Fiserv reports credit union contracts

Source: Fiserv

Fiserv (NASDAQ:FISV), a leading provider of technology solutions, announced today since January it has added 76 new credit unions to its Wisdom Financial Management Suite client base.

Wisdom, developed and operated by Fiserv's IntegraSys business unit, is integrated and offered in collaboration with all credit union core processing units within Fiserv. Wisdom leaders attribute the recent growth to an increased exposure among Fiserv clients who recognized the unmatched reporting and research capabilities of these intuitive back-office accounting solutions that are easy to use and learn.

"With its comprehensive capabilities and credit-union-specific tools, Wisdom has been a leader in the back-office accounting space for more than two decades. The detailed reporting and analytical tools give credit unions the insight needed to make wise decisions about how to run their business and positively impact their financial future," said Scott Butler, division president for Fiserv's Depository Institution Group. "We're pleased to deliver these best-in-class solutions to an increasing number of Fiserv clients. The expansion of the Wisdom client base is clearly an example of Fiserv 2.0, a companywide approach to sales and service, unveiled in 2006, dedicated to helping clients realize value, opportunity and growth from a broad range of Fiserv solutions."

Designed specifically to meet the unique back-office accounting needs of credit unions, the Wisdom suite features a wide range of a la carte solutions, including complete accounting capabilities with robust functionality to support general ledger, fixed assets, pre-paid expenses, and accounts payable, plus investment portfolio management, asset and liability management (ALM), and the new 5300 Call Report Assistant, which streamlines the preparation of the quarterly report for the National Credit Union Administration (NCUA), a governing body to which all credit unions must report financial data on a quarterly basis.

"Wisdom was by far the most complete suite of accounting tools we considered, delivering flexible back-office accounting capabilities in a format that is easy to use and modify," said Chris Hutson, accounting/IT manager, Texas Tech Credit Union, which operates on Fiserv's XP Systems core processing application. "The 5300 Call Report Assistant is an amazing tool that will enable us to trim our report preparation from days to just hours."

The 5300 Call Report Assistant was the most widely purchased tool within the Wisdom product line this year, with 57 of the 76 credit unions choosing to leverage the solution's automated capabilities to reduce report preparation time by as much as 80 percent. And 39 new clients chose to implement Wisdom's ALM solution, which enables credit unions to explore the potential impact of interest rate fluctuations and other market changes using a series of "what-if" scenarios and other planning tools. The Wisdom Accounting suite was selected by 37 institutions.

"With a straightforward interface and intuitive features like task wizards, the Wisdom products are an incredible suite of easy-to-use tools that enable us to understand our current and projected financials, while offering the ability to explore how different financial choices might impact our credit union," said Ginger Garrett, chief financial officer, High Plains Federal Credit Union, which leverages Fiserv's IntegraSys Premier core system.

The Wisdom tools feature a Windows-style interface and a wide range of flexible reporting capabilities. The solutions are continually revised to reflect the most current regulatory updates and relevant market changes. To streamline workflow and eliminate data re-entry, the solutions in the Wisdom suite are fully integrated with one another and feature established interfaces to Fiserv's credit union core processing platforms.

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