Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, and the leading provider of business driven technology solutions for credit unions, announced today that Momentum Credit Union of Hamilton, Ontario, Canada, successfully implemented the Acumen(R) core banking solution from Fiserv.
The credit union transitioned from two former platforms that it had maintained since the incorporation of an area credit union in December 2010.
Leaders for the $200 million credit union said the Acumen conversion has brought the organization together as one by aligning its front- and back-office operations, streamlining the sales and administrative processes and providing the tools necessary to deliver a consistent, high-quality member experience across all of its branches. Implementing the highly scalable Acumen solution also positions Momentum Credit Union for growth, while providing peace of mind from built-in disaster recovery capabilities.
"We simultaneously completed two system conversions with little impact to our 11,000+ members -- the implementation of Acumen was a success for our credit union. The Fiserv team impressed us with their project management methodology and attention to detail," said Malcolm Stoffman, Chief Executive Officer at Momentum Credit Union. "We look forward to leveraging this modern technology along with other Fiserv solutions to achieve our growth and service goals."
In addition to Acumen, the credit union implemented several value-added solutions from Fiserv including ConvergeIT(R): IVR for audio response and Wisdom(R) for accounting services.
"Fiserv welcomes Momentum Credit Union to the growing list of Canadian credit unions that have chosen to take advantage of the modern Acumen core banking solution, backed by the unmatched stability and expertise of Fiserv," said Kevin Sparks, Fiserv segment executive for the Acumen product line. "From the advanced feature functionality of Acumen to the quality of our service, we are proud to efficiently deliver our highly flexible banking system that fulfills the strategic business requirements of progressive credit unions like Momentum Credit Union."
Separately, Fiserv also announced today that Columbia State Bank is implementing its InformEnt(R) Enterprise Data Warehouse solution. Columbia State Bank plans to integrate and leverage data across the enterprise to create new business and cross-sell opportunities, build more efficient operational policies, tighten risk controls and optimize its technology infrastructure.
Expanding on its relationship with Fiserv, Columbia State Bank, with $4.9 billion in assets and 80 banking offices in Washington and Oregon, is deploying the InformEnt(R) Enterprise Data Warehouse solution in an ASP model. Once fully implemented, the solution will provide Columbia State Bank with several critical data consolidation and business decision tools, including:
- Housing critical information from the Precision banking platform from Fiserv and other in-house and external systems
- Providing unlimited historical data capture and retention
- Facilitating ease of reporting, analytics and information dissemination with any business intelligence tool
- Empowering the business users with control of information
- Providing executive management the ability to monitor the bank's progress via dashboards
- Assisting with metrics and measurement programs to refine the bank's strategies.
"Columbia has a wealth of critical data across the enterprise and wanted to easily access that information, including current and historical data, and have the flexibility to disseminate information throughout the organization," said Steve Yuran, senior vice president, Data Management Solutions, Fiserv. "InformEnt takes the complexity out of managing data and gives the business user fingertip access for analysis."
A long-time Fiserv client, Columbia State Bank already uses the Precision(TM) bank platform for outsourced account processing, CheckFree RXP, the ACCEL/Exchange PIN debit network, AML Manager, Internet Banking, Integrated Teller, Director(TM), Business Process Manager and EasyLender(R).