Fiserv EFT/CNS will be First Processor to Certify with Credit Union Service Corporation Next Generation Network.Business Editors BROOKFIELD, Wis.--(BUSINESS WIRE)--April 20, 2004 Two credit union technology leaders - Fiserv EFT/CNS, a unit of Fiserv, Inc. (Nasdaq: FISV FISV Fiserv, Inc (stock symbol) ), and Credit Union Service Corporation (CUSC CUSC Carrier Universal Service Charge CUSC Credit Union Service Corporation ), the nation's largest shared-branching network - announced an industry-first agreement today that enables Fiserv to become the initial third-party processor to certify and be granted access to the CUSC Next Generation Network (NGN (Next Generation Networks) An umbrella term for mixed voice and data networks running over the IP protocol. See IP Multimedia Subsystem. ) switch. The NGN, designed by CUSC specifically for credit unions, helps reduce fraudulent account activity by creating broader messaging fields, and builds robust custom functionality and connections for trouble-free credit union access. With the agreement, Fiserv and CUSC are implementing a business plan that provides significant benefits to the credit union market by combining extensive technology resources and nationwide service reach. The agreement connects the 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. capability of Fiserv EFT/CNS with CUSC's more than 1,300 shared-branch-network service center and outlet locations throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Fiserv EFT/CNS already has begun the project and planning process to complete the implementation of the processor link and certification to the NGN. Fiserv is the largest provider of core processing services to the credit union community. The agreement enables Fiserv to extend its coast-to-coast role as a processor for shared-branching services. Fiserv EFT/CNS now provides shared-branching services to more than 250 clients and processes approximately 1.2 million shared-branch transactions per month as part of an existing co-switch agreement with CUSC. The new agreement will enable Fiserv EFT/CNS to continue offering shared-branching capabilities to these clients while providing the benefits of the CUSC Next Generation Network. "Fiserv is the largest provider of technology services to the credit union industry, and their EFT/CNS unit is a key component in delivering seamless debit and ATM services to our membership," said Carroll Beach, President/CEO of CUSC. "Our continuing and, now, expanded association with Fiserv EFT/CNS ensures credit unions nationwide can take advantage of our shared-branching product suite and realize the tangible benefits of reduced fraud and customized service." "CUSC is the undisputed leader in providing shared-branching solutions, and we are pleased to be their first Next Generation Network partner," said Tony Catalfano, 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 EFT/CNS. "The NGN is vital to the future of the credit union movement, and our involvement will facilitate an important transition for credit unions. Through the NGN, clients can expect superior performance and focused service." CUSC Credit Union Service Corporation (CUSC) is the credit union movement's largest shared-branching network, representing 55 percent of all national locations and 68 percent of credit unions participating in shared branching. CUSC is the only shared-branching network representing credit unions, leagues, credit union service organizations A Credit Union Service Organization (CUSO) allows a credit union the ability to conduct business that they would otherwise be restricted from due to regulatory constraints. (CUSOs), the Credit Union National Association (CUNA Cuna Chibchan-speaking Indian people who once occupied the central region of what is now Panama and the neighbouring San Blas Islands and who still survive in marginal areas. In the 16th century they lived in federated villages under chiefs who wielded considerable power. ) and CUNA Mutual. Fiserv, Inc. (Nasdaq: FISV) provides information management systems and services to the financial industry, including transaction processing, 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 15,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners and investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin
Brookfield is a city in Waukesha County, Wisconsin, United States. The population was 38,649 at the 2000 census, but the city's population recently exceeded 40,000 people. , Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv can be found on the Internet at www.fiserv.com. |
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