Fiserv to provide Northern Trust with cash vault processing
26 January 2004 | 1475 views | 0
Fiserv, Inc. (Nasdaq:FISV) has signed a multi-year agreement to provide Northern Trust (Nasdaq:NTRS) with cash vault processing services, creating one consolidated relationship with Fiserv for both check and cash operations.
Fiserv will leverage its national relationship with Loomis, Fargo & Co. to provide Northern Trust with the cash processing services at Loomis, Fargo & Co.'s Burr Ridge facility just outside of Chicago.
Fiserv will manage all Fiserv/Northern Trust touch points, relationship management to Northern Trust, service level reporting, and problem resolution. Furthermore, this consolidated check/cash deposit-taking relationship can now be offered nationally to Northern Trust clients.
"The agreement provides Northern Trust and its customers with cost effective, expanded cash vault processing capabilities. Northern Trust can now leverage Fiserv's and Loomis, Fargo & Co.'s proven capabilities in item and cash processing, and transportation management services," said John Van Pelt, Senior Vice President of Northern Trust.
"Retail and corporate bank customers are demanding better, faster and more convenient banking services, regardless of location," said Mark Damico, President of the Fiserv Item Processing Group. "Thus, banks, regardless of size, are looking for a more comprehensive and simple way to meet these requirements. Through this agreement, Northern Trust, already a valued strategic client, will have access to a partnership that leverages each company's core competencies and commitment to the future, while making it easy to do business through one relationship."