Ivobank's innovative business model utilizes best practices from online payment providers and delivers that functionality to its customers in an online banking environment. Realizing this concept is groundbreaking in the financial services industry, Ivobank chose Fiserv as its technology partner based on the strength of their systems, knowledge of the banking industry and their successful track record delivering best of breed solutions around the globe.

Fiserv's powerful business process management solution, Aperio allows Ivobank to fully automate the opening of new online accounts from inception through to funding. Aperio enables Ivobank to fully integrate their workflows and verify their customer's identity better than traditional methods by adding conditional logic at each stage in the account opening process. Said Richard Maddams, Director of Operations, Ivobank, "Aperio makes Fiserv a very strong solution as it is able to link business processes across all channels (internet and contact center), and automate all of the workflow and decisioning for new account opening." Maddams added, "The new account opening process is extremely rapid and takes less than three minutes to complete in most cases." Aperio's ability to quickly automate the entire procedure also allows Ivobank to provide the personalized service with their clients they desired.

A UK Financial Services Authority (FSA) licensed bank, Ivobank specializes in secure online banking, pan-European payments and money transfer services for both merchants and customers, creating a unique opportunity to match merchant services with customer needs. To support this innovative business model and rapid expansion plans, Fiserv and Ivobank designed a unique technology environment that took advantage of Fiserv's XML-based Service Oriented Architecture and web services technology to communicate with more than 40 Fiserv and third-party applications, services and databases.

Ivobank decided on its front-end strategy in the first half of 2007, after initially engaging with another international financial services vendor. Ivobank felt Fiserv's systems integration capability gave them more confidence that Fiserv was better positioned to deliver the unique solution they required. Martin Peterlechner, Director of Commercial Development, Ivobank, said "Fiserv has the core product we needed and the technical knowledge and resources to shape and integrate our solution."

Supporting the bank's unique operation, ICBS allows Ivobank to efficiently process cross border payments in multiple currencies including Pounds Sterling, Euros, US dollars and Canadian dollars; enable fast, on-demand development of new products; and provide a reliable, scalable platform on which to grow. "Our development capabilities coupled with our innovative product suite will help Ivobank meet their objectives of future account and market growth," said Tony Catalfano, president, Fiserv CBS Worldwide. "Fiserv's ability to offer scalable, flexible solutions will deliver real, quantifiable value to Ivobank as they expand their market."

Headquartered in London, Ivobank has operations in the UK, Ireland, Canada, Spain, France, Italy and Germany and has near term plans to expand across Europe.