BANKLINK, a unit of Fiserv, Inc. (Nasdaq:FISV) and a leading provider of Web-based treasury management products and services, announced today that Torrance, CA-based Toyota Financial Services has selected BANKLINK as its Web-based cash management solutions provider.
Toyota Financial Services is launching Toyota Financial Savings Bank to offer financial services to its dealers and eventually to Toyota and Lexus customers. Initially, the bank will use BANKLINK as a source of money movement between Toyota Financial Savings Bank and U.S. Toyota and Lexus dealers. The bank tentatively plans to open during the summer of 2004.
"We look for the same high level of service quality in our business partners that we expect of ourselves," said John Stillo, Vice President, Chief Financial Officer, Toyota Motor Credit Corporation. "We were attracted to Fiserv and BANKLINK because of their experience and reputation, and everything we've seen has reinforced our decision to use their services for the launch of our new bank."
"BANKLINK is pleased to provide Toyota Financial Services with Web solutions that will help launch their new bank and generate additional revenue opportunities for them," said Paul A. Frank, BANKLINK's President. "The functionality of BANKLINK's products and its support are becoming increasingly recognized throughout the marketplace and by industry analysts such as Celent Communications, which recently rated BANKLINK #1 for institutions with less than $5 billion in assets."
BANKLINK initially will provide Toyota with iLINK(TM), BANKLINK's comprehensive suite of treasury management services targeted at middle-market companies and large corporations, and exchangeLINK(SM), its suite of services for the exchange and consolidation of account information among multiple banks in multiple countries.