WireXchange Solution from Fiserv Gains Marketplace Momentum; Convenient Online Wire Transfer Tool Embraced by Community Banks
WireXchange Solution from Fiserv Gains Marketplace Momentum; Convenient Online Wire Transfer Tool Embraced by Community Banks
December 7, 2005
WireXchange Solution from Fiserv Gains Marketplace Momentum; Convenient Online Wire Transfer Tool Embraced by Community Banks BROOKFIELD, Wis.--Dec. 7, 2005--Fiserv, Inc. (Nasdaq:FISV) announced today that community banks are embracing WireXchange a browser-based tool for completing end-to-end wire transfers. Five Fiserv business units, including Fiserv VISION, ITI, BankLink, Fiserv SourceOne and Fiserv CBS, now offer the product to their community banking customers. Several clients have already signed up for the service.
"WireXchange is an exceptional new product that has helped us streamline our wire transfer process," said Fiserv VISION customer Tracy Taylor, account operations manager for Dukes County Savings Bank of Edgartown, Mass. "With the solution's easy implementation process, we were able to quickly get our staff trained and using WireXchange to serve customers faster, easier and with fewer opportunities for error. The solution's electronic archive capabilities have further eliminated manual processes, enabling us to store and retrieve funds transfer data with ease."
WireXchange is easy to implement and features convenient one-time data entry to perform every step in the wire transfer process, including OFAC compliance screening, host system posting, online delivery to the Federal Reserve and Fedwire confirmation receipt. The Web-based solution uses an intuitive, browser-based interface along with sophisticated archive options, secure socket layer (SSL) data encryption and advanced security features. For added efficiency, clients of Fiserv VISION, ITI, BankLink, Fiserv SourceOne and Fiserv CBS will also experience a seamless interface between the WireXchange solution and their core processing systems.
"With our commercial customer base growing, our wire transfers have increased 44 percent in just six months. The WireXchange solution has enabled us to support a rapidly increasing number of wire transfers quickly, accurately and without the need to hire additional staff," said ITI customer Asa L. Adamson, executive vice president for F&M Bank and Trust Company of Tulsa, Okla. "WireXchange also gives us the convenient option of auto faxing or e-mailing confirmation of funds transfers, which is of great value to our customers because they can receive notification within minutes of a completed transfer."
"Like all of our advanced solutions, the WireXchange product is designed to help financial institutions leverage technology to streamline businesses processes in order to gain greater operational efficiencies and provide enhanced customer service," said David Selina, senior vice president and general manager of XRoads, Virtual Branch and Industry Services for IntegraSys, the Fiserv business unit that developed WireXchange. "We're pleased that WireXchange is gaining such traction across Fiserv's diverse community bank client base. As a result, we look forward to delivering an efficient, integrated wire transfer tool to a wide range of financial institutions across the country."
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, 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, lenders and savings institutions. 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 and 2005 FinTech 100 surveys by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
"WireXchange is an exceptional new product that has helped us streamline our wire transfer process," said Fiserv VISION customer Tracy Taylor, account operations manager for Dukes County Savings Bank of Edgartown, Mass. "With the solution's easy implementation process, we were able to quickly get our staff trained and using WireXchange to serve customers faster, easier and with fewer opportunities for error. The solution's electronic archive capabilities have further eliminated manual processes, enabling us to store and retrieve funds transfer data with ease."
WireXchange is easy to implement and features convenient one-time data entry to perform every step in the wire transfer process, including OFAC compliance screening, host system posting, online delivery to the Federal Reserve and Fedwire confirmation receipt. The Web-based solution uses an intuitive, browser-based interface along with sophisticated archive options, secure socket layer (SSL) data encryption and advanced security features. For added efficiency, clients of Fiserv VISION, ITI, BankLink, Fiserv SourceOne and Fiserv CBS will also experience a seamless interface between the WireXchange solution and their core processing systems.
"With our commercial customer base growing, our wire transfers have increased 44 percent in just six months. The WireXchange solution has enabled us to support a rapidly increasing number of wire transfers quickly, accurately and without the need to hire additional staff," said ITI customer Asa L. Adamson, executive vice president for F&M Bank and Trust Company of Tulsa, Okla. "WireXchange also gives us the convenient option of auto faxing or e-mailing confirmation of funds transfers, which is of great value to our customers because they can receive notification within minutes of a completed transfer."
"Like all of our advanced solutions, the WireXchange product is designed to help financial institutions leverage technology to streamline businesses processes in order to gain greater operational efficiencies and provide enhanced customer service," said David Selina, senior vice president and general manager of XRoads, Virtual Branch and Industry Services for IntegraSys, the Fiserv business unit that developed WireXchange. "We're pleased that WireXchange is gaining such traction across Fiserv's diverse community bank client base. As a result, we look forward to delivering an efficient, integrated wire transfer tool to a wide range of financial institutions across the country."
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, 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, lenders and savings institutions. 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 and 2005 FinTech 100 surveys by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.