FISERV AUTOMATES PROMONTORY INTERFINANCIAL NETWORK’S BALANCE SHEET MANAGEMENT AND FUNDING SOLUTIONS
ARLINGTON, VA – (October 31, 2011) – Promontory Interfinancial Network, LLC, with a network composed of 40 percent of the banks in the U.S., today announced the integration of Promontory’s Insured Cash Sweep, or ICS, and the Certificate of Deposit Account Registry Service®, or CDARS®, services with the Premier® bank platform from Fiserv. Fiserv, Inc. (NASDAQ:FISV) is a leading global provider of financial services technology solutions.
Banks can use ICS and CDARS to: attract and retain large-dollar depositors interested in access to multi-million-dollar FDIC insurance, reduce ongoing collateralization costs, and replace higher-cost funding. The integration of ICS and CDARS with the Premier bank platform automates many of the features and functionalities banks look for in a fully integrated, core processing solution. Specifically, the integration saves financial institutions time, simplifies the data and order entry processes, reduces the likelihood of error, and enhances reporting capabilities.
“The integration of Premier’s feature-rich functionality and flexibility with Promontory Interfinancial Network’s innovative services related to ICS and CDARS will provide the tools financial institutions are looking for in order to grow revenue and increase efficiencies,” said Dave Wegman, head of Premier solutions for Fiserv. “A third of the Promontory Network’s 3,000 member institutions currently use a Fiserv bank platform, making this announcement especially significant.”
Beginning today, the integrated solution for ICS is available to the thousands of financial institutions on the Premier bank platform. Integration for CDARS will be phased in over the coming months. In the future, integration with both Promontory services will also be phased in to other Fiserv banking platforms.
“The integration with Premier from Fiserv will make the ICS and CDARS services even easier and more efficient for bankers to use to attract and retain deposits,” said Steve Kinner, Promontory’s head of Sales. “It raises the quality of service that both Promontory and Fiserv can provide to banks to an even higher level.”
For more information contact: David Carden, Senior Vice President, Bank Solutions, Fiserv, Inc., (402) 421-4211, and Phil Battey, Vice President, Promontory Interfinancial Network, LLC, (703) 292-3357.
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider serving the financial services industry. Fiserv is driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For six of the past eight years, Fiserv ranked No. 1 on the FinTech 100, an annual international listing of the top technology providers to the financial services industry. For more information, visit www.fiserv.com.
About Promontory Interfinancial Network:
Based in Arlington, VA, Promontory Interfinancial Network was founded in 2002 to provide financial institutions with services that help each member institution to compete more effectively. To learn more about Promontory and its services, visit these sites: www.promnetwork.com, www.cdars.com, and/or www.insuredcashsweep.com.