South Carolina Federal Credit Union extends and expands relationship with Fiserv; signs 10-year agreement
BROOKFIELD, WI (September 9, 2014) — Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that South Carolina Federal Credit Union has renewed its agreement to use the Spectrum(R) account processing platform. In addition to its in-house deployment of Spectrum, South Carolina Federal will add a host of Fiserv solutions including Corillian Online(R) ASP, Mobiliti(TM) ASP, Popmoney(R) and CheckFree(R) RXP(R). In a display of the trust and value it places in Fiserv, the credit union signed a ten-year agreement with Fiserv.
The $1.3 billion South Carolina Federal Credit Union long pursued a technology strategy of implementing “best-of-breed” solutions using a variety of providers; however, this approach ultimately led to an environment of disparate systems that didn’t work well together. This conflicted with the credit union’s objective to create what it calls “LifeSimplified” experiences for its more than 140,000 members.
“We started with a really simple idea which quickly became complex,” said Scott Woods, president and chief executive officer, South Carolina Federal Credit Union. “The Fiserv team worked closely with us to put together a turn-key solution that addressed all of our needs. We have built trust and mutual respect on top of an already very solid foundation which will pay dividends over the course of this agreement and beyond.”
Leveraging its 20+ year relationship, the credit union aligned with Fiserv to deliver “best of suite” integrated services that are simple to manage and deliver a lower overall cost of ownership. Built around the Spectrum account processing platform from Fiserv, South Carolina Federal Credit Union will have a broad suite of browser-based financial applications, electronic services and technology tools delivered through an open, robust platform that help the credit union achieve its objectives of simplified member and staff experiences, streamlined operations, and reduced cost of ownership.
“South Carolina Federal Credit Union has made a long-term commitment to Fiserv that will carry it into the next decade with technology that brings the best experience to its members,” said Mark Sievewright, division president, Credit Union Solutions, Fiserv. “Fiserv is dedicated to bringing credit unions innovative new solutions and services that help them increase growth, generate loyalty and improve operational efficiency.”
In addition to continuing its commitment to the Spectrum account processing platform, SCFCU selected new value-added solutions including Consumer and Commercial Credit Full Service, Consumer and Commercial Debit, ASP delivery of Corillian Online, ASP delivery of Mobiliti, CheckFree RXP, CheckFree(R) Small Business, Popmoney, WireXchange(R), Nautilus(R), Velocity(TM), Prologue(TM), Next Multi-Channel Marketing and add-on Spectrum modules. The credit union has also committed to additional Fiserv solutions over the next three years.
About South Carolina Federal
South Carolina Federal Credit Union is headquartered in North Charleston. More than 140,000 members own and belong to the not-for-profit financial cooperative, which has over $1.3 billion in assets. South Carolina Federal is a community-chartered credit union. Anyone who lives, works, worships or attends school in Berkeley, Charleston, Dorchester, Calhoun, Orangeburg or Georgetown counties, and most of the Columbia area, is eligible to join. South Carolina Federal has 17 branches throughout Charleston, Columbia and Georgetown. More information about South Carolina Federal can be found at scfederal.org or on the SiMPLE CENTS blog at simplecentsblog.org.
This year, Fiserv, Inc. (NASDAQ: FISV) celebrates 30 years of leadership in financial services technology. As one of FORTUNE(R) magazine’s World’s Most Admired Companies, Fiserv is helping clients worldwide achieve best-in-class results by driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.