Magyar Bank Selects Cleartouch from Fiserv
New Jersey bank chooses the Cleartouch bank platform and additional
Fiserv solutions with the goal to enhance integration, lower costs and
streamline vendor management
Agreement enables Magyar Bank to provide a large selection of products
and services in a community bank setting
New solutions will facilitate integrated document management, source
capture, risk and compliance management, relationship management and
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, today announced that Magyar Bank has selected the
Cleartouch® bank platform from Fiserv as the foundation of a
multi-product agreement. The $520-million bank, headquartered in New
Brunswick, N.J., cited improved integration, solid client support and
low-cost technology ownership as key factors in its decision.
In addition to the Cleartouch bank platform, Magyar Bank chose a
comprehensive suite of Fiserv solutions, including Director™ for
electronic content management, Branch Source Capture™ and Merchant
Source Capture™ for remote deposits, AML Manager for risk management,
the Fiserv® Clearing Network for image exchange, Relationship
PricingSM for relationship management, eStatements for
electronic document delivery and item processing solutions. The bank
currently utilizes CheckFree® RXP® for bill
"Fiserv solutions will help us streamline our processes and increase
efficiencies," said John Fitzgerald, president and Chief Executive
Officer, Magyar Bank. "Fiserv delivers technology that aligns with
changing consumer preferences, and Magyar Bank stands to benefit from
The bank sees keeping and attracting new customers through a wide array
of product offerings as essential to continued growth and stability. As
a result of its relationship with Fiserv, Magyar Bank expects to improve
integration, increase efficiencies and product offerings and reduce the
number of third-party vendors it employs.
For example, the costs and time previously involved with utilizing
multiple vendors for e-statements outweighed the benefits for the bank.
With Fiserv, the bank can provide this popular service to its customers
in a more cost-effective way. Additional efficiencies may come through
streamlined processes. Processes that used to take bank personnel
through multiple screens can be reduced to one or two clicks. According
to the bank, the time it takes to open a new account will be cut by more
"Support from Fiserv during the conversion process has been outstanding,
and we anticipate the same high level of support going forward," said
Fitzgerald — adding that his team is energized about what Fiserv can do
for the bank and its customers.
"This new relationship offers so many opportunities for success, and
Fiserv is eager to begin helping Magyar Bank deliver superior customer
service and position itself for continued growth," said Tom McBride,
president and general manager, Cleartouch Solutions, Fiserv. "It's
increasingly important for banks to expand their product offerings, look
for ways to increase efficiencies and do the seemingly little things
that differentiate them in the marketplace."
Fiserv is the U.S. market leader in account processing services for
financial institutions. One in three U.S. financial institutions relies
on Fiserv for account processing solutions and expertise.
About Magyar Bank
Magyar Bank is a subsidiary of Magyar Bancorp (NASDAQ: MGYR), a
$520-million asset community bank headquartered in New Brunswick, N.J.
Magyar Bank has been serving families and businesses in Central New
Jersey for over 90 years with a complete line of financial products and
services, and today Magyar operates branch locations in Bridgewater,
Branchburg, Edison, New Brunswick, North Brunswick and South Brunswick.
Visit Magyar online at www.magbank.com.
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider
serving the financial services industry. Fiserv is driving innovation in
payments, processing services, risk and compliance, customer and channel
management, and business insights and optimization. For six of the past
eight years, Fiserv ranked No. 1 on the FinTech 100, an annual
international listing of the top technology providers to the financial
services industry. For more information, visit www.fiserv.com.
Public Relations Manager
SVP, Head of Marketing and
Source: Fiserv, Inc.
News Provided by Acquire Media
Close window | Back to top