Fiserv (NasdaqGS:FISV), the nation's largest third-party check processor based in Brookfield, WI, and New York-based Viewpointe, a leading provider of check image exchange and archive services, announced today that Fiserv will become Viewpointe's newest archive user.
Fiserv will use the Viewpointe archive to expand its current image storage offerings to its 1,600 check processing clients. As an archive user, Fiserv joins several of the nation's largest financial institutions in having access to the most robust common archive in the industry. Fiserv will continue to use its current image archive for delivery of products such as image statements, CD/ROMs and DVDs.
Beyond the archive agreement, Fiserv will use Viewpointe's ImageShare product, allowing the company to efficiently share check images on behalf of its 1,600 check processing clients with Viewpointe's financial institution customers. Fiserv and Viewpointe are also pursuing a strategic product alliance in which both companies will leverage their individual strengths to bring greater value and product innovation to the payments industry.
"Using Viewpointe's 'industrial-strength' archive enhances our ability to offer image solutions to serve financial institutions of all sizes and goes a long way toward meeting our vision of furthering the electronification of the industry," said Tom Warsop, Fiserv president, Financial Institutions Group. "This agreement is very much in the mold of Fiserv 2.0, a Fiserv strategic initiative designed to drive innovation and to create best-in-class products for our clients. We started in 2005 as a Pointe2Pointe user. This agreement expands the relationship significantly and positions both companies for an even stronger relationship as payments convergence becomes a reality."
"Viewpointe is very pleased to welcome Fiserv as an archive user," said Lou Buglioli, Viewpointe chief executive officer. "They join the nation's leading financial institutions that rely on Viewpointe to provide a robust, scalable and highly secure platform to store, exchange and share images. The synergies between the two companies help strengthen the industry's march toward full electronification by connecting a significant portion of the collecting and paying banks into one network. We look forward to working with them to ensure a smooth transition for Fiserv and its clients."
This archive agreement significantly strengthens the relationship between the two companies, both industry leaders that are ranked on the prestigious FinTech 100 survey.
Fiserv, the nation's largest check aggregator, has 1,600 check processing clients. In addition, Fiserv represents many of these institutions as an image exchange conduit through its Fiserv Clearing Network, and maintains a connection with the Viewpointe image exchange network. Viewpointe's base includes a significant portion of the U.S. collecting bank market, and Fiserv has a strong market share in the paying bank arena, making this a significant strategic relationship for both organizations and for the industry in promoting full check electronification and the most efficient exchange processes.
The Viewpointe archive and the Fiserv archive have a large number of check images in common. The synergies put in place by this agreement have the potential to help the industry eliminate redundant image storage and, in the longer term, redundant processing.