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Articles from
April 2008
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While IT infrastructure is seen as a key component to a bank’s operations, outdated and incompatible legacy systems are increasingly becoming a hindrance in tightly linked, global financial markets.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 businesses
Privacy for consumers
Paperless transactions
“EBIDS securely, safely, and simply accelerates the process of e-billing and payment,” said Steve Ellis, the Wells Fargo executive vice president who chairs NACHA’s board of directors. “By eliminating paper and providing easy access to bill information, EBIDS is a win-win-win: for banks, consumers, and businesses.”
The U.S. Postal Service handles an estimated 20 billion paper bills for consumers each years. Using the ACH Network to process paperless eBills is an environmentally friendly alternative.
NACHA - The Electronic Payments Association
NACHA—The Electronic Payments Association oversees the ACH Network, one of the largest electronic payments networks in the world. NACHA represents more than 11,000 financial institutions through direct membership, 19 regional payments associations, and hundreds of payments system stakeholder companies through its industry councils and forums. NACHA manages the development, administration, and governance of the Automated Clearing House (ACH) Network—an efficient, reliable, and secure payments system that facilitates commerce electronically. NACHA serves its members by promulgating the NACHA Operating Rules, managing the ACH Network, promoting the value of ACH payments, and offering tools and resources to facilitate the adoption of ACH payments. To learn more, visit www.nacha.org/ebids or www.nacha.org.
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Fiserv Automotive Lending Solutions Now Integrated with Best-in-class Desktop Reporting Tool from Conquest Systems
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New tool to help provide lenders with a better understanding of operations and revenue
Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial and insurance industries, announced the integration of its automotive lending solutions with Conquest Systems’ WebCEO™ desktop reporting tool. This integration allows automotive lenders to generate dashboards and other graphical reports for a better understanding of critical business drivers, statistics and operations. In a difficult lending environment, this tool can help lenders reduce costs and find new sources of revenue.
Using data from the Fiserv loan origination and servicing systems, WebCEO performance measurement and reporting software will allow automotive lending executives to generate graphical management reports such as average product yield, loan production turnaround times and default risk, which can help them manage their businesses more profitably. WebCEO also enables nimble, comprehensive and customizable desktop reporting that leverages and presents data from Fiserv loan origination and servicing systems and other databases. This gives clients the ability to access a centralized and normalized data repository, thus eliminating historical reporting limitations once caused by multiple platforms, data sources and databases.
“WebCEO was designed to fit the environment of Fiserv Automotive Solutions clients by using their existing databases, servers, platforms and transformation load tools to reduce costs,” said Joe Willis, president for financial markets at Conquest Systems. “Optimizing existing technologies can help mitigate the auto lender’s risk and simplify the decision to select WebCEO as a standard enterprise reporting tool.”
Lending executives using WebCEO with Fiserv lending systems data can configure their own reports to create unique views of their enterprises. The customized templates and reports may then be stored for future access to ensure consistent reporting over time. As business needs change, the report templates can be easily modified to accommodate additional lending data components, business process alterations and changes in reporting preferences.
“Fiserv is committed to providing products and services, such as the integration of this best-in-class reporting tool, that help our clients manage overall costs and find new sources of revenue,” said Kevin Collins, president of Fiserv Automotive Solutions. “We believe that in a difficult environment, now is the time for financial institutions to invest carefully in ways that will make them more efficient and responsive to customer needs when the current downturn starts to improve.”
Fiserv Automotive Loan Originations System (LOS) includes credit and funding components that fully automate the process, from capturing credit applications and decisioning credit requests, through booking contracts on an account servicing system. The Fiserv Automotive Loan Servicing systems are tailored to the indirect automotive finance industry for lease or loan portfolios.
The WebCEO pricing model makes implementation of the solution cost-effective for Fiserv Automotive Solutions clients ranging from de novos to large enterprise lenders. The tool is easy to deploy, requiring only a data extract from the loan origination or servicing system for Fiserv hosted services clients.
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 Teams Up with Valen Technologies, Inc., to Offer Predictive Analytics to Property and Casualty Customers
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Fiserv, Inc. (NASDAQ: FISV), a leading provider of technology solutions, and Valen Technologies, Inc., the predictive analytics experts for the property and casualty (P&C) insurance industry, located in Denver, Col., announced a strategic alliance to offer real-time predictive underwriting capabilities to Fiserv insurance carrier clients to enable more effective risk selection and pricing.
