Hosted solution provides secure, cost-effective access to CECL
management tools
BROOKFIELD, Wis.--(BUSINESS WIRE)--Jun. 26, 2018--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today that financial institutions now
have a streamlined option to address the Financial Accounting Standards
Board’s (FASB) pending Current Expected Credit Loss (CECL) standard.
Prologue™ Credit Loss Manager and its risk modeling tools are now
available in a SaaS version hosted in the secure Fiserv cloud, enabling
financial institutions of all sizes to efficiently execute on their
compliance strategies.
“Financial institutions are taking different approaches to CECL
preparation,” said Shawn Holtzclaw, senior vice president and general
manager, Fraud, Risk and Compliance, Fiserv. “Providing Prologue Credit
Loss Manager in a software as a service version enables us to
accommodate banks and credit unions looking for a flexible solution that
can facilitate speed to market through a managed service option.”
The SaaS-version of Prologue Credit Loss Manager meets the same rigorous
quality and security standards as the on-premise version. In addition to
simplified CECL compliance and preparation, monthly subscription to this
fully-hosted offering includes implementation, secure database backup,
software upgrades and all other maintenance, as well as access to
technical support and online training.
Effective December 15, 2019, companies filing with the U.S. Securities
and Exchange Commission (SEC) must comply with CECL—a mandate designed
to measure both current and future portfolio risk instead of just
current losses. By replacing the incurred loss accounting model with an
expected loss model, CECL introduces new compliance and operational
challenges for financial institutions, including increased Allowance for
Loan and Lease Loss (ALLL) reserve requirements, which some have predicted
to increase by as much as 50 percent. Prologue Credit Loss Manager from
Fiserv combines advanced risk modeling with accurate analysis and
calculation of past, present and future data to simplify financial
institutions’ navigation of CECL requirements and optimize ALLL reserves.
“Prologue Credit Loss Manager enables financial institutions to
aggregate the data required for CECL compliance while also providing the
visibility they need to maximize loan and investment capital
availability,” said Holtzclaw. “The end result is improved decision
making that will benefit both financial institutions and their
customers.”
In a world moving faster than ever before, Fiserv helps clients deliver
solutions in step with the way people live and work today – financial
services at the speed of life. Learn more at fiserv.com.
Additional Resources:
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and
deliver financial services experiences in step with the way people live
and work today. For more than 30 years, Fiserv has been a trusted leader
in financial services technology, helping clients achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
insights and optimization. Fiserv is a member of the FORTUNE®
500 and has been named among the FORTUNE Magazine World's Most Admired
Companies® for five consecutive years, recognized for
strength of business model and innovation leadership. For more
information, visit fiserv.com.
FISV-G
View source version on businesswire.com: https://www.businesswire.com/news/home/20180626005613/en/
Source: Fiserv, Inc.
Media Relations:
Alex Shorter
Sr. Manager, Public
Relations
Fiserv, Inc.
678-231-0226
alexander.shorter@fiserv.com
or
Additional
Contact:
Ann Cave
Director, Public Relations
Fiserv,
Inc.
678-325-9435
ann.cave@fiserv.com