Partnership will connect thousands of financial institutions of all
sizes, representing more than 75 percent of all deposit accounts in the
U.S.
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, and Early Warning, a leader in fraud prevention
and risk management, announced today that they have partnered to expand
the availability of real-time capabilities in the U.S. The partnership
will initially facilitate real-time bill payment and deposit
capabilities for users of the NOWSM
Network from Fiserv or the good funds network from Early Warning.
The partnership between Fiserv and Early Warning brings together the
leading provider of electronic bill payment and the leading provider of
real-time deposit account verification and funds availability to enable
broader consumer access to real-time services through their financial
institutions. Combined, the Fiserv and Early Warning networks reach more
than 6,000 banks and credit unions, including the 40 largest financial
institutions in the U.S. and thousands of mid-size and community
financial institutions, representing more than 75 percent of all deposit
accounts in the U.S. The NOW Network from Fiserv also connects to tens
of thousands of billers.
As demand for payment speed grows among consumers and small businesses,
financial institutions are working to deliver new and enhanced real-time
services. The partnership between Fiserv and Early Warning will enable
financial institutions to meet the demand for speed by delivering robust
real-time services with broad reach.
Initially the partners will focus on enabling real-time payment for
bills issued by financial-institutions, such as those for mortgages and
credit cards, and real-time deposits. The partnership will also enable
Fiserv to integrate its 5,300 account processing clients into the Early
Warning Deposit
Chek® Service suite and its good funds network,
facilitating instant posting of bill payments and immediate funds
availability for deposits. The companies plan to pilot these services in
early 2016 as they work together to commercialize these services for
general availability later in the year.
"At Wells Fargo, we know our customers count on us to process their
financial transactions - and make their deposited funds available - as
quickly as possible," said Ken Zimmerman, Executive Vice President and
Head of the Deposit Products Group, Wells Fargo. "This initiative will
make it much easier for financial institutions of all sizes to credit
deposits more quickly and to enable an instant bill payment system
that's more efficient than those in today's marketplace. These
enhancements will not only improve the customer experience
significantly, but will enable further investment in faster payment
capabilities in the years to come."
"In todays' marketplace, people want real-time results, and expectations
with banking transactions are no different," said Kleber Santos,
Executive Vice President of Consumer Banking, Capital One. "Connecting
financial institutions and payment networks in real-time enables safe,
immediate transaction decisions and a better customer experience."
"Our partnership with Early Warning expands the selection of real-time
services we can offer clients, enabling them to deliver the speed their
customers desire," said Rahul Gupta, President, Billing and Payment,
Fiserv. "Interoperability is a key characteristic of the NOW Network
from Fiserv, and by working with other strategic networks such as Early
Warning we can make real-time payment options available to consumer and
small business users through financial institutions of all sizes."
NOW Network
The NOW Network is a next generation payment network delivering
integrated and real-time enabled money movement capabilities to
streamline the payments experience beyond the point of sale. Introduced
by Fiserv in 2014, the network is bringing together more than 4,000
financial institutions and more than 50,000 billers through a common
directory and payment network supporting real-time transfers, real-time
person-to-person payments and same-day bill payments.
Early Warning's good funds network
Through relationships with more than 2,300 organizations, Early
Warning's good funds network provides visibility to 95% of the DDA
accounts and 45% of the teller lines and ATMs in the U.S. By working
with FIs of all sizes throughout the country, Early Warning continues to
expand the network for the betterment of the entire financial community
providing information on over 600M DDA accounts and over 150M card
accounts nationwide.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) enables clients to achieve best-in-class
results by driving quality and innovation in payments, processing
services, risk and compliance, customer and channel management, and
business insights and optimization. For more than 30 years, Fiserv has
been a leader in financial services technology, and today is among
FORTUNE® magazine's World's Most Admired Companies and Forbes
magazine's America's Best Employers. For more information, visit www.Fiserv.com.
About Early Warning
Early Warning provides risk management solutions to a diverse network of
2,300 financial institutions, government entities and payment companies,
enabling businesses and consumers to transact securely and conveniently.
Owned and governed by Bank of America, BB&T, Capital One, JPMorgan Chase
and Wells Fargo, Early Warning's unique business model facilitates a
data exchange system based on collaborative, shared intelligence. For 25
years, the company has worked with organizations of all sizes to advance
collaborative risk management and fraud prevention. For more information
please visit www.earlywarning.com.
FISV-G
View source version on businesswire.com: http://www.businesswire.com/news/home/20151103005247/en/
William Mills Agency for Early Warning
Sheryl Gudelsky, 678-781-7229
sheryl@williammills.com
or
Fiserv
Ann
Cave, 678-375-4039
Director, Public Relations
ann.cave@fiserv.com
Source: Early Warning
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