Internet Banking Platform from Summit Unit of Fiserv Entices Clients with Control and Cost Advantages
Internet Banking Platform from Summit Unit of Fiserv Entices Clients with Control and Cost Advantages
May 13, 2005
Internet Banking Platform from Summit Unit of Fiserv Entices Clients with Control and Cost AdvantagesCORVALLIS, Ore.--May 13, 2005--Summit Information Systems, a unit of Fiserv, Inc. (Nasdaq:FISV) and a provider of technology solutions to credit unions, announced Founders Federal Credit Union, Lancaster, S.C., and San Mateo Credit Union, Redwood City, Calif., have completed their conversion to the Summit in-house Internet Banking application.
Both the $1 billion asset Founders FCU, with 139,000 members, and $551 million asset San Mateo CU, with 57,000 members, converted from a large Internet banking-only vendor system to take advantage of the control and flexibility gained by having their Internet banking applications tightly integrated with their Summit core system. The consolidation of Internet services with Summit also introduces tangible future cost savings.
The Summit Internet Banking application is part of a suite of products that enables Summit clients to customize their Internet banking services. Clients can choose from a range of solutions including loan origination, bill payment, e-statement integration, and check imaging. Clients wanting to add proprietary or third-party solutions can enrich their Internet member services with the Summit PathWays development toolkit.
"We were already running the WebLoan24 online lending application from Summit, so the leap to the Summit Internet banking solution was cost effective and a natural, evolutionary step for us," said Barry Jolette, president of San Mateo CU. "We also converted our bill payment platform using the CheckFree interfaces from Summit, and provide our members with online check images, and eStatements. With all of this combined, we expect our cost savings to be significant."
Bruce Brumfield, chief executive officer of Founder, concurred with Jolette's assessment: "The Summit Internet banking solutions from Summit provide us more flexibility in the functionality we want to provide to our members. We now have tighter integration with our core systems, which has enhanced our members' Internet banking experience and, at the same time, provides us with a single point of vendor support for our most critical applications."
"These two recent conversions demonstrate the advantages that Summit eMember applications offer our clients to better serve the needs of their members," said Summit president Kevin Sparks.
"The experience at both San Mateo and Founders affirms that it is more cost effective to have their primary vendor also provide their internet banking applications. Functionality enhancements are easier and they only have one vendor to deal with," Sparks said.
Summit Internet banking solutions can be purchased together or separately and can be implemented in-house or as ASP solutions.
Summit Information Systems, a unit of Fiserv, Inc., is the solutions provider behind the quality service at many of the nation's credit unions. The Summit Spectrum® core processing solution, delivered via in-house, on-line or resource management environments, is nationally recognized for superior transaction processing capabilities. Through an intuitive interface, credit unions are provided with advanced, open system capabilities to manage their organization, member data and resources. Connect to more Summit information at http://www.summitsite.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, leasing companies and mortgage providers. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
Both the $1 billion asset Founders FCU, with 139,000 members, and $551 million asset San Mateo CU, with 57,000 members, converted from a large Internet banking-only vendor system to take advantage of the control and flexibility gained by having their Internet banking applications tightly integrated with their Summit core system. The consolidation of Internet services with Summit also introduces tangible future cost savings.
The Summit Internet Banking application is part of a suite of products that enables Summit clients to customize their Internet banking services. Clients can choose from a range of solutions including loan origination, bill payment, e-statement integration, and check imaging. Clients wanting to add proprietary or third-party solutions can enrich their Internet member services with the Summit PathWays development toolkit.
"We were already running the WebLoan24 online lending application from Summit, so the leap to the Summit Internet banking solution was cost effective and a natural, evolutionary step for us," said Barry Jolette, president of San Mateo CU. "We also converted our bill payment platform using the CheckFree interfaces from Summit, and provide our members with online check images, and eStatements. With all of this combined, we expect our cost savings to be significant."
Bruce Brumfield, chief executive officer of Founder, concurred with Jolette's assessment: "The Summit Internet banking solutions from Summit provide us more flexibility in the functionality we want to provide to our members. We now have tighter integration with our core systems, which has enhanced our members' Internet banking experience and, at the same time, provides us with a single point of vendor support for our most critical applications."
"These two recent conversions demonstrate the advantages that Summit eMember applications offer our clients to better serve the needs of their members," said Summit president Kevin Sparks.
"The experience at both San Mateo and Founders affirms that it is more cost effective to have their primary vendor also provide their internet banking applications. Functionality enhancements are easier and they only have one vendor to deal with," Sparks said.
Summit Internet banking solutions can be purchased together or separately and can be implemented in-house or as ASP solutions.
Summit Information Systems, a unit of Fiserv, Inc., is the solutions provider behind the quality service at many of the nation's credit unions. The Summit Spectrum® core processing solution, delivered via in-house, on-line or resource management environments, is nationally recognized for superior transaction processing capabilities. Through an intuitive interface, credit unions are provided with advanced, open system capabilities to manage their organization, member data and resources. Connect to more Summit information at http://www.summitsite.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, leasing companies and mortgage providers. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.