Fiserv's ITI Unit and Moneris Solutions Deliver Merchant Processing Solutions; Alliance Enables Financial Institutions to Enhance Merchant Portfolio Profitability.LINCOLN, Neb. -- Fiserv, Inc. (Nasdaq:FISV FISV Fiserv, Inc (stock symbol) ) said its Information Technology, Inc. (ITI (Information Technology Industry Council, Washington, DC, www.itic.org) Formerly the Computer and Business Equipment Manufacturers Association (CBEMA), founded in 1916. ITI is a membership organization composed of approximately 30 large high-tech companies. ) unit and Moneris Solutions Moneris Solutions (Solutions Moneris in French) is Canada’s largest processor/acquirer of debit and credit card payment processing. Moneris was established in December 2000 as a joint investment between RBC Royal Bank and BMO Bank of Montreal. Moneris’ U.S. have teamed to offer payment processing solutions that help build merchant portfolio profitability for financial institutions. This agreement between ITI, a provider of financial software and services to U.S. financial institutions, and Moneris Solutions, one of North America's largest electronic transaction processors, enables bankers to control payment processing for their business customers while outsourcing backroom back·room n. or back room 1. A room located at the rear. 2. The meeting place used by an inconspicuous controlling group. adj. 1. functions and credit review. "As the use of credit and debit cards continues to rise and cash and check usage declines, more bankers are looking to the merchant acquiring industry as a valuable revenue-generating opportunity," said Kim Killingsworth, ITI senior vice president. "By integrating Moneris Solutions software into our Premier(R) e-commerce suite, our clients are better-equipped to keep pace with these payment changes while building revenue-generating merchant portfolios." Moneris Solutions offers financial institutions the opportunity to brand their merchant services Merchant services is the name given in the United States to a broad category of financial services intended for use by businesses. In its most specific use, it usually refers to the service that enables a business to accept a transaction payment by use of the customer's credit or offerings and choose the specific applications, payment methods and back-office functions they require. Advanced point-of-sale technologies, wireless payment processing and electronic bill payment are among the products and services institutions can provide their business customers, which can then use these services with their own clientele at the point of sale. Program options range from fully outsourced to full-liability. "We appreciate the opportunity to join forces with ITI and provide their clients with a highly differentiated business model," said Larry C. Wine, president of Moneris Solutions, U.S. Group. "Bankers recognize the need for a truly dynamic merchant services strategy, and we're able to help their organizations develop programs that drive new customer acquisition and cross-selling opportunities." Wine added that Moneris works through financial institutions "without creating competition for their existing customer base. Like ITI, we've been successful at establishing long-term client partnerships." Moneris Solutions (www.monerisusa.com) has a 30-year history as one of North America's largest electronic transaction processors, delivering advanced payment card processing capabilities through point-of-sale hardware, payment processing software, e-commerce solutions and a gift and loyalty program. Moneris provides transaction-processing services nationwide through numerous agent banks, and serves the small- to medium-sized business market through direct sales and strategic partnerships. A joint investment of the Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. and the Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). , which have assets in excess of $700 billion, Moneris serves more than 350,000 North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. merchant locations and has a staff of over 1,100 employees. U.S. headquarters are located outside of Chicago, Ill. Information Technology, Inc. (ITI) specializes in openly integrated, next-generation banking technology. The company offers several core solutions, including the Premier and PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. Vision suites, as well as a broad range of supporting products and services that deliver teller and platform automation, Internet banking and e-commerce, imaging and document management, executive intelligence, risk and relationship management solutions for financial institutions and their customers. Installation, education, custom programming and consulting services support each technology solution. ITI works hand-in-hand with financial institutions running these solutions in-house on the nation's most popular hardware platforms Each hardware platform, or CPU family, has a unique machine language. All software presented to the computer for execution must be in the binary coded machine language of that CPU. Following is a list of the major hardware platforms in existence today. See platform. and with regional data centers that serve the outsourced account processing needs of America's bankers. Founded in 1976, ITI works closely with some of the best-known technology companies in the world and has grown to incorporate businesses and offices nationwide, including its Premier, Precision Computer Systems (PCS), Branch Automation, eSolutions, Digital Solutions, Decision Metrics and Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. operating units. A subsidiary of Fiserv, Inc., ITI can be found on the Internet at www.itiwnet.com. Fiserv, Inc. (Nasdaq:FISV) is a provider of 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. , outsourcing, 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/investment advisers, insurance companies and agents, self-insured 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 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com. |
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