Fiserv Introduces Remote Deposit Module Enhancements to Meet Growing Market Demand
BROOKFIELD, Wis., Apr 27, 2006 (BUSINESS WIRE) -- Fiserv, Inc. (Nasdaq:FISV) announced the recent successful launch of the latest generation of enhancements to its Web-based remote deposit technology. These enhancements will directly benefit the clients of financial institutions that utilize Fiserv BANKLINK, Fiserv Item Processing and Fiserv VISION solution sets.
With these enhancements, the business customers of financial institutions that facilitate transactions through remote deposit will find their workflow further streamlined through use of advanced filter, print and zoom capabilities, as well as entitlement-driven user review and the ability to repair incorrect magnetic ink character recognition (MICR) formats, resulting in increased deposit automation efficiency.
"The advanced functionalities available through the enhanced remote deposit capabilities further emphasize Fiserv's commitment to providing clients with leading-edge technologies that support their growth and give them a strong competitive advantage," said Mike Gantt, president of the Fiserv Bank Systems Group. "Thanks to the power of Fiserv's multiple product distribution channels, financial institutions can choose which solution set best benefits their circumstances."
In 2005, the BANKLINK unit of Fiserv developed the Fiserv remote deposit solution as a module of iLINK, the business unit's platform of Web-based treasury management. The technology was quickly adopted by Fiserv Item Processing and Fiserv VISION, where it was adapted to meet the needs of their respective customers. Today, Fiserv is the only company to offer a thin-client remote deposit application, providing key functionality within the browser application, including character amount recognition/legal amount recognition (CAR/LAR) and image quality and usability assessment (IQA/U). The most recent enhancements to the remote deposit module further contribute to Fiserv's position as the leader in providing remote deposit services and strongly positioning its clients in the lucrative remote deposit marketplace.
John Leekley, founder and CEO of RemoteDepositCapture.com, the leading authority on remote deposit, notes that 2006 is The Year of Remote Deposit for banks with corporate customers. "Remote deposit capture's revolution of the banking industry has only just begun," said Leekley. "The number of locations in operation is expected to grow by more than 250 percent in 2006, from a base of approximately 51,100 at the end of 2005 to a projected 181,400 by year-end 2006."
With these latest enhancements and multiple product distribution channels, Fiserv is positioned to capture a significant portion of the burgeoning market predicted by Leekley.
BANKLINK, on the Web at www.BANKLINK.com, leads the market with innovative treasury management products and services to provide solutions for financial institutions. Established in 1977 as a full-service electronic banking company, BANKLINK today provides product and service solutions to financial institutions worldwide to meet the needs of their treasury management customers. BANKLINK offers the iLINK platform for information reporting, data exchange, multibank reporting, positive pay and transaction initiation services, including ACH, cash concentration, remote deposit, wire initiation and WireXchange. BANKLINK, located in New York City, is a business unit of Fiserv, Inc.
Fiserv Item Processing is North America's largest third-party check processing provider, annually handling more than 4 billion checks for more than 1,500 clients worldwide. In addition, the company's Information Technology, Inc. (ITI) and Fiserv Imagesoft units provide image-based check processing software used by more than 1,000 additional financial institutions to process checks in-house. Fiserv operates check-processing centers in 51 cities across the U.S. and another 6 in Australia, and a U.S. image archive that adds nearly 7 million check images daily.
Fiserv VISION provides community and commercial banks with a complete online banking solution. Fiserv VISION services 375 clients in 43 states, ranging in size from de novo organizations to those with more than $11 billion in assets. More than 600 professionals support Fiserv VISION in its Brookfield, Wis., headquarters and through service facilities and specialized development operations in Glastonbury, Conn., and Tampa and Orlando, Fla.
Fiserv, Inc. (Nasdaq:FISV), a Fortune 500 company, provides information management systems and services to the financial and health benefits industries. Leading services include transaction processing, outsourcing, business process outsourcing, software and systems solutions. The company serves more than 17,000 clients worldwide and 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 2005 and 2004 FinTech 100 surveys. Fiserv Health provides health plan management, pharmacy benefits management, and BPO services to the managed care market and self-funded commercial and government employers and health plans. Headquartered in Brookfield, Wis., Fiserv reported more than $4 billion in total revenue for 2005. For more information, please visit www.fiserv.com.
SOURCE: Fiserv, Inc.
BANKLINK Marypat Davis, 212-419-3026 or Fiserv, Inc. Mike Muckian, 262-879-5667
Copyright Business Wire 2006
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