Innovative Bank switches to Fiserv's core processing platform

Source: Fiserv

Fiserv Inc. (Nasdaq:FISV) announced today that its Information Technology Inc. (ITI) business unit has signed Innovative Bank, ranked among the top Small Business Administration (SBA) lenders in the U.S., to convert to its Premier core solution.

Innovative Bank, based in Oakland, Calif., chose ITI's Premier solution because of its seamless integration and superior loan functionality to handle the bank's loan accounting and core processing needs. Innovative Bank will convert to the system in October 2006, operating through the Fiserv ITI Outsourcing data center in Chatsworth, Calif.

"We have a unique model, with a portfolio of more than 12,000 Small Business Administration loans from across the country and new loans coming in at a rate of 400 a month. Efficiency is key to maintaining our high level of service," said Bill Demmin, Innovative Bank's chief financial officer. "Because of this incredible volume, we needed a loan system that effectively integrates with our general ledger and other core functions. Premier provides that capability."

Available for both outsourced and in-house environments, ITI's openly integrated Premier software offers products for virtually every function, including Internet banking, enterprise content management, executive intelligence, relationship management, branch automation and core accounting. All are available on the industry's most popular hardware platforms.

"I truly appreciate the fact that ITI has designed a totally integrated package and that we're able to work with one vendor instead of many for the majority of our banking software needs," said Demmin. "Our research also shows that the ITI data center we'll be working with is a first-class service organization." Fiserv ITI Outsourcing has six regional data centers located throughout the United States.

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