Fiserv, Inc. (Nasdaq:FISV) and NetDeposit, Inc. are pursuing an agreement that will give each company access to the other's Check 21-related solutions.
Fiserv, the nation's largest third-party check processor, is fine-tuning the development of capabilities to leverage the Oct. 28, 2004, implementation of Check 21 - a law designed to encourage innovation in check clearing. Fiserv will offer printing of substitute checks across its network of 50 image-based check-processing centers, and will act as a gateway for substitute check printing and image exchange to all of its 1,700 check-processing clients and to its more than 7,000 account processing clients.
Fiserv will use software components from both NetDeposit and Fiserv's Imagesoft Technologies business unit to enable distributed substitute check production and image exchange as part of Fiserv's comprehensive service offering. In addition, the NetDeposit service offering will be enriched by products available from Fiserv and Imagesoft to authenticate substitute checks, and to validate the quality of images used to create substitute checks and for exchange. These enhanced products also will be offered to other NetDeposit customers.
Fiserv and NetDeposit expect to finalize the agreement in the second quarter.
"With proven capabilities in generating substitute checks and in developing technologies for image exchange, solutions from NetDeposit and Imagesoft will enable us to offer proven, leading-edge Check 21 and image exchange capabilities to clients throughout the financial services industry," said Mark Damico, President of the Fiserv Item Processing Group. "We see these as important relationships for strengthening each company's ability to provide clients with unparalleled offerings of check processing solutions."
"We believe the combination of Fiserv's innovative solutions and nationwide check processing services - together with our technology to power distributed substitute check production and image exchange - will deliver tremendous value to the industry; and will ultimately accelerate electronic check processing by enabling access to thousands of financial institutions," said Danne Buchanan, Chief Executive Officer of NetDeposit.