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Fiserv unveils account processing system for credit unions

01 October 2009  |  951 views  |  0 Source: Fiserv

Fiserv (NASDAQ: FISV), the leading global provider of financial services technology solutions and the largest provider of business-driven technology solutions for credit unions, announced today that it has developed a new global account processing solution designed to transform the way large credit unions do business.

Acumen, the newest choice in the Fiserv portfolio of account processing solutions, supports rapid growth with its server deployment model that allows credit unions to scale their operation quickly and cost effectively. Acumen was built from the ground up using Internet technologies like Java and AJAX.

"Acumen was designed for a very specific segment of the credit union market and with the unique needs of some of our largest clients in mind. It was built for those seeking to transform and differentiate their strategies and services through technology," said Scott Butler, president of Credit Union Solutions at Fiserv. "Open at every architectural level, Acumen gives large, IT-savvy credit unions total ownership and control over their technology strategy. Acumen is a great example of Fiserv innovation at work, and showcases our investment in next-generation platforms that will change the game for the largest, most progressive credit unions."

Acumen is the first account processing solution to feature a ubiquitous browser interface for both front-end and back-office applications, providing superior ease-of-use, while its 360-degree member views support enhanced service. The solution's first-of-its-kind architecture also gives credit unions unmatched capabilities for creating and implementing custom applications. Acumen is deployed on Linux servers, which support rapid, simple and affordable scalability for unlimited growth. Continuous database replication allows Acumen to achieve premium uptime, as well as provide the industry's most rapid disaster recovery capabilities.

"It's great to see new core systems introduced in the U.S. market," said Robert Hunt, Senior Research Director in the Retail Banking practice at TowerGroup. "Credit unions need modern core systems that will allow them to offer innovative services and expand their membership while minimizing operational costs."

Originally launched in Canada under the name iSpectrum, Acumen offers multi-lingual and multi-currency capabilities that can help large credit unions differentiate their services. The solution was renamed in honor of its expansion into the U.S. market. In Canada, the solution has quickly gained traction as the preferred choice with proven technology.

"It's very rare that you can use the words 'new' and 'proven' in the same breath, but we make a point of learning from every new way in which we apply technology," said Sara L. Brooks, senior vice president, strategy and offerings development for Credit Union Solutions at Fiserv. "In this instance, we're taking what we've learned from our deployments in Canada, and evolving the solution to suit the needs of the U.S. industry."

"Acumen has been and will continue to be a critical tool for the Canadian credit union system, one that offers premium technology support. We're proud to have been with Fiserv every step of the way as they introduced this new solution to the market," said John Lahey, chief executive officer for $2 billion Alterna Savings and Credit Union, which serves 130,000 members in Ontario. "And now that Fiserv is offering the solution to credit unions in the U.S., we are excited to have access to even greater resources and added functionality from a stable provider we know we can depend on."

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