The alliance with Valen Technologies will provide Fiserv clients with a comprehensive, predictive analytics capability for their Fiserv P&C product suite. Predictive analytics provide important insights into target marketing, risk selection and producer segmentation, while also facilitating straight-through processing via tier placement and micro-segmentation. Using multivariate, nonlinear modeling to provide new business insight based on past experience, predictive analytics help carriers better predict future outcomes and make more informed decisions.
“By partnering with Valen, Fiserv brings clients the opportunity to improve underwriting discipline, consistency and results, helping insurance carriers better match premium and risk,” said Gary Sherne, president of the Fiserv P&C Solutions division. “Rather than relying solely on subjective and intuitive underwriter judgment, Valen’s underwriting solutions use proven, predictive analytics science to objectively pinpoint the expectation of loss at an individual policy level. In doing so, our customers will be able to select and price risk more effectively.
“The combination of the Fiserv suite of P&C insurance products and Valen’s predictive analytics capabilities offer carriers an extremely attractive solution to enable not just a highly efficient operating environment but one that allows them to better analyze their business and make the most informed decisions,” said Dax Craig, chief executive officer of Valen Technologies. “We look forward to continuing our work with Fiserv to enable our mutual carrier customers to achieve maximum business value from their Fiserv and Valen technologies.”
About Valen Technologies
Valen Technologies is the expert in turnkey predictive analytics for the property and casualty insurance industry, offering highly automated predictive analytics solutions to create and deploy predictive models. Valen helps its customers improve decision making by using predictive analytics in the decision process. To learn more about predictive modeling and Valen Technologies, visit www.valen.com.
Hundreds of Life, P&C, Health, and Reinsurance carriers, managing general agents, and administrators rely on Fiserv for innovative insurance technology, professional services, and outsourcing solutions. Fiserv solutions include insurance policy and claims administration, underwriting, rating, advanced billing and collections, point-of-sale technology and straight-through processing solutions. In addition, more than 3,000 clients use the company’s market-leading financial and compliance solutions. Fiserv can be found on the Internet at www.fiservinsurance.com.
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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Everest National Insurance Company selects Duck Creek Technologies Commercial Policy Administration Software
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Duck Creek Technologies, Inc., a provider of product configuration, sales automation, rating and policy administration solutions for the insurance industry, announced that Everest National Insurance Company has selected Duck Creek’s Commercial Policy Administration Solution, a web enabled platform designed to manage the complete commercial lines policy life cycle. The implementation will initially focus on Everest’s General Liability and Excess & Surplus lines with plans to support other commercial lines in the future.
One of the key factors contributing to Everest’s selection of Duck Creek was the system’s flexibility and tool-based approach that will enable quick development and deployment of new insurance products. Being able to respond quickly to market opportunities in today’s competitive marketplace was one of the insurer’s main objectives.
As a web enabled solution built on service oriented architecture (SOA), the Duck Creek policy administration solution proved a good fit for Everest’s technology strategy. In addition to the need for a flexible and configurable system, Everest also had a desire to be self-sufficient in order to quickly make product modifications and build new products with minimal ongoing dependence on Duck Creek resources.
“We wanted a solution that was tool-based and was consistent with our SOA technology strategy, but we also wanted a system that would enable us to control our own destiny without having to rely on the vendor for every modification, enhancement, and new product. Duck Creek proved to be a good fit on all counts,” Sandeep Bajaj, CIO with Everest National Insurance Company.
Everest’s Executive Vice President and CAO Barry Smith commented, “Our selection of Duck Creek was a combination of the strength of their policy administration solution, coupled with the Duck Creek team’s depth of insurance industry business knowledge and technical expertise.”
Smith continued, “With the Duck Creek system, the tools-based technology platform enables our business users for the first time to have easy access to and control of data---so they can more quickly make informed underwriting decisions; allowing us to take advantage of market opportunities with the proper infrastructure.”
Duck Creek’s Doug Roller, CEO, noted, “We are pleased to welcome Everest National Insurance Company to our growing family of clients and thank them for selecting Duck Creek. Our success is the reflection of the ongoing support and vision of our clients combined with the dedication of the Duck Creek team. We look forward to continuing our work with the Everest implementation team to support their company’s growth strategy. “
Everest Re Group, Ltd. is a Bermuda Holding company that operates through the following subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest National Insurance Company and Everest Security Insurance Company provide property and casualty insurance to policyholders in the U. S. Everest Indemnity Insurance Company offers excess and surplus lines insurance in the U. S.
