Immediate Funds from Fiserv offers financial institutions the ability to expedite the movement of money when customers need it most
BROOKFIELD, WI (March 8, 2016) — Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, is helping financial institutions meet the growing expectation among consumers and small businesses for quick and convenient access to their money using Immediate FundsSM from Fiserv. With Immediate Funds, financial institutions can offer customers immediate access to funds from checks deposited through a teller, a mobile device or an ATM. The solution utilizes a patented decision engine to help determine funds availability, while providing protection against return losses and greatly improving the customer experience.
Fiserv-commissioned research, conducted by Lieberman Research Worldwide, shows that immediate funds access resonates across all small business and consumer segments. In a study of check-cashing behaviors, 58 percent of respondents found accelerated funds availability at their financial institution was extremely appealing, and focus group participants stated they would prefer to receive such a service from their primary financial institution. Twenty percent of study participants who were highly interested in immediate access to funds were small business owners, with 60 percent of those likely to use such a service for routine or unexpected business expenses and 16 percent to meet payroll deadlines.
“Life moves fast, and people and businesses want their money to move fast, too,” said Pat Korb, president, Financial & Risk Management Solutions, Fiserv. “Financial institutions can meet a critical need by offering real-time funds availability when it matters most to customers, such as covering an unexpected expense or purchasing essential business equipment.”
“Consumer expectations have led to a demand for immediate cash or funds availability in their account, and they will seek a relationship with a financial institution with the most options for receiving funds. Immediate access to funds is a great way to attract customers looking for that instant funding and can be a great differentiator,” said Marc DeCastro, Research Director, IDC Financial Insights.
Customer and small business demand is driving financial institutions to take action. The most recent organization to select Immediate Funds, a top 10 bank located in the U.S., is currently implementing the solution for their customers.
Immediate Funds is a finalist for the “Best Check Innovation” in the 2016 PYMNTS Innovator Awards.
In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life. Learn more at TheSpeedofLife.com.
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About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World’s Most Admired Companies™ for 9 of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news.
