Fiserv, Inc. (NASDAQ:FISV), a leading provider of information technology services to the financial industry, today announced that Alaska USA Federal Credit Union has selected its Integrated Cash Operations Modules (iCom) to optimize its entire cash supply chain for its more than 200 ATMs and 50 branch offices throughout Alaska and Washington.
Through this implementation, Alaska USA Federal Credit Union will be able to reduce cash handling, transportation and ATM outage costs, while standardizing cash handling procedures and controls.
Alaska USA Federal Credit Union, one of the largest federal credit unions in the country with assets of $3.6 billion, is a member-owned, not-for-profit financial cooperative with more than 310,000 members. Prior to selecting the Fiserv solution through a competitive bid process, the credit union manually managed its cash inventories for both branch locations and ATMs. By selecting the end-to-end iCom Web-based cash management solution, the credit union can potentially reduce its cash flow and transportation costs by 20 to 40 percent.
"What sold us on the iCom solution was Fiserv's ability to provide a near-turnkey, Web-based solution that would easily integrate with our ATM host and general ledger accounting system," stated Nelson Lowe, senior vice president of treasury at Alaska USA Federal Credit Union. "iCom will provide us with better cash management processes, as well as free up time for branch personnel to focus on selling and other high-return functions."
Implemented as an ASP solution, iCom will provide the credit union with a centralized system for cash ordering and confirmation. It provides pre-emptive cash shortage alerts to improve service levels and reduce transportation costs by reducing cash handling and consolidating cash orders. iCom also provides a complete audit trail to assist with Sarbanes-Oxley compliance requirements.
"Cash storage and logistics are expenses that must be addressed by organizations with a growing presence and geographical footprint, such as Alaska USA Federal Credit Union," said Brian Jorgenson, director of product management, Fiserv. "Financial institutions need to predict cash inventories and manage armored carrier expenses. By providing employees with access to cash supply chain data and tools through a securely managed ASP environment, Alaska USA Federal Credit Union will be able to reduce transportation costs and minimize the cash it needs to have on hand. The iCom solution also provides the flexibility and scalability to help the credit union continue to grow and meet the demands of its members."
Fiserv's iCom solution can also easily add modules to support invoice reconciliation, business intelligence, and ATM asset management and profitability.
The iCom solution is the latest solution in a 12-year relationship between the Fiserv family of products and Alaska USA Federal Credit Union. Fiserv Credit Processing Services and IPS-Sendero, business units of Fiserv, Inc., also support Alaska USA with its merchant solutions and asset and liability management capabilities.