Fiserv (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that Farm Credit Services of America, based in Omaha, Nebraska, has selected the DNA™ account processing platform from Fiserv to support its diverse agricultural lending operations, gain greater insight into customer data, and expand its financial reporting capabilities.
Farm Credit Services of America (FCSAmerica) is a customer-owned cooperative that serves more than 57,000 agricultural producers in the Midwest. With more than $25 billion in assets, FCSAmerica is the largest lender in the Farm Credit System, a nationwide network of co-ops providing credit and affiliated services to farm and ranch operators across the United States.
After evaluating 20 systems, FCSAmerica selected DNA to replace an existing core system that had become increasingly difficult to maintain due to its complexity and the shrinking pool of developers with experience using legacy programming languages and technologies. FCSAmerica will use Fiserv technology to modernize its loan accounting and servicing for agricultural real estate loans, operating lines of credit, installment loans and rural home loans.
“We knew we were making a long-term decision so the question was, do we want to start by using old technology or new technology,” said Russ Wagner, vice president and chief technology officer, Farm Credit Services of America. “The way DNA processes transactions, the technology it uses and the way it integrates is very much aligned to how we work. Of the many systems we looked at, only DNA had the flexibility to meet our specific agricultural lending needs without having to be highly customized or requiring us to change our business processes.”
“DNA brings our retail loan accounting system into the twenty-first century,” added Damon Douglas, vice president, business applications, Farm Credit Services of America. “When you look at things from a human resources perspective, DNA allows us to better leverage the skills and abilities of both end-users and technical employees. The natural, graphical user interface of DNA is much closer to what they’re used to, compared to a command-line interface and using commands to navigate the system.”
Recognized by industry-leading analysts for its technology, user experience and breadth of functionality, DNA from Fiserv is the first open, relationship-centered account processing platform built for collaboration. Developed using contemporary, standards-based components, DNA will provide FCSAmerica with the flexibility, extensibility and scalability to deliver and service its full range of agricultural financing products.
To address its current and evolving needs, FCSAmerica is leveraging a number of custom core extensions called DNAapps™ to add new features, screens and integrations to DNA. FCSAmerica will evaluate opportunities to use the DNAcreator™ software development toolkit as agricultural-specific lending needs arise and will have the ability to make these available to other agricultural lenders on the DNA platform. Both DNAapps and the DNAcreator toolkit are available to DNA clients from the DNAappstore™.
“Farm Credit Services of America is a vital part of the American agricultural economy and Fiserv is proud to support their business with long-term, leading-edge technology solutions including the DNA platform and its DNAapp extensions,” said Teri Carstensen, president, Bank Solutions, Fiserv. “The flexibility and open design of DNA will enable Farm Credit Services of America to provide their customers with services in step with the pace of life for many years to come."