Prime Financial Savings and Credit Union Signs Five-Year Agreement with Summit Information Systems.Benefits of the iSpectrum banking system to be delivered via new Summit service bureau CORVALLIS, Ore. -- Summit Information Systems, a business unit of Fiserv, Inc. (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 : FISV FISV Fiserv, Inc (stock symbol) ), and provider of advanced technology solutions to Canadian and U.S. credit unions, today announced that Prime Financial Savings and Credit Union, based in Hamilton, Ontario, has signed a five-year service bureau agreement for the iSpectrum banking system. The C$65 million, 7,100-member credit union, seeking aggressive growth and retail services delivery transformation, selected Summit after concluding a detailed search for a new technology partner and banking system. With the expansion of its Canadian operations this year, Summit will offer iSpectrum nationally via service bureau delivery. Prime Financial, serving Hamilton-Wentworth, London and Ingersoll, takes pride in keeping up with advances such as Internet technology, while maintaining a small credit union culture to provide personalized service to each of its members. The selection of iSpectrum falls right in step with Prime Financial's corporate philosophy and plans for growth. "Our marketplace has grown and continues to expand. Prime Financial is now positioned to challenge its future and grow aggressively within a relatively short timeframe," said William Clark, 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 Prime Financial. "By choosing the service bureau delivery of iSpectrum, we can focus on introducing a new retail experience for our members and achieve our growth goals, while leaving the daily operations and management of the system to our new trusted partner, Summit." Enhancing its retail services, Prime Financial will implement iSpectrum to gain a full member relationship view of its members, as well as a broad range of products and services delivered via a consistent, easy-to-use Internet browser See Web browser. user interface. These products and services include automated document presentment and signature capture; retirement plan management; term deposit processing; monetary transactions; cards processing; and loans origination and servicing. The credit union will also implement the Fiserv Wisdom Accounting Suite, a financial reporting solution designed for credit unions supporting 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. , fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → , accounts payable and prepaid expenses Prepaid Expense An asset that arises on a balance sheet because of the payment of something in advance (prepayment). Services for the payment will be received in the near future. reporting requirements. "In response to the success of iSpectrum, Summit is growing and expanding in Canada to add more services and offer high-quality local support," said Summit president Kevin Sparks. "iSpectrum is designed to optimally perform in a multi-financial institution or service bureau environment. Offering service bureau delivery of iSpectrum is a natural next step for Summit as part of our long-term investment in Canada. We are pleased to welcome Prime Financial as our first service bureau client in Ontario and look forward to helping it realize a retail services transformation this year." About Summit iSpectrum iSpectrum is a comprehensive, browser-based banking system built exclusively for Canadian credit unions. Open at every tier, and based on the powerful Oracle([R]) relational database relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. , iSpectrum offers credit unions total control and flexibility to manage and customize their products and services, or easily integrate third party solutions. The blade server A server architecture that houses multiple server modules ("blades") in a single chassis. It is widely used in datacenters to save space and improve system management. Either self-standing or rack mounted, the chassis provides the power supply, and each blade has its own CPU, memory and hardware and infrastructure design supported by iSpectrum delivers true 24/7 operation, built-in business continuity and unlimited scalability at a low total cost of ownership. About Summit Information Systems Summit Information Systems, a unit of Fiserv Inc., provides U.S. and Canadian credit unions with advanced technology through in-house, service bureau or resource managed solutions. Summit products include Spectrum for U.S. credit unions and iSpectrum for the Canadian market. Since 1980, Summit has focused on developing and delivering forward thinking products that enable credit unions to cultivate member relationships and compete more effectively. For more information on Summit and iSpectrum, visit www.summitsite.com. About Fiserv Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management systems and services to the financial and insurance industries. Leading services include 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 (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 18,000 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 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. industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. Headquartered in Brookfield, Wis., Fiserv reported more than $4.5 billion in total revenue for 2006. For more information, please visit www.fiserv.com. |
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