ADVISORY/Check 21 - Six Months After Implementation; Fiserv Executives Available to Discuss What Has and Hasn't Happened in Wake of Groundbreaking Legislation.Fiserv, Inc. (Nasdaq:FISV FISV Fiserv, Inc (stock symbol) ):
WHAT:
Check 21, formally known as the Check Clearing for the
21st Century Act, promised sweeping changes in the way checks
were processed and the images transmitted when the law was
implemented Oct. 28, 2004. Under Check 21, banks for the first
time were allowed to accept electronic images of checks (or
substitute checks) instead of traditional paper checks as
proof of payment. Experts predicted that new technologies
would revolutionize the payments industry.
Six months after the law's implementation, the true impact of
Check 21 has yet to be felt. More institutions are moving
toward electronic imaging and presentment, but the industry
still has a long way to go. Fiserv's expert resources in
payment processing are prepared to discuss a variety of topics
about Check 21, including:
-- Check 21: A slow-growth scenario or the calm before a
storm of changes in transaction processing?
-- Hurdles to electronic check imaging and presentment and
how to overcome them.
-- The economics of Check 21: What are early adopters gaining
and what are other financial institutions missing by not
signing on?
WHO: Experts from the Fiserv Item Processing Group can speak to
the issue:
Mark Damico, President,
Steve Ward, Executive Vice President
Ted Umhoefer, Senior Vice President
WHEN/HOW:
Experts are available for interviews to address issues
involving Check 21. To schedule those interviews, please
contact Chuck Doherty, (262) 879-5966,
chuck.doherty@fiserv.com; or Mike Muckian, (262) 879-5667,
mike.muckian@fiserv.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. , business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners Financial Planner A qualified investment professional who assists individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve these goals. and investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. ., 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 The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry in the 2004 FinTech 100 survey by the American Banker American Banker is a daily newspaper covering the financial services industry. Founded in 1835 and based in New York, American Banker's 70 reporters and editors in six cities monitor developments and breaking news affecting banks. newspaper and the Financial Insights research firm. Fiserv can be found on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.fiserv.com. |
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