Press Release
Fiserv and Reserve Solutions to Provide Bankcard Accessibility for Retirement Plan Loans
ORLANDO, FL, October 15, 2003 -- Fiserv, Inc. (Nasdaq:FISV) announced that Reserve Solutions, Inc., a developer of products and loan solutions for financial service providers, will use the Fiserv PLