Fiserv, Inc., (FISV) recently announced that it has renewed contracts with 217 credit union account processing clients in the first eight months of 2009. Fiserv holds 32% market share for account processing among U.S. credit unions.
The company had earlier launched a new global account processing solution – Acumen, designed to transform the way large credit unions do business. It supports rapid growth with its server deployment model that allows credit unions to scale their operation quickly and cost effectively.
A day before, Fiserv launched its Merchant Acceleration Program (MAP), an initiative to increase the awareness and adoption of merchant capture by businesses. Merchant capture is a remote deposit capture solution that banks may provide to their business customers to provide them the convenience and cost savings of making check deposits from their office or store locations.
Fiserv assists financial institutions and health plan administrators in managing their information systems so that they can efficiently deliver services to their customers. The company is one of the leading providers of e-commerce solutions to financial institutions. Financial services involve a great deal of fee-based transactions. As a consequence, financial institutions are looking to firms like Fiserv to help them manage the increasing informational demands of their businesses.
Last week, the company sold off its Loan Fulfillment Solutions (LFS) business to ISGN Solutions Inc., a subsidiary of ISGN Corporation.
Management had earlier stated that 2009 would be a challenging year for the company, as the economy will take time to recover and then grow. Technology spending across the community banking space is estimated to be weak in 2009. Nevertheless, second half of 2009 is expected to be stronger than first half with bleak signs of recovery. The company is expected to report third quarter results on October 27, 2009.
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