Newly Acquired Fiserv Credit Union Industry Group -CUIG- Renews Contracts with Six Long-Time Clients for Premier Core Processing.Business Editors PLANO, Texas--(BUSINESS WIRE)--Aug. 29, 2003 New Premier Features Enable More Online Transactions, Allow Credit Unions to Improve Member Service Fiserv, Inc. (Nasdaq: FISV FISV Fiserv, Inc (stock symbol) ) said its newly acquired Credit Union Industry Group (CUIG CUIG Credit Union Interchange Group ) has renewed six contracts for its Premier core processing solution and other information technology products and services. These contracts bring the 2003 year-to-date signings for Premier to 35 credit unions. With more than 400 credit unions using Premier to manage day-to-day operations, it is one of the most widely used credit union back-office solutions in 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. . Oswego, Illinois-based Earthmover earth·mov·er n. A machine, such as a bulldozer or backhoe, that is used for digging or pushing earth. earth Credit Union, a $135 million institution, Premier user and member of CUIG's Premier User Group, is in growth mode with plans for a new branch office and a main office expansion to support its 23,000 members. "As we plan for the future, we feel that with this credit union industry team as our partner, and with our voice included in the User Group, our goals for technology utilization will be met," said Rich Kish, vice president of Information Services See Information Systems. and Facilities for Earthmover. "We're anxious to set up online lending with the new instant approval feature, which will speed up loan service, and allow the staff to work with members who prefer one-on-one attention." Premier has many new functions, including the instant pre-approval feature of Virtual Branch(R) Lending, Courtesy Pay overdraft protection, and the recently announced integration of eVantage(TM) member relationship management software that uses activity-based costing In a business organization, Activity-based costing (ABC) is a method of allocating costs to products and services. It is generally used as a tool for planning and control. This is a necessary tool for doing value chain analysis. and profit models to help credit union executives better manage their business. "Since we add many new features based on input from the Premier User Group, we recently dedicated development resources specifically to fulfill needs determined during User Group sessions," said Albert Ku, CUIG director for the Premier product. "Continuing to improve our core products is a priority, and we have enhancements in progress including updates to our teller system, a middleware product and single-entry logon to Premier and all third-party products." In addition to continued deployment and management of Premier, the agreements announced today include other related information technology services, including Virtual Branch(R) Services, which includes electronic banking products; Loan Advantage Web-based loan origination 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. ; and e-fichency(SM), a browser-based archive that eliminates reliability on microfiche Pronounced "micro-feesh." A 4x6" sheet of film that holds several hundred miniaturized document pages. See micrographics. . Some contracts also include Wisdom, a suite of financial products developed specifically for credit unions to help manage board reporting, asset and liability management (ALM), investment portfolio management, accounts payable, budgeting and modeling. Today's Premier contract announcements include: -- A renewed agreement with Richmond, Virginia-based Call Federal Credit Union for new services including Wisdom and Automated Network Balancing. A client since 1983, this 25,000 member, $225 million, 6-branch institution is the credit union for Philip Morris USA Philip Morris USA is the United States tobacco division of Altria Group, Inc. General information On January 27, 2003, Philip Morris Companies Inc. changed its name to Altria Group, Inc. Even under this new name, Altria continues to own 100% of Philip Morris USA. . In addition to Premier, it also renewed a host of services, including Virtual Branch home banking and online bill pay, Virtual Branch Lending and instant pre-approval, firewall support, audio response, and Loan Advantage with its instant pre-approval and secure public viewer. -- A renewal with Bourbonnais, Illinois-based CommonWealth Credit Union, a credit union with 11,000 members and $56 million in assets. An enthusiastic user of technology services and a client since 1984, Commonwealth would rather rely on this expert team to deliver these services than handle technology in house. Commonwealth has also added e-fichency and Virtual Branch Lending. -- A renewal with 49er Federal Credit Union in Placerville, California. New services include e-fichency, Loan Advantage, Virtual Branch Bill Pay and Virtual Branch home banking. This $31 million, 4,700-member credit union enjoys relying on a single provider for its technology services and has been a client for more than 23 years. -- A renewal with Oswego, Illinois-based Earthmover Credit Union, a $135 million, 23,000-member credit union, for Premier, Virtual Branch home banking, Courtesy Pay overdraft protection, Virtual Branch Lending and Wisdom. Earthmover has been a client since 1982. -- A renewal with Sherwin-Williams Credit Union in South Holland, Illinois. A client since 1984, this 9,500 member, $45 million credit union also will use e-fichency, Loan Advantage and Virtual Branch as a part of the new agreement. -- A renewal with TECU TECU TESS (Tactical Engagement Simulation System) Electronic Control Unit TECU Total Electron Content Units TECU Transmission Electronic Control Unit (vehicle gearboxes) in Wichita, Kansas
Wichita, also known as the Air Capital of the World, is the largest city in the U.S. state of Kansas, as well as a major aircraft manufacturing hub and cultural center. . TECU, representing more than 7,000 members and $60 million in assets, has been a client for 23 years. Included in this renewal are ATM and 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. services, Virtual Branch home banking and e-fichency services. "These six credit unions have been our clients for an average of 21 years each. We take great pride in the relationships we build and the milestones we've achieved together," Ku added. Premier is a highly sophisticated online service bureau system that delivers comprehensive processing to hundreds of credit unions. Credit unions use this application to open and manage accounts, process loans and deposits, complete required accounting functions and fulfill other member relationship requirements. Premier supports all of a credit union's service needs - from ATM support to workflow processing to online interfaces and report queries - in addition to totally integrated share, loan, 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. , accounting and payroll processing systems. Fiserv completed the acquisition of CUIG and its products from EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. Corp. in July 2003. CUIG currently provides IT services - including core 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 , Web- and PC-based electronic banking, debit cards and ATM services - to more than 1,500 credit unions. CUIG has provided technology to these not-for-profit, member-owned institutions for more than 30 years. Fiserv, Inc. (Nasdaq: FISV) provides industry leading information management systems and services to the financial industry, 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 14,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $2.3 billion in processing and services revenues for 2002. Fiserv can be found on the Internet at www.fiserv.com. |
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