About Duck Creek Technologies
Duck Creek Technologies is a leading provider of software and services to the insurance industry, providing rating and policy administration solutions for personal, commercial, and specialty lines. Duck Creek Technologies offers next—generation policy administration solutions that support the complete policy life cycle process, from internet-based rating, quotes, proposals, and underwriting to policy administration and agency self-service. Duck Creek is dedicated to enabling customers to develop insurance products and to sell and service those products in their chosen markets with unprecedented speed-to-market, flexibility, reach and quality. Founded in 2000, Duck Creek Technologies is headquartered in Bolivar, Missouri, and has offices in Farmington, Connecticut, and Columbia, South Carolina. For more information, visit www.duckcreektech.com or call 800-889-8401.
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WAUSAU’s Remote Corporate Capture Solution Ranked ‘Best-in-Class’ by Research Firm Aite Group
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WAUSAU Financial Systems, the industry leader in distributed payment and document processing solutions, announced that in a recent vendor evaluation conducted by research firm Aite Group, WAUSAU’s Remote Corporate Capture solution was awarded Best Overall Solution for Large and Mid-Sized Banks, and also ranked best-in-class for Most Advanced Integrated Remittance and Deposit Capabilities and Training Tools.
“WebDDL® was designed to go beyond just deposit automation and performs as a complete accounts receivable solution with the ability to capture both deposits and remittance payments,” said Christine Barry, Aite Group Research Director for Wholesale Banking, in the report. “It has remittance processing capabilities for both retail and wholesale markets. Its features, coupled with the solution’s advanced remittance capabilities, serve as a real differentiator for WAUSAU, and have positioned the solution a step ahead of its competitors who are just starting to add basic remittance capabilities.”
“Another example of WAUSAU’s use of innovation as a way to place itself ahead of many of its competitors is in the area of online training,” Barry continued. “WebDDL® is very easy to use. Users have described it as ‘intuitive on both the administrative and customer sides’ and ‘user training has been a painless process.’ While all vendors have been focusing a great deal of attention on providing their bank customers and end-users with proper training and sales tools, WAUSAU’s solution is in a league of its own when it comes to online training capabilities. While other vendors claim to offer online training, WAUSAU is the only vendor to offer a high level of training from within its application.”
Aite Group’s independent, industry-leading report is based on the offerings of 12 leading remote deposit capture vendors. Its results extend WAUSAU’s recognized position as the RDC leader in the industry. WAUSAU was previously named “best of breed” among Remote Deposit Capture solutions reviewed by Boston-based Celent in the respected analyst firm’s Remote Deposit Capture Vendors: Crossing the Chasm report. Based on its advanced technology and breadth of features categories, WAUSAU was designated the overall performance leader.
“To be recognized as best-in-class in multiple categories by Aite Group is a confirmation of our continued leadership in the remote deposit capture space,” said Steve Buchberger, Senior Vice President, Solution Management for WAUSAU. “We are very pleased to have been awarded these accolades. It is a testament to WAUSAU’s ongoing commitment to provide the leading RDC solution, which enables our customers and partners to stand out in an increasingly crowded marketplace.”
To access a summary of the Aite report and the WAUSAU excerpt, please visit www.wausaufs.com. For more information on how to purchase the complete report, please visit www.aitegroup.com.
About WAUSAU Financial Systems
WAUSAU is a premier provider of payment and remittance processing solutions, serving businesses of all types to develop strategies that move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU’s innovative solutions provide results for a wide range of organizations including financial institutions, insurance companies, utilities, retail businesses and governmental agencies. Find more information about WAUSAU at www.wausaufs.com.
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Pendo Systems Expands Management Team with Addition of Dennis Case
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Pendo Systems, Inc., a leading provider of financial accounting solutions, announced that Dennis Case has joined the company as Senior Vice President, Client Services. In this role, Mr. Case will be responsible for client services, pre-sales support, implementation/conversions and insurance outsourcing development for Pendo Systems.
Mr. Case has more than 25 years of executive management experience in the insurance, treasury, investment accounting software and financial institution environments. He joins Pendo Systems from BNY Mellon, where he served as Product Manager for the insurance industry and was responsible for driving and managing the company’s global insurance strategy for all product, services and delivery channels.
“We are extremely pleased to welcome Dennis to the Pendo Systems team,” said Pamela Pecs Cytron, President and Chief Executive Officer of Pendo Systems. “Dennis was a pioneer in the global investment accounting space, he was instrumental in the initial wave of outsourcing and he continues to be on the cutting edge of technology solutions for the financial industry. He brings the experience and the leadership we need to continue to meet the evolving needs of our clients and fuel the continued growth of Pendo Systems.”
Previously, Mr. Case was a consultant with AIG where he assisted with their major initiative to consolidate investment accounting systems. He also held executive positions with QED Financial Systems, Inc., an investment accounting software development company; Princeton Financial Systems, an investment accounting software development company; and Crum & Forster Insurance Companies, a national property and casualty insurance group. Mr. Case received a degree in accounting from William Paterson College and he is a Certified Cash Manager (CCM).
