Fiserv core banking customer cites integration with Corillian and CheckFree as key factor in decision
BROOKFIELD, Wis.--(BUSINESS WIRE)--Nov. 12, 2008--Fiserv VISION, a
business unit of Fiserv, Inc. (NASDAQ: FISV), a leading provider of
information technology services to the financial industry, announced
today that Union Savings Bank, a $1.7 billion bank headquartered in
Danbury, Conn., launched an enhanced online banking service leveraging
Corillian Consumer Advantage(TM) and CheckFree Web RXP(TM) from
Fiserv's Internet Banking and Electronic Payments Division. Union
Savings Bank, which has been a Fiserv VISION client for 12 years,
recognized the value of offering a premium online banking and bill pay
solution in a service bureau environment while taking advantage of
Fiserv's real-time integration.
Corillian was acquired by CheckFree in early 2007. Fiserv's
subsequent acquisition of CheckFree later that year changed the
landscape for many Fiserv clients, among them Union Savings Bank.
"At first we thought Corillian and CheckFree were out of our
league and more appropriate for a big bank with the ability to bring
the system in-house. We were aware of them as industry leaders, having
been ranked No. 1 by industry analysts," said Marie O'Neill, senior
vice president of marketing and electronic banking, Union Savings
Bank. "The decision became easier when Corillian and CheckFree became
part of Fiserv. We were gaining two things; one, the industry's best
online banking and bill payment platform and two, smoother integration
with our Fiserv core banking solution, Cleartouch." O'Neill also
noted, "We've got a more robust solution with added features. It gives
us a better product to market to our customers. We can truly say this
is a leading edge online banking product."
Union Savings Bank wanted to enhance its online banking service
with a system that could provide industry-leading online banking and
bill pay services in a more tightly integrated, hosted environment.
Having Corillian Consumer Advantage's online banking best practices in
a hosted environment means Union Savings Bank gains the advantages of
a sophisticated solution without the overhead costs and capital
investments associated with running it themselves.
According to Mike Rigney, president of Fiserv VISION, "The
acquisition of CheckFree, including Corillian, allows Fiserv VISION to
provide our clients with a leading online banking solution that is
tightly integrated to our Cleartouch core solution, in a scalable,
hosted environment. Our clients look to us to provide them with the
tools they need to compete in their markets; Union Savings Bank is
seeing firsthand the benefits of this acquisition."
With a fully featured online banking and bill payment service,
bank customers can find the same conveniences online as those offered
by larger institutions, with the advantage of personal local customer
relationships offered by Union Savings Bank.
"We are seeing people leaving some of the larger banks because of
what's going on in the economy. When they walk into our bank to open
an account, they discover an online banking product that's very
similar to what they were using. We are finding that customers are
more comfortable in making the move to a community bank, not only
because of the outstanding customer service we offer, but also because
we have the same tools and services they would expect from a bigger
bank," said Bill McNamara, senior vice president, Union Savings Bank.
Established in 1866 and headquartered in Danbury, Conn., Union
Savings Bank is a $1.7 billion mutual bank dedicated to providing
excellent customer service to its customers and communities. As a
full-service financial institution, Union Savings Bank provides
banking, mortgage, investment and insurance with eighteen branches
throughout western Connecticut.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides
information management and electronic commerce systems and services to
the financial and insurance industries. Leading services include
transaction processing, outsourcing, electronic bill payment and
presentment, investment management solutions, business process
outsourcing (BPO), software and systems solutions. Headquartered in
Brookfield, Wis., the company is the leading provider of core
processing solutions for U.S. banks, credit unions and thrifts. Fiserv
was ranked the largest provider of information technology services to
the financial services industry worldwide in the 2004, 2005 and 2006
FinTech 100 surveys. In 2007, the company completed the acquisition of
CheckFree, a leading provider of electronic commerce services. Fiserv
reported nearly $4 billion in total revenue from continuing operations
for 2007. For more information, please visit www.fiserv.com.
CONTACT: Fiserv VISION
Senior Vice President
Marketing & Sales Support
Assistant Vice President Corp. Comms.