Fiserv introduces processing services for positive pay and account reconciliation offering

Source: Fiserv

Fiserv (FISV), a leading global provider of financial services technology solutions, announced today that its ARP/SMS positive pay and account reconciliation solution is now available in an outsourced deployment model.

This will allow financial institutions to offer market-leading treasury management services at lower fixed costs and move to a more predictable, volume-based cost model for these popular solutions.

ARP/SMS from Fiserv is the leading account reconciliation and positive pay solution on the market, used by more than 40 of the top 100 banks in the United States. It is a comprehensive positive pay and account reconciliation solution that can reduce exposure to check fraud and streamline back-office operations.

"Financial institutions are now able to receive leading-edge technology, dedicated resources and industry expertise from Fiserv without the costs associated with acquiring, operating and maintaining the required systems," said Tom Jackson, senior account executive, Treasury Operation Solutions, Fiserv. "The outsourcing option allows financial institutions to add valuable, revenue-producing services quickly and cost effectively while improving service to their customers."

ARP/SMS from Fiserv is available in three outsourced models:

  • Hosted Services - the technology is hosted at a Fiserv data center
  • Application Service Provider (ASP) Service - Fiserv runs the application on a Fiserv software platform
  • Business Process Outsourcing (BPO) - Fiserv hosts and runs all aspects of account reconciliation and positive pay services, including exception handling and other back office functions

As an automated, online reconciliation system, ARP/SMS from Fiserv allows for immediate correction and updating of transactions as well as files and reports for real-time positive pay reporting, helping corporate customers gain tighter control over disbursements. The solution operates in real-time, allowing financial institutions to significantly reduce losses due to criminal activity. In addition, ARP/SMS significantly improves turnaround time for reconciliation operations by leveraging intra-day processing and posting and real-time correction capabilities. It also improves deposit reporting by properly identifying all transactions. All of these services provide a distinct competitive advantage for a financial institution when corporate customers are looking for an ARP processing provider. 

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