IBAA Bancard and FISERV EFT Finalize Agreement; Exclusive Alliance Will Deliver Electronic Banking Services for Benefit of IBAA Member Banks Nationwide.WASHINGTON--(BUSINESS WIRE)--Aug. 15, 1995--The Independent Bankers Association of America (IBAA IBAA Independent Bankers Association of America IBAA Insurance Brokers Association of Alberta (Canada) IBAA Italian Business Aviation Association IBAA International Business Achievement Awards IBAA International Blown Alcohol Association ) announced today that its payment systems subsidiary IBAA Bancard, Inc., and FISERV EFT, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of FISERV, INC., have finalized a previously announced agreement forming an exclusive EFT alliance to deliver electronic banking services for the benefit of IBAA member banks nationwide. FISERV EFT, located in Portland, Ore., will provide ongoing service and support for the program. "Completion of this long-term agreement assures independent community banks equitable access to innovative, high-quality EFT programs at favorable costs," said David Ballweg, Chairman of IBAA Bancard and President/CEO of Community State Bank in Union Grove Union Grove is the name of several places in the United States of America:
"Fiserv is looking forward to a long and successful partnership with IBAA Bancard," commented George D. Dalton, Chairman and Chief Executive Officer of Fiserv. "The commitment of IBAA to serving the needs of their member banks complements the Fiserv focus on client service and satisfaction. Together, we will combine our technology resources and market expertise to provide an electronic banking program designed to meet the requirements of community banks." "There are nearly 10,000 community banks in the United States. To meet their expanding needs for advanced EFT technology, we look to build alliances with strong, reputable organizations," said Ken Guenther, Executive Vice President of IBAA. "Fiserv meets our criteria for service quality, and brings an expertise in EFT technology, services, resources and experience to our new partnership, which will help keep IBAA community bank members competitive in electronic banking," said Linda Echard ec·hard n. Soil water not available for absorption by plants. [From Greek ekhein, to hold back; see segh- in Indo-European roots + ardeia, irrigation (from , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of IBAA Bancard, Inc. IBAA Bancard recently formed an EFT division to deliver electronic banking services through an alliance with a national delivery system partner. In conjunction with IBAA Bancard's EFT division, FISERV EFT will provide a full range of electronic banking services--including national and regional ATM/POS network access, ATM driving, transaction processing, on-line debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. management and technical support. After a lengthy review of potential partners, FISERV EFT was selected based on customer service, community bank focus, quality services and functionality. IBAA Bancard was launched in 1985 by the IBAA as a service of the IBAA Community Banking Network. IBAA Bancard provides community banks with the opportunity to become independent issuers of Visa and MasterCard credit and debit cards. IBAA Bancard has nearly 2,000 community banks in 49 states participating in its payment systems programs. IBAA is the only national trade association that exclusively represents the interests of the nation's community banks. FISERV, INC. is an independent provider of financial data processing systems and related information management services and products to more than 5,000 banks, credit unions, mortgage firms and savings institutions worldwide. A publicly held company headquartered in Milwaukee, Wis., FISERV, INC. is traded on the 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 over-the-counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. under the symbol FISV FISV Fiserv, Inc (stock symbol) . CONTACT: IBAA Bancard Linda Echard, President & CEO, 703/841-5102 or FISERV, INC. Kevin Kasper, Vice President-Corporate Communications, 414/879-5129 |
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