Innovative Banking System Management Agreement Allows Credit Union to
Focus on Business Initiatives
BURNABY, BRITISH COLUMBIA, October 19 /CNW/ - Preferring to focus on
serving its members efficiently rather than on maintaining the IT
infrastructure that supports its core banking system, Valley First Credit
Union of Penticton, British Columbia has signed a resource management
agreement with Summit Information Systems, part of Fiserv Solutions of Canada,
Inc. and a business unit of Fortune 500 company, Fiserv, Inc. (NASDAQ: FISV).
Under the agreement, Summit will use its next-generation data and
operations centre in Burnaby to host, maintain and manage the servers, core
applications and network infrastructure related to the Summit iSpectrum
banking system for Valley First.
"A key benefit of the Summit resource management arrangement is that we
will continue to own and control our banking system's IT infrastructure,
letting us integrate with applications we develop, quickly respond to internal
requirements or upgrade or change hardware whenever needed," said Harley
Biddlecombe, president and CEO of Valley First, one of the 10 largest credit
unions in British Columbia with CAD$1.4 billion in assets.
Valley First's vice-president of information technology, Tom Bijvoet,
further added that freeing his staff from conducting routine banking system IT
operations will let them focus on developing new applications and services to
meet members' needs and provide a competitive advantage.
"We're a financial institution, not a technology company. Our goal is to
focus on what we do best - develop and deliver the best financial products and
services to our 45,000 members," Bijvoet said. "By leveraging the expertise at
Summit to perform daily IT operations for our banking system, we minimize the
risk of system failure and maximize our staff productivity."
"Resource management is an example of the dynamic approach Summit offers
to help credit unions achieve greater operational efficiencies. The extensive
knowledge and experience of our resource management staff would be nearly
impossible to achieve at any credit union," said Kevin Sparks, president of
Summit. "At Summit, we work closely with our clients to deliver the technology
and solutions they need to enhance member services and profitably grow into
iSpectrum, the state-of-the-art banking system designed specifically for
Canadian credit unions, is available as an in-house, resource management or
service bureau solution. The iSpectrum platform encapsulates best-of-breed,
Internet-based technology, offering capabilities and flexibility never before
available. The browser-based architecture uses the newest Internet standards,
making integration with third-party solutions easier than ever before. The
open Oracle database provides the credit union with easy access to member
data, while 128-bit SSL encryption and multilevel authentication keeps data
secure from unauthorized users. iSpectrum, using blade server technology to
provide total redundancy and complete scalability, is the only credit union
platform offering real-time, continuous operations.
About Valley First
Valley First is one of British Columbia's top 10 largest credit unions
with 15 branches in British Columbia's Similkameen, Okanagan and Thompson
regions, $1.4 billion in assets, 45,000 members and more than 400 employees.
Valley First's subsidiaries include Valley First Insurance Services Ltd. and
Valley First Financial Services Ltd. For more information visit
About Summit Information Systems
Summit Information Systems, a part of Fiserv Solutions of Canada, Inc.,
delivers 30 years of industry experience through iSpectrum, a state-of-the-art
banking system designed specifically for Canadian credit unions and built
entirely in the 21st century. From its operations office in Burnaby, BC,
Summit provides advanced iSpectrum and Fiserv technology through in-house,
service bureau and resource management options. Since 1980, Summit has focused
on developing and delivering technology innovations and solutions that enable
credit unions to offer custom products and services, build and maintain solid
relationships and increase their competitive advantage. For more information
on Summit and iSpectrum, visit www.summitsite.com.
About Fiserv, Inc.
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 US$4.4 billion in
total revenue for 2006. For more information, please visit www.fiserv.com.
For further information:
For further information: Summit Information Systems Vice President
Marketing Christine Pearsall, 800-937-7500, ext 6388
firstname.lastname@example.org or Valley First Credit Union President &
CEO Harley Biddlecombe, 250-490-2720 email@example.com or Fiserv Assistant
Vice President Corp. External Comm. Lori Stafford, 262-879-5130