-
Fiserv research shows the need for immediate access to deposited funds
resonates across small business and consumer segments
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Immediate Funds helps financial institutions meet customer
expectations for speed and convenience while reducing risk
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Immediate Funds is a finalist for the "Best Check Innovation" in the
2016 PYMNTS Innovator Awards
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, is helping financial institutions meet the growing
expectation among consumers and small businesses for quick and
convenient access to their money using Immediate FundsSM from
Fiserv. With Immediate Funds, financial institutions can offer customers
immediate access to funds from checks deposited through a teller, a
mobile device or an ATM. The solution utilizes a patented decision
engine to help determine funds availability, while providing protection
against return losses and greatly improving the customer experience.
Fiserv-commissioned research, conducted by Lieberman Research Worldwide,
shows that immediate funds access resonates across all small business
and consumer segments. In a study of check-cashing behaviors, 58 percent
of respondents found accelerated funds availability at their financial
institution was extremely appealing, and focus group participants stated
they would prefer to receive such a service from their primary financial
institution. Twenty percent of study participants who were highly
interested in immediate access to funds were small business owners, with
60 percent of those likely to use such a service for routine or
unexpected business expenses and 16 percent to meet payroll deadlines.
"Life moves fast, and people and businesses want their money to move
fast, too," said Pat Korb, president, Financial & Risk Management
Solutions, Fiserv. "Financial institutions can meet a critical need by
offering real-time funds availability when it matters most to customers,
such as covering an unexpected expense or purchasing essential business
equipment."
"Consumer expectations have led to a demand for immediate cash or funds
availability in their account, and they will seek a relationship with a
financial institution with the most options for receiving funds.
Immediate access to funds is a great way to attract customers looking
for that instant funding and can be a great differentiator," said Marc
DeCastro, Research Director, IDC Financial Insights.
Customer and small business demand is driving financial institutions to
take action. The most recent organization to select Immediate Funds, a
top 10 bank located in the U.S., is currently implementing the solution
for their customers.
Immediate Funds is a finalist for the "Best Check Innovation" in the 2016
PYMNTS Innovator Awards.
In a world that is moving faster than ever before, Fiserv helps clients
deliver solutions that are in step with the way people live and work
today - financial services at the speed of life. Learn more at TheSpeedofLife.com.
Additional Resources:
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.
FISV-G
View source version on businesswire.com: http://www.businesswire.com/news/home/20160308005636/en/
Media Relations:
Julie Smith
Senior Manager, Public
Relations
Fiserv, Inc.
412-225-3182
julie.smith@fiserv.com
or
Additional
Contact:
Ann Cave
Director, Public Relations
Fiserv,
Inc.
678-375-4039
ann.cave@fiserv.com
Source: Fiserv, Inc.
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