About Pendo Systems, Inc.
Pendo Systems, Inc. is a premier provider of software solutions for global financial institutions. The firm was founded in 2006 to launch a comprehensive solution for the problems that arise with aging legacy-based accounting systems in the financial services sector. Pendo Systems’ core product, BasisPoint®, is a global enterprise-grade investment accounting engine that is multi-currency, multi-basis and multi-client and is rapidly becoming the new standard in investment accounting system delivery. It incorporates a full suite of process modules to manage investment trading and operations from the front office through the back office. BasisPoint runs on the Microsoft technology platform including Windows 2003 Server and Microsoft SQL Server 2005 systems. Pendo Systems has offices in Montclair, New Jersey and Bellevue, Washington. For more information please visit www.pendosystems.com.
For more information, please contact:
Jennifer Powers
Pendo Systems
Director of Marketing
973-783-0146
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WAUSAU Financial Systems and Tri City National Bank Partner on Latest Optima3® IMS Release
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Tri City Completes Successful Beta Test of Optima3®IMS 7.2
WAUSAU Financial Systems, an industry leader in providing enterprise content management solutions, announced that Oak Creek, WI-based Tri City National Bank has completed the successful beta test and installation of the latest Optima3® IMS release, version 7.2.
“We sincerely appreciate the opportunity of working with Tri City National Bank on the beta release of Optima3® IMS 7.2,” said Joe Pitzo, WAUSAU ECM Solution Manager. “This latest release of Optima3® IMS will provide Tri City a better and faster interface across its enterprise.”
“It has been a great experience for us,” said Andrew Oxborough, Vice President at Tri City. “It is always a pleasure to work with WAUSAU. This release brings us up-to-date with the latest tools, features and functionality, making Tri City associates even more efficient. Prior to implementing Optima3® we had to staff our records area on weekends to physically retrieve documents to provide copies to a branch, such as a signature card, check image or statement.
“Our first installation of Optima3® in 2002 provided the ability to archive check images and have them available to our customers through the web site. Now statement, signature card and check images are available across our enterprise to the tellers. This has reduced our staffing needs and improved customer service,” said Oxborough.
Tri City has seen the new release provide easier and faster access to documents and information across its entire enterprise. Through the Web Enabler module, access to signature cards, photo id’s and statements is now available from the teller or customer service platforms. Every user in the organization has access to customer information and documents, which has streamlined the staffing process. Both the thick and thin client interfaces now offer similar features and functionality. The thin client – or browser interface – is much easier for enterprise users to access.
“Having all our documents scanned and available at the teller stations throughout our enterprise is one of the biggest returns on our investment. No additional training was required by our staff to move to this latest release,” said Oxborough. “Optima3® IMS has provided us with some services that we could not otherwise offer; such as email statements, which are very popular, or access to images through our online banking interface. All of that is a great convenience to our customers.”
“Imaging is the big thing that Optima3® IMS brings to any customer. Everything that can be imaged will be imaged and stored on the Optima3® IMS platform. Our next big project initiative is to review the benefits of scanning all loan documents into Optima3®,” said Oxborough.
Optima3® IMS is a fully integrated ECM software suite used by mid-tier to Global 2000 enterprises to capture, route, manage, share and archive high volumes of corporate information critical to business operations, audits and customer service. Eliminating low-value manual tasks through core Optima3®IMS functionality such as document imaging, workflow and COLD/ERM – and making all content instantly available from a single, easy-to-use interface – increases employee productivity and operational efficiency. Version 7.2 primarily increases performance and usability. It also includes expanded workflow and Microsoft® SharePoint integration.
About Tri City National Bank
Tri City National Bank is a wholly owned banking subsidiary of Tri City Bankshares Corporation, a single bank holding company headquartered in Oak Creek, WI. Tri City has $800 million in assets making it one of the Milwaukee area’s largest independent commercial banks. Tri City National Bank was founded in 1963 and has 38 offices located in Milwaukee and 11 suburban Milwaukee communities as well as the communities of Cedarburg (north), Waukesha (west) and Sturtevant, WI (south). Twenty-one of these banking locations are located inside Pick'n Save food stores and offer the convenience of banking seven days a week. Find more information about Tri City at www.tcnb.com.
About WAUSAU Financial Systems
WAUSAU is a premier provider of payment and remittance processing solutions, serving businesses of all types to develop strategies that move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU’s innovative solutions provide results for a wide range of organizations, including financial institutions, insurance companies, utilities, retail businesses and governmental agencies. Find more information about WAUSAU or Optima3® IMS at www.wausaufs.com.
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Federal Reserve Bank’s Tara Rice to Discuss the Evolving Payment System at WAUSAU’s Customer Conference
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For any financial institution or remittance processor, it is vital to understand the Evolving Payment System and the effect it has on their organization. Equally important is the ability to examine the forces driving change and how such changes can present opportunities for your organization.
Wausau Financial Systems is proud to present Tara Rice, Financial Economist at the Federal Reserve Bank of Chicago, as the 2008 keynote speaker at the WAUSAU Customer Conference. Rice will discuss key payment trends by examining the innovations, incentives and regulations driving those trends.
“When we present a keynote speaker, it is critical their material and experience exceed attendee expectations and provide our customers with industry knowledge to help them in their business planning. With that said, the Evolving Payment System keynote session will offer attendees a comprehensive understanding of the forces driving change in the payments industry,” said Doug Deardorf, Vice President of Marketing and Channel Sales, WAUSAU Financial Systems.
WAUSAU’s Customer Conference takes place April 14-17 at the Midwest Airlines Center, Milwaukee, WI.
Tara Rice is a financial economist in the Economic Research Department at the Federal Reserve Bank of Chicago. Her current research centers around the strategy and performance of financial institutions, with a focus on payment activities. Before joining the research department, Rice was an economist in the Supervision and Regulation Department at the Chicago Fed. She has lectured at Boston College and Johns Hopkins University and is currently an adjunct member at DePaul University. Rice has also worked at the Office of the Comptroller of the Currency in Washington, D.C. She received a Ph.D. in finance from Boston College.
About WAUSAU Financial Systems
WAUSAU is a premier provider of payment and remittance processing solutions, serving businesses of all types to develop strategies that move money faster. With its products, services and consulting, WAUSAU works with customers to speed check processing, electronic presentment, ACH payments, transaction processing, distributed capture and enterprise content management. WAUSAU’s innovative solutions provide results for a wide range of organizations, including financial institutions, insurance companies, utilities, retail businesses and governmental agencies. Find more information about WAUSAU at www.wausaufs.com.
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IMAGINE SOFTWARE WINS ANOTHER AWARD FOR DERIVATIVES.COM AND EXHIBITS AT GAIM ASIA
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Imagine Software, a leading provider of on-demand trading, portfolio, and risk management solutions, is exhibiting its integrated, real-time portfolio and risk management system, the ASP-based Derivatives.com system, at the GAIM Asia trade show at the JW Marriott in Hong Kong, March 31 to April 1.
This month the company added to its collection of industry awards in 2007 from Risk Magazine, Asia Risk, Buy-Side Technology, and Alpha Magazine with its first award in 2008, “Best Risk Management Supplier,” from The Hedge Fund Journal. Publisher Rod Sparks presented the award at a black-tie dinner earlier this month held at the London Natural History Museum.
“Imagine Software won this award because of its focus on its core areas of expertise, and its longevity in this market,” said Rod Sparks. “Part of its appeal to our readers has been its versatility, its ability to cover a wide range of asset classes, and the fact that it has been able to deliver that level of sophisticated technology onto a desktop. But on top of that, it succeeds on the strength of its emphasis on real-time deliverables. This stems from a recognition that many hedge funds are having to make split-second decisions about their portfolios, and need to see their critical data in a highly customised interface. This is not easy to do, but Imagine seems to achieve it, and to do it in a manner that is cost-effective.”
Yvonne Dahl, Director of ASP Sales & Marketing for Imagine, commented on the award and GAIM Asia. “We’re honored for the recognition by The Hedge Fund Journal, and we’re very excited at the opportunity to provide live, hands-on demonstrations of why we won the award to attendees of this year’s GAIM Asia event. Our CEO, Dr. Lance Smith will be present to help explain the finer points of Imagine’s real-time benefits and functionality.”
About Imagine Software
Imagine Software is a leading provider of on-demand investment management solutions for the global financial industry. Its flagship product, the Imagine Trading System, is a real-time, cross-asset trading, portfolio, and risk management solution available as an enterprise application and an on-demand platform at Derivatives.com. Developed for alternative investment companies of all sizes, Derivatives.com combines proven enterprise functionality with an on-demand platform that maintains comprehensive market data and automates key business processing services.
Imagine Software serves thousands of users worldwide, ranging from major brokerage firms and banking institutions to hedge funds employing all major asset classes across any trading strategy. Imagine Software is one hundred percent owned by its four managing directors.
For more information, visit www.derivatives.com or call 212-317-7600.
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