Brookfield, Wis., April 6, 2010 - Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, announced today that Johnson Bank, part of the Johnson Financial Group, is moving all trust and custody billing for its Trust and Investment Management Division onto the Advantage FeeTM solution from Fiserv. Using the Fiserv solution, Johnson Bank will have one central point to automatically calculate, adjust and debit fees for multiple accounts, allowing it to collect revenues much faster - sometimes in less than one day.
Fiserv worked closely with Johnson Bank to develop a custom Advantage Fee solution which fully supports its extensive multi-custodian and multi-platform environment. Using Advantage Fee from Fiserv, Johnson Bank will now be able to automatically debit fees for one trust or custody account from another, accelerating the collection of revenue. With all fee activity on a single platform, Johnson Bank will have a deeper understanding of client relationships and be able to prorate fees for mutual custody and trust customers automatically. Prior to Advantage Fee, fees were processed on two separate billing systems with no interoperability, making reporting and debiting for mutual clients costly and inefficient.
"Fiserv knows how much we value our client relationships because they took the time to understand our business needs," said Brian Lucareli, senior vice president, director of Wealth Advisory Services, Johnson Bank. "The Advantage Fee platform delivers the interoperability between billing processes that we need and has the scalability to support the rapid growth of our Trust and Investment Management Division. By developing and helping us implement the solution to its fullest potential, Fiserv has proven to be a strategic partner, not just another vendor."
"The faster businesses collect revenue, the quicker they can reinvest it and make it work harder for them," said Cheryl Nash, senior vice president, Strategic Marketing and Business Development, Investment Services from Fiserv. "Advantage Fee from Fiserv enables financial services organizations to centralize and automate fee billing, which is key to increasing operational efficiency and ensuring accuracy across the entire revenue management process. Clients who don't have to manage billing errors will always pay their invoices faster."
Advantage Fee can also significantly reduce the effort required for client and regulatory reporting by having all pertinent data in a single location. Reg R and taxable fees reporting for clients is done automatically. The solution's data mining capabilities will also enable Johnson Bank to produce ad-hoc reports and audit trails for fee processing much more efficiently.
Advantage Fee from Fiserv was designed to help financial services organizations worldwide to support flexible, highly complex and fast-changing fee structures with efficient, controlled invoicing. It helps financial institutions like Johnson Bank reduce revenue leakage, improve operational efficiency, increase transparency of client billing, deliver greater control over compliance requirements, and better analyze and forecast revenue. Part of Investment Services solutions from Fiserv, its technology and workflow enable hundreds of financial institutions to process separately managed accounts, unified managed accounts and mutual fund advisory accounts, and customized portfolios for individual and institutional investors, which represent about 65 percent of total managed account portfolios industry-wide. The APL platform from Fiserv continues to be a leader in investment technology, with more than three million portfolios managed and traded on the platform.
About Johnson Financial Group
Johnson Bank is part of Johnson Financial Group, a premier financial services company offering comprehensive financial solutions in the areas of banking, trust, insurance, investments and leasing. The $5.7 billion financial services company has operating companies in Wisconsin and Arizona. Principal owners of Johnson Financial Group are members of the Samuel C. Johnson family. Helen Johnson-Leipold is Chairman of Johnson Financial Group in Racine, Wisconsin. For more information visit www.johnsonbank.com or www.johnsonins.com
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrated its 25th year in 2009. For more information, visit www.fiserv.com.
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