not only convenient, but it also contributes to a healthier environment," said Karen Dee, senior vice president and head of retail for Fifth Third Bank. "This campaign is a great way to raise our customers’ awareness of the green advantages of paying bills online, while at the same time having a direct ecological impact."
Customers can register for Fifth Third’s online bill payment at www.53.com, or at any of its 1,230 Banking Centers. Consumers can start paying bills right away and it’s free to get started. In addition to the environmental benefits, paying bills online rather than sending paper bills through the mail provides consumers with a fast, easy and more secure alternative to controlling their finances.
"We recently sponsored a survey in which more than half of American consumers responded that it was very important to them that receiving and paying bills online benefits the environment," said Todd Lesher, executive vice president and general manager, CheckFree Electronic Banking Services, now part of Fiserv. "CheckFree is committed to working with our banking partners like Fifth Third to further educate the public about the positive impact that online banking and bill payment can have on the environment."
Fiserv, Inc. and CheckFree are committed to educating consumers and businesses through the PayItGreen™ campaign about the environmental benefits of choosing electronic billing, statements, and payments instead of paper. Learn more online at www.payitgreen.org.
About Fifth Third Bancorp
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $111 billion in assets, operates 18 affiliates with 1,231 full-service Banking Centers, including 108 Bank Mart® locations open seven days a week inside select grocery stores and 2,221 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri and Georgia. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2007, has $223 billion in assets under care, of which it managed $33 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB."
About The Arbor Day Foundation
The Arbor Day Foundation is a nonprofit, environmental education organization of nearly one million members, with a mission to inspire people to plant, nurture, and celebrate trees. More information on the Foundation and its programs can be found at www.arborday.org.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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BankAtlantic and Fiserv Team Up to Plant 10,000 Trees in Florida’s Forests
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Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, and BankAtlantic, "Florida’s Most Convenient Bank," announced they will donate a tree for every BankAtlantic customer who signs up for online bill pay and pays at least one bill online between April 3 and May 31, 2008 at www.BankAtlantic.com. With assistance from the Arbor Day Foundation, BankAtlantic and Fiserv will plant up to 10,000 trees in forests throughout Florida.
According to a 2007 green banking study by Javelin Strategy and Research, if all U.S. households viewed and paid bills online it would save 16.5 million trees each year. A single tree in one day can provide oxygen for up to four people and discharge up to 100 gallons of water from the ground into the air, according to the U.S. Department of Agriculture.
"More consumers are realizing that paying bills online is not only convenient, it also contributes to a healthier environment," said Jarett Levan, president and chief executive officer of BankAtlantic. "We believe the best way to educate our customers about the green advantages of online bill payment is through this initiative, which will have a direct ecological impact on the state of Florida."
BankAtlantic provides customers with Fiserv’s online bill payment solution, CheckFree Web RXPsm, under an agreement with FundsXpress, a value-added reseller and provider of Internet-based solutions to financial institutions. Customers can register for BankAtlantic’s Totally Free Online Banking & Bill Pay at www.BankAtlantic.com, or at any of its more than 100 locations throughout Florida. In addition to the environmental benefits, paying bills online rather than sending paper bills through the mail provides consumers with better security and control of their finances. Consumers can schedule payments on the date of their choosing and more easily monitor and manage account balances. Since recent studies show that identity fraud is more common offline than online, electronic bill pay also helps to reduce the risk of identity theft.
"We recently sponsored a survey in which more than half of American consumers who responded said it was very important to them that receiving and paying bills online benefits the environment," said Todd Lesher, executive vice president and general manager, CheckFree Electronic Banking Services, now part of Fiserv, Inc.. "We are committed to working with our banking partners to further educate the public about the positive impact that online banking and bill payment can have on the environment."
Fiserv, Inc. and CheckFree are committed to educating consumers and businesses through the PayItGreen™ campaign about the environmental benefits of choosing electronic billing, statements, and payments instead of paper. Learn more at www.payitgreen.org.
About BankAtlantic
BankAtlantic, "Florida’s Most Convenient Bank," with $6 billion in assets and more than 100 stores is one of the largest financial institutions headquartered in Florida. BankAtlantic is open 7 days a week and offers holiday hours, extended weekday hours, Totally Free Online Banking & Bill Pay, a 7-Day Customer Service Center, Totally Free Change Exchange coin counters and free retail and business checking with a free gift. BankAtlantic has been serving communities throughout Florida since 1952 and currently operates more than 250 conveniently located ATMs. The bank has supported thousands of charitable, civic and professional organizations since the inception of the BankAtlantic Foundation in 1994. For further information visit www.BankAtlantic.com.
About the Arbor Day Foundation
The Arbor Day Foundation is a nonprofit, environmental education organization of nearly one million members, with a mission to inspire people to plant, nurture, and celebrate trees. More information on the Foundation and its programs can be found at www.arborday.org.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
Companies will donate one tree for each customer that pays a bill online to help educate consumers about the environmental benefits of online banking
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Sovereign Bank and Fiserv Partner to Promote Environmental Benefits of Receiving and Paying Bills Online
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Companies will donate one tree for each new e-bill or three or more online bill payments
Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, and Sovereign Bank (NYSE: SOV) announced they are partnering to help educate consumers about the benefits of receiving and paying bills online. Based on the success of last year’s Go Paperless campaign with CheckFree, now part of Fiserv, Sovereign Bank and Fiserv will donate a tree for every electronic bill (e-bill) activated between April 14 and June 15, 2008. This year, the companies will also donate a tree on behalf of customers who make three or more new online bill payments during the campaign.
Last year, the effort resulted in the two companies planting more than 12,000 trees in Huron State Forest in Michigan through their direct contributions to the Arbor Day Foundation. The companies have set a goal of planting 15,000 trees as part of the 2008 campaign.
According to a 2007 green banking study by Javelin Strategy and Research, if all U.S. households viewed and paid bills online it would save 16.5 million trees each year. A single tree in one day can provide oxygen for up to four people and discharge up to 100 gallons of water from the ground into the air, according to the U.S. Department of Agriculture. Sovereign Bank customers can learn more about the environmental impact their household can have through online bill payment by entering their information into the bank’s Green Calculator. The bank is also hosting a podcast that will discuss the environmental benefits of receiving and paying bills online at www.sovereignbank.com.
"The response from our customers to last year’s Go Paperless partnership with CheckFree was so tremendous we were able to exceed our goal of planting 10,000 trees, and we are hoping to duplicate that success again this year," said David Fingerman, director of Retail Online Banking, Sovereign Bank. "In addition to consumer convenience, online bill payment contributes to a healthier environment, and we know that the best way to raise our customers’ awareness of the green advantages of e-bills and online bill payment is through initiatives such as this one that can have a direct ecological impact."
Sovereign Bank customers can make online bill payments and register for e-bills, which contain the same information as typical paper bills, at www.sovereignbank.com or at any of its nearly 750 locations. In addition to the environmental benefits, paying bills online rather than sending paper bills through the mail provides consumers with better security and control of their finances. Consumers can schedule payments on the date of their choosing and more easily monitor and manage account balances. Recent studies show that identity fraud is more common offline than online and electronic bill pay can also help to reduce the risk of theft..
"We recently sponsored a survey in which more than half of American consumers responded that it was very important to them that receiving and paying bills online benefits the environment, and this validates our firsthand experience with the success of the Sovereign’s e-bill campaign last year," said Todd Lesher, executive vice president and general manager, CheckFree Electronic Banking Services, now part of Fiserv. "We are committed to working with our banking partners like Sovereign to further educate the public about the positive impact that online banking and bill payment can have on the environment."
Fiserv, Inc. and CheckFree are committed to educating consumers and businesses through the PayItGreen™ campaign about the environmental benefits of choosing electronic billing, statements, and payments instead of paper. Learn more at www.payitgreen.org.
About Sovereign Bancorp, Inc.
Sovereign Bancorp, Inc., ("Sovereign") (NYSE: SOV), is the parent company of Sovereign Bank, a financial institution with $85 billion in assets as of December 31, 2007 with principal markets in the Northeast United States. Headquartered in Wyomissing, Pa., Sovereign Bank has 750 community banking offices, over 2,300 ATMs and approximately 12,000 team members. Sovereign offers a broad array of financial services and products including retail banking, business and corporate banking, cash management, capital markets, wealth management and insurance. Sovereign is the 19th largest banking institution in the United States. For more information on Sovereign Bank, call 1-877-SOV-BANK.
About The Arbor Day Foundation
The Arbor Day Foundation is a nonprofit, environmental education organization of nearly one million members, with a mission to inspire people to plant, nurture, and celebrate trees. More information on the Foundation and its programs can be found at www.arborday.org.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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NACHA LAUNCHES NEW eBILL SYSTEM
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EBIDS makes it quicker to receive, pay electronic bills
The Electronic Payments Association said its Electronic Billing Information Delivery Service (EBIDS), which speeds up the ability of consumers to receive electronic bills (eBills) at the online provider of their choice, recently began operation. The first transaction was the presentment and payment of a Verizon bill. Verizon is one of the founding participants of EBIDS.
“Verizon believes that the EBIDS model will expand consumer use of electronic bill presentment and payment,” said Angeline DePauw, Verizon director of billing processing. “EBIDS will also improve our work processes and reduce operation and accounting costs.”
EBIDS expands the capabilities of the Automated Clearing House (ACH) Network—a universal, electronic channel with open standards—to include the distribution of consumer bills to financial institutions. Benefits include:
Increased revenue for banks
Reduced costs and extended reach for busine | |