Fiserv CBS Worldwide Signs CoopDesarrollo to Core Processing Pact in Move that Will Make Credit Union One of First to Comply with New Mexican Regulations
Fiserv CBS Worldwide Signs CoopDesarrollo to Core Processing Pact in Move that Will Make Credit Union One of First to Comply with New Mexican Regulations
July 19, 2005
Fiserv CBS Worldwide Signs CoopDesarrollo to Core Processing Pact in Move that Will Make Credit Union One of First to Comply with New Mexican RegulationsLAKE MARY, Fla.--July 19, 2005--The Fiserv CBS Worldwide unit of Fiserv, Inc. (Nasdaq:FISV) has signed CoopDesarrollo, Mexico's sixth largest credit union, to a core processing agreement in a move that will make the credit union one of the first to comply with new Mexican government regulations.
CoopDesarrollo S.C.L. de C.V., which serves approximately 100,000 members, has more than 183 employees and operations in 24 branches in two Mexican states, Guanajuato and Jalisco.
CoopDesarrollo's managing director, Ing. Patricio Godinez Valadez, said the organization chose Fiserv CBS after a careful evaluation process that looked at technology, financial strength, experience, implementation track record and references, credit union functionality, regulatory compliance and total cost of ownership.
"The demand for new and better services that can be provided efficiently to all of our members and the opportunity to comply with the new regulations pushed CoopDesarrollo to look for a new technology platform that would also improve our controls and our quality of service," said Patricio Godinez Valadez. "Fiserv offered us a solution and technology that will make it possible for CoopDesarrollo to improve its service offerings in the areas of credit and savings, as well as improve its internal controls and the security and reliability of all the members' information."
CoopDesarrollo expects to be one of the first credit unions in Mexico to be registered as compliant with new Mexican government regulations that take effect in December 2005. The credit union will operate under the regulations known as Ley de Ahorro y Credito Popular and will be supervised by the CNBV (Comision Nacional Bancaria y de Valores) and by the Confederacion de Cooperativas Financieras de la Republica Mexicana.
A financially healthy organization with aggressive growth plans, CoopDesarrollo currently offers its members savings, loans, CDs and savings accounts for minors. CoopDesarrollo's main focus is the promotion of savings among the young population in the credit union's home states. CoopDesarrollo currently works with more than 50 schools in promoting that effort.
"Fiserv is excited about the opportunity to contribute to the Mexican banking sector, especially since we are aware of Mexico's importance to the global financial services industry," said Dan Alf, Fiserv CBS Worldwide's senior vice president and managing director of Latin America, Canada and the Caribbean. "We look forward to working together with CoopDesarrollo to improve their efficiency and service through the use of technology."
A formal signing ceremony was held in June inside the main offices of CoopDesarrollo in San Francisco del Rincon. Participants included representatives of the Administration Council of CoopDesarrollo, its managing director, the general manager of the Federacion Mexicana de Entidades de Ahorro y Credito (FMEAC), the project director of the World Council of Credit Unions (WOCCU) and personnel from CoopDesarrollo and Fiserv CBS Worldwide. (Photos are available.)
Fiserv CBS Worldwide is a unit of Fiserv, Inc. that delivers end-to-end business and technology solutions for retail financial and consumer finance institutions throughout Europe, Asia-Pacific, Latin America, The Caribbean, Canada and the United States. Through its offices in USA, UK, Poland, Singapore, Australia, China, Indonesia, Colombia, and Costa Rica, Fiserv CBS Worldwide enables more than 280 financial institutions to deliver integrated solutions for managing the entire customer lifecycle from core banking to multi-channel customer contact and data warehousing. Fiserv CBS Worldwide can be found on the Internet at www.fiservcbs.com.
Fiserv, Inc. (NASDAQ:FISV) provides information management systems and services to the financial and health benefit industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, 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 service 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
CoopDesarrollo S.C.L. de C.V., which serves approximately 100,000 members, has more than 183 employees and operations in 24 branches in two Mexican states, Guanajuato and Jalisco.
CoopDesarrollo's managing director, Ing. Patricio Godinez Valadez, said the organization chose Fiserv CBS after a careful evaluation process that looked at technology, financial strength, experience, implementation track record and references, credit union functionality, regulatory compliance and total cost of ownership.
"The demand for new and better services that can be provided efficiently to all of our members and the opportunity to comply with the new regulations pushed CoopDesarrollo to look for a new technology platform that would also improve our controls and our quality of service," said Patricio Godinez Valadez. "Fiserv offered us a solution and technology that will make it possible for CoopDesarrollo to improve its service offerings in the areas of credit and savings, as well as improve its internal controls and the security and reliability of all the members' information."
CoopDesarrollo expects to be one of the first credit unions in Mexico to be registered as compliant with new Mexican government regulations that take effect in December 2005. The credit union will operate under the regulations known as Ley de Ahorro y Credito Popular and will be supervised by the CNBV (Comision Nacional Bancaria y de Valores) and by the Confederacion de Cooperativas Financieras de la Republica Mexicana.
A financially healthy organization with aggressive growth plans, CoopDesarrollo currently offers its members savings, loans, CDs and savings accounts for minors. CoopDesarrollo's main focus is the promotion of savings among the young population in the credit union's home states. CoopDesarrollo currently works with more than 50 schools in promoting that effort.
"Fiserv is excited about the opportunity to contribute to the Mexican banking sector, especially since we are aware of Mexico's importance to the global financial services industry," said Dan Alf, Fiserv CBS Worldwide's senior vice president and managing director of Latin America, Canada and the Caribbean. "We look forward to working together with CoopDesarrollo to improve their efficiency and service through the use of technology."
A formal signing ceremony was held in June inside the main offices of CoopDesarrollo in San Francisco del Rincon. Participants included representatives of the Administration Council of CoopDesarrollo, its managing director, the general manager of the Federacion Mexicana de Entidades de Ahorro y Credito (FMEAC), the project director of the World Council of Credit Unions (WOCCU) and personnel from CoopDesarrollo and Fiserv CBS Worldwide. (Photos are available.)
Fiserv CBS Worldwide is a unit of Fiserv, Inc. that delivers end-to-end business and technology solutions for retail financial and consumer finance institutions throughout Europe, Asia-Pacific, Latin America, The Caribbean, Canada and the United States. Through its offices in USA, UK, Poland, Singapore, Australia, China, Indonesia, Colombia, and Costa Rica, Fiserv CBS Worldwide enables more than 280 financial institutions to deliver integrated solutions for managing the entire customer lifecycle from core banking to multi-channel customer contact and data warehousing. Fiserv CBS Worldwide can be found on the Internet at www.fiservcbs.com.
Fiserv, Inc. (NASDAQ:FISV) provides information management systems and services to the financial and health benefit industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, 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 service 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