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Fiserv, Inc. (NASDAQ: FISV), the nation’s largest third-party check processor, announced today it is now exchanging checks with Bank of America (NYSE: BAC), through Viewpointe, the leading provider of check image exchange and archive services in the United States. The agreement enables Bank of America to connect to thousands of endpoints on the Fiserv Clearing Network (FCN), while allowing other Fiserv customers to exchange images directly with Bank of America.
“Fiserv has invested significantly in moving the industry toward full check electronification,” said Tom Warsop, Fiserv group president for financial institutions. “By partnering with key industry players such as Viewpointe and Bank of America, and establishing the Fiserv Clearing Network, we can expand our image and clearing services between thousands of our bank clients and other large volume banks.”
Fiserv and Viewpointe worked together to develop technology and infrastructure that integrates Viewpointe’s Pointe2PointeTM solution, one of the most efficient and secure methods of check image exchange available today with the Fiserv Clearing Network, a fast-growing, cost efficient single source check clearing offering.
“Partnering with critical aggregators like Fiserv not only expands Bank of America’s industry leading check image clearing capability, but also dramatically broadens the image exchange landscape for the financial services industry,” said John Feldman, image and electronic payment services executive at Bank of America. “Viewpointe is a key partner in our efforts to greatly improve our efficiencies and is committed to bringing exchange partners together for further industry interoperability.”
Viewpointe’s Pointe2Pointe solution helps financial organizations take a strategic step toward dramatically reducing the financial and logistical burdens associated with processing paper-based checks, and is one of the most cost-effective methods to get started with electronic image exchange.
Fiserv Clearing Network is growing quickly as clients realize the immediate benefits of reducing costs for clearing, couriers, adjustments and cash letter fees, while improving float. Adding Bank of America leverages Fiserv’s aggregated volume across its hierarchy of all possible exchange endpoints, to achieve this industry leading solution.
Viewpointe chief executive officer Lou Buglioli explained, “This electronic exchange relationship between two important financial technology providers, Fiserv and Viewpointe, and Bank of America is a win for all three and the industry as a whole. By combining massive image volumes and growing our reach to even more endpoints, we’re continuously increasing the value of electronic image exchange exponentially.”
About Fiserv, Inc.
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, outsourcing, business process outsourcing (BPO), 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 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 http://www.fiserv.com/.
About Viewpointe
Viewpointe is the leading provider of check image exchange and archive services in the United States. Dedicated to helping financial institutions get connected to all of the nation’s endpoints, Viewpointe is moving the industry closer to full check electronification. Viewpointe’s core services, Pointe2Pointe, ImageShare and Image Storage, are designed to streamline the check payments process and promote image exchange and sharing on a national scale. Backed by top tier institutions including Bank of America, JPMorgan Chase, SunTrust, U.S. Bank, Wells Fargo and IBM, Viewpointe is actively helping financial institutions to rapidly transform their paper intensive check payment operations into an electronic payments business. Founded in 2001, Viewpointe is headquartered in New York, with offices in New Jersey, North Carolina and Texas. For more information, go to http://www.viewpointe.com/.
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