FIserv, Inc. and The Chase Manhattan Bank, N.A. Announce Strategic Alliance.MILWAUKEE--(BUSINESS WIRE)--Feb. 22, 1995--FIserv, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FISV FISV Fiserv, Inc (stock symbol) ) and The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , N.A. have announced an agreement in which FIserv will manage the bank's New York-based check processing and check imaging operations. The agreement, which goes into effect March 1, 1995, will generate approximately $40 million of revenue per year for FIserv; and will provide substantial benefits for Chase over the initial 12-year term. Further terms were not disclosed. "With this agreement, we are establishing a long-term strategic alliance that will align the people, the item processing resources and the image integration expertise of FIserv with the business strategies of Chase," commented Leslie M. Muma, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of FIserv, Inc. "FIserv will become a technology partner with Chase, enabling the bank to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. its product innovation and customer service strengths. It is our goal to help bring the highest quality service and business advantage to Chase's customers." As part of the agreement, FIserv will convert Chase sites to a common item processing and image proof-of-deposit platform. Image and document management solutions will include the FIserv Imagebanc(TM) products from the recently acquired Image Integration Technology business unit of FIserv. By using the specialized resources of FIserv, Chase will accelerate its offerings of new image-based products and services to its customers and will gain operational savings. "We began searching in early 1994 for a strategic technology partner for Chase's check processing business," said Donald L. Boudreau, Chase Senior Executive Vice President for Regional Banking. "In our meetings, FIserv demonstrated that it could deliver the advanced technology base we wanted going forward. FIserv management also shared our overriding commitment to the Chase people who will be involved in this alliance. Continuity of employment and career growth for our people were key ingredients in our decision. FIserv has a proven reputation in the industry for taking care of its people, who in turn take good care of their clients. This management philosophy is a good fit with Chase's own dedication to enhancing relationships with our employees and our customers." "Chase has long been a leader in developing and applying new technologies for its customers," added Michael Urkowitz, Chase Executive Vice President in charge of InfoServ, the bank's information and transaction-based businesses. "Through this alliance with FIserv, we are now in a position to take advantage of our mutual investments in advanced image technologies." The scope of the services that FIserv will provide Chase through the agreement include account reconciliation, check processing and adjustments, item and image-related data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a , encoding See encode. of items, advising, returns and statement rendering. FIserv will assume management of Chase's check processing operations in Brooklyn, Long Island, Rochester and Syracuse, N.Y. The company will offer full employment to those Chase employees currently in the operations areas of these locations. In addition to the resources and people FIserv gains through these former Chase processing sites, the FIserv item processing services operation in New Haven New Haven, city (1990 pop. 130,474), New Haven co., S Conn., a port of entry where the Quinnipiac and other small rivers enter Long Island Sound; inc. 1784. Firearms and ammunition, clocks and watches, tools, rubber and paper products, and textiles are among the many , Conn., will gain additional new business from The Chase Manhattan Bank of Connecticut, N.A., which has been a client of the FIserv New Haven data processing center since 1992. An average of 58 million items a month are projected to be passed through these new FIserv operations, enhancing the FIserv position in the industry as the leading provider of item processing services to U.S. banking and savings institutions. The Chase Manhattan Bank, N.A. is the principal subsidiary of The Chase Manhattan Corporation The Chase Manhattan Corporation was a bank holding company formed as parent of the Chase Manhattan Bank. During its time as the parent company, it was led in succession by David Rockefeller, Willard C. Butcher, and Thomas G. Labrecque. , a leading provider of 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. around the world. For information, please contact John M. Anderson of Chase Public Affairs Those public information, command information, and community relations activities directed toward both the external and internal publics with interest in the Department of Defense. Also called PA. See also command information; community relations; public information. at (212) 552-6224. FIserv, Inc. is an independent provider of financial data processing systems and related information management services and products to the financial industry. CONTACT: FIserv, Inc., Milwaukee Leslie M. Muma, President, 414/879-5002 |
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