Fiserv ITI to Convert Innovative Bank to Its Premier(R) Solution; Seamless Integration Between Core Processing and Loan Functionality Drives Decision.LINCOLN, Neb. -- Fiserv Inc. (Nasdaq:FISV FISV Fiserv, Inc (stock symbol) ) announced today that 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. ) business unit has signed Innovative Bank, ranked among the top Small Business Administration (SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government ) lenders in the U.S., to convert to its Premier(R) core solution. Innovative Bank, based in Oakland, Calif., chose ITI's Premier solution because of its seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. and superior loan functionality to handle the bank's loan accounting and core processing needs. Innovative Bank will convert to the system in October 2006, operating through the Fiserv ITI Outsourcing data center in Chatsworth, Calif. E[acute accent acute accent n. A mark (´) indicating: a. that a vowel is close or tense, as é in French été. b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek. c. ]"We have a unique model, with a portfolio of more than 12,000 Small Business Administration loans from across the country and new loans coming in at a rate of 400 a month. Efficiency is key to maintaining our high level of service," said Bill Demmin, Innovative Bank's chief financial officer. "Because of this incredible volume, we needed a loan system that effectively integrates with our general ledger General Ledger A company's accounting records. This formal ledger contains all the financial accounts and statements of a business. Notes: The ledger uses two columns: one records debits, the other has offsetting credits. and other core functions. Premier provides that capability." E[acute accent]Available for both outsourced and in-house environments, ITI's openly integrated Premier software offers products for virtually every function, including Internet banking, enterprise content management, executive intelligence, relationship management, branch automation and core accounting. All are available on the industry'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. . E[acute accent]"I truly appreciate the fact that ITI has designed a totally integrated package and that we're able to work with one vendor instead of many for the majority of our banking software needs," said Demmin. "Our research also shows that the ITI data center we'll be working with is a first-class service organization." Fiserv ITI Outsourcing has six regional data centers located throughout the United States. E[acute accent]About Innovative Bank E[acute accent]Innovative Bank caters to the small and mid-sized business customers that are often overlooked by larger financial institutions. They offer a full menu of banking products and services and specialized products such as SBA Lending. Innovative Bank is a subsidiary of Innovative Bancorp. E[acute accent]About Fiserv ITI E[acute accent]Serving more U.S. banks and savings institutions than any other software and services vendor, ITI offers several core solutions, including the service oriented architecture-based Premier(R) 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(TM) suites and a broad range of supporting products and services available on the nation's most popular IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and Unisys hardware platforms for in-house and outsourced account processing. 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 operating units. A subsidiary of Fiserv Inc., ITI can be found on the Internet at www.itiwnet.com. E[acute accent]About Fiserv Inc. E[acute accent]Fiserv Inc. (Nasdaq:FISV), a Fortune 500 company, provides information management systems and services to the financial and health benefits industries. Leading services include transaction processing, 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 (BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra ), software and systems solutions. The company serves more than 17,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2005 and 2004 FinTech 100 surveys. Fiserv Health provides health plan management, pharmacy benefits management and BPO services to the managed care market and self-funded commercial and government employers and health plans. Headquartered in Brookfield, Wis., Fiserv reported more than $4 billion in total revenue for 2005. For more information, please visit www.fiserv.com. |
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