Benefits of the iSpectrum banking system to be delivered via new Summit
CORVALLIS, ORE., March 28 /CNW/ - Summit Information Systems, a business
unit of Fiserv, Inc. (NASDAQ: FISV), and provider of advanced technology
solutions to Canadian and U.S. credit unions, today announced that Prime
Financial Savings and Credit Union, based in Hamilton, Ontario, has signed a
five-year service bureau agreement for the iSpectrum banking system. The C$65
million, 7,100-member credit union, seeking aggressive growth and retail
services delivery transformation, selected Summit after concluding a detailed
search for a new technology partner and banking system. With the expansion of
its Canadian operations this year, Summit will offer iSpectrum nationally via
service bureau delivery.
Prime Financial, serving Hamilton-Wentworth, London and Ingersoll, takes
pride in keeping up with advances such as Internet technology, while
maintaining a small credit union culture to provide personalized service to
each of its members. The selection of iSpectrum falls right in step with Prime
Financial's corporate philosophy and plans for growth.
"Our marketplace has grown and continues to expand. Prime Financial is
now positioned to challenge its future and grow aggressively within a
relatively short timeframe," said William Clark, chief operating officer of
Prime Financial. "By choosing the service bureau delivery of iSpectrum, we can
focus on introducing a new retail experience for our members and achieve our
growth goals, while leaving the daily operations and management of the system
to our new trusted partner, Summit."
Enhancing its retail services, Prime Financial will implement iSpectrum
to gain a full member relationship view of its members, as well as a broad
range of products and services delivered via a consistent, easy-to-use
Internet browser user interface. These products and services include automated
document presentment and signature capture; retirement plan management; term
deposit processing; monetary transactions; cards processing; and loans
origination and servicing. The credit union will also implement the Fiserv
Wisdom Accounting Suite, a financial reporting solution designed for credit
unions supporting general ledger, fixed assets, accounts payable and prepaid
expenses reporting requirements.
"In response to the success of iSpectrum, Summit is growing and expanding
in Canada to add more services and offer high-quality local support," said
Summit president Kevin Sparks. "iSpectrum is designed to optimally perform in
a multi-financial institution or service bureau environment. Offering service
bureau delivery of iSpectrum is a natural next step for Summit as part of our
long-term investment in Canada. We are pleased to welcome Prime Financial as
our first service bureau client in Ontario and look forward to helping it
realize a retail services transformation this year."
About Summit iSpectrum
iSpectrum is a comprehensive, browser-based banking system built
exclusively for Canadian credit unions. Open at every tier, and based on the
powerful Oracle(R) relational database, iSpectrum offers credit unions total
control and flexibility to manage and customize their products and services,
or easily integrate third party solutions. The blade server hardware and
infrastructure design supported by iSpectrum delivers true 24/7 operation,
built-in business continuity and unlimited scalability at a low total cost of
About Summit Information Systems
Summit Information Systems, a unit of Fiserv Inc., provides U.S. and
Canadian credit unions with advanced technology through in-house, service
bureau or resource managed solutions. Summit products include Spectrum for
U.S. credit unions and iSpectrum for the Canadian market. Since 1980, Summit
has focused on developing and delivering forward thinking products that enable
credit unions to cultivate member relationships and compete more effectively.
For more information on Summit and iSpectrum, visit www.summitsite.com.
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 www.fiserv.com.
For further information:
For further information: Summit Information Systems Christine Pearsall
Vice President Marketing, 800-937-7500 ext. 6388
Christine.email@example.com or Fiserv Corporate Lori Stafford
Assistant Vice President Corp. External Comm. 262-879-5130