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FRISCO Texas, July 14, 2004 - IntegraSys, a unit of Fiserv, Inc. (Nasdaq: FISV), today announced that it has teamed with best-in-class providers to launch an innovative business banking solution for credit unions. Called Virtual Branch® Business Center, this comprehensive solution merges best-in-class services to provide credit unions a full suite of products and services tailored to meet the needs of the growing U.S. small-business owner population.
Products and services from CDS Companies, a leader in accounts receivable management and funding for U.S. small businesses, and PayMaxx, an Internet payroll pioneer, will be included in Virtual Branch Business Center.
TowerGroup estimates that the small-business marketplace purchases approximately $200 billion in financial services each year, and research conducted by CUNA Center for Research & Advice estimates that approximately 11 percent of all U.S. credit union members own a small business.
“These statistics underscore the importance of serving the commercial sector for credit unions to compete and grow,” said Dave Selina, SVP and general manager of Virtual Branch, XRoads and Industry Services for IntegraSys. “The entrepreneurship represented among small-business owners and the cooperative nature of credit unions creates a harmonious match – and Virtual Branch Business Center provides credit unions with a competitive differentiator in commercial business financial services, as well as a share of the revenue as members sign up.”
For credit unions, Virtual Branch Business Center can broaden product portfolios and add revenue opportunities by providing the tools needed to build small-business financial services expertise, without the need for additional staff or other significant expenditures. Business owners will have the convenience of affordable, one-stop financial services that cater to small businesses – most of which can be delivered virtually.
A-K Valley Federal Credit Union (FCU), a 9,000 member, $44 million credit union in Lower Burrell, Pennsylvania, will be the first credit union to use Virtual Branch Business Center.
According to Janet Horn, President and CEO of A-K Valley FCU, “Virtual Branch Business Center will put us on the cutting edge with our business members – it provides the whole package that puts us ahead of our competition.”
“We have many business accounts already, and after seeing Virtual Branch Business Center, we recognize the gaps it would close in the services we currently offer to our business members – especially accounts receivable lending, payroll services and equipment leasing,” said Lanny Horn, COO and CFO for A-K Valley FCU.
The most complete small-business banking services portfolio available
While some financial institutions only provide checking, credit card and loan services for small businesses, Virtual Branch Business Center allows credit unions to provide other basic financial services that small businesses need, including online banking, bill payment and payroll services via PayMaxx. CDS will provide accounts receivable management, accounts receivable financing, equipment leasing, private label credit programs, credit card and check merchant processing, and the option for the credit union to participate in loans. One of the more unique services is CDS’ enterprise check cash flow optimization, which allows business owners to deposit checks onsite via their desktop computer, eliminating the need to deliver checks to the credit union.
Once a small business owner signs up for Virtual Branch Business Center through their credit union, they will have access to experts in various areas, such as payroll services and credit programs, via representatives from PayMaxx and CDS Companies who will assist in delivering these personalized services to members.
“As competition continues to intensify, offering affordable and complete business banking services can be a key differentiator for credit unions, and we’ll continue to add features, such as travel services and office supply procurement, valuable to U.S. entrepreneurs,” said Selina.
Like all Virtual Branch products, Business Center provides a single sign-on to a secure system, reflects the credit union’s brand and marketing messages and provides access to secure forms and e-mail related to end users’ banking needs. Virtual Branch Business Center can be a stand-alone or add-on capability to other Virtual Branch products and services. Credit unions pay a one-time installation fee and a small monthly charge for Web site maintenance and hosting for the product.
About Virtual Branch
Virtual Branch® is the IntegraSys suite of consumer electronic financial offerings that provides self-service access to financial services for U.S. credit union members. Services provided by Virtual Branch include funds management, bill payment and presentment and lending. Virtual Branch also provides credit unions the opportunity to aggregate Web-based financial services from multiple suppliers into a single Internet site, allowing them to increase Web site traffic and offer members additional services through secure links from the credit union site. Virtual Branch fully integrates with most credit union core processing systems on the market today.
About IntegraSys
Combining a new spirit of innovation with 30 years of industry experience, IntegraSys delivers a comprehensive range of well-integrated systems and services that accelerate credit unions’ growth and drive business efficiencies. Whether clients require sophisticated service bureau or in-house technologies, IntegraSys delivers industry-leading technology to help credit unions compete and win in their markets. The IntegraSys suite of products and services includes core processing, loan origination, asset and liability management, ATM and debit card services, Internet banking, lending, and bill payment and presentment services. For more information, visit www.integrasys.fiserv.com.
Fiserv, Inc. (Nasdaq: FISV) provides industry leading information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 15,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv can be found on the Internet at www.fiserv.com.
About MyReceivables.com
MyReceivables.com, a member of CDS Companies established in 1972, began offering its services online in early 2000. The company is the first and largest provider of a full range of online accounts receivable services. This includes accounts receivable management and funding, technology, virtual credit cards, billing, collections, and database marketing. MyReceivables.com is the Internet's leader for small business accounts receivable funding and management. CDS Companies is a New York-based financial services and technology company. For more information, visit the company's Web site at www.myreceivables.com or call Al Alper, vice president and chief technology officer, at (800) 338-7353.
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