Leading agricultural lender chooses the DNA platform for flexibility,
ease of use and ability to support future growth
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today that Farm
Credit Services of America, based in Omaha, Nebraska, has selected
the DNA™
account processing platform from Fiserv to support its diverse
agricultural lending operations, gain greater insight into customer
data, and expand its financial reporting capabilities.
Farm Credit Services of America (FCSAmerica) is a customer-owned
cooperative that serves more than 57,000 agricultural producers in the
Midwest. With more than $25 billion in assets, FCSAmerica is the largest
lender in the Farm Credit System, a nationwide network of co-ops
providing credit and affiliated services to farm and ranch operators
across the United States.
After evaluating 20 systems, FCSAmerica selected DNA to replace an
existing core system that had become increasingly difficult to maintain
due to its complexity and the shrinking pool of developers with
experience using legacy programming languages and technologies.
FCSAmerica will use Fiserv technology to modernize its loan accounting
and servicing for agricultural real estate loans, operating lines of
credit, installment loans and rural home loans.
"We knew we were making a long-term decision so the question was, do we
want to start by using old technology or new technology," said Russ
Wagner, vice president and chief technology officer, Farm Credit
Services of America. "The way DNA processes transactions, the technology
it uses and the way it integrates is very much aligned to how we work.
Of the many systems we looked at, only DNA had the flexibility to meet
our specific agricultural lending needs without having to be highly
customized or requiring us to change our business processes."
"DNA brings our retail loan accounting system into the twenty-first
century," added Damon Douglas, vice president, business applications,
Farm Credit Services of America. "When you look at things from a human
resources perspective, DNA allows us to better leverage the skills and
abilities of both end-users and technical employees. The natural,
graphical user interface of DNA is much closer to what they're used to,
compared to a command-line interface and using commands to navigate the
system."
Recognized
by industry-leading analysts for its technology, user experience and
breadth of functionality, DNA from Fiserv is the first open,
relationship-centered account processing platform built for
collaboration. Developed using contemporary, standards-based components,
DNA will provide FCSAmerica with the flexibility, extensibility and
scalability to deliver and service its full range of agricultural
financing products.
To address its current and evolving needs, FCSAmerica is leveraging a
number of custom core extensions called DNAapps™ to add new features,
screens and integrations to DNA. FCSAmerica will evaluate opportunities
to use the DNAcreator™ software development toolkit as
agricultural-specific lending needs arise and will have the ability to
make these available to other agricultural lenders on the DNA platform.
Both DNAapps and the DNAcreator toolkit are available to DNA clients
from the DNAappstore™.
"Farm Credit Services of America is a vital part of the American
agricultural economy and Fiserv is proud to support their business with
long-term, leading-edge technology solutions including the DNA platform
and its DNAapp extensions," said Teri Carstensen, president, Bank
Solutions, Fiserv. "The flexibility and open design of DNA will enable
Farm Credit Services of America to provide their customers with services
in step with the pace of life for many years to come."
Fiserv is the U.S. market leader in account processing services, and
more than one-third of U.S. financial institutions rely on Fiserv for
account processing solutions and expertise.
In a world that is moving faster than ever before, Fiserv helps clients
deliver solutions that are in step with the way people live and work
today - financial services at the speed of life. Learn more at TheSpeedofLife.com.
Additional Resources:
About Farm Credit Services of America
Farm Credit Services of America is proud to finance the growth of rural
America, including the special needs of young and beginning producers.
With more than $25 billion in assets and $4.5 billion in members'
equity, FCSAmerica is a leading provider of credit and insurance
services to farmers, ranchers, agribusiness and rural residents in Iowa,
Nebraska, South Dakota and Wyoming. Learn more at www.fcsamerica.com.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) enables clients to achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
business insights and optimization. For more than 30 years, Fiserv has
been a global leader in financial services technology. Fiserv is a
FORTUNE 500 company and in 2016 was honored to be named a FORTUNE
magazine's World'sMost Admired Company for the third consecutive year.
In 2015 the company was recognized among Forbes magazine's America's
Best Employers. For more information, visit Fiserv.com.
FISV-G
View source version on businesswire.com: http://www.businesswire.com/news/home/20161025005742/en/
Media Relations:
Ann Cave
Director, Public Relations
Fiserv,
Inc.
678-375-4039
ann.cave@fiserv.com
Additional
Contact:
Elizabeth McMillan
Director, Corporate
Communications
Fiserv, Inc.
678-231-3443
elizabeth.mcmillan@fiserv.com
Source: Fiserv, Inc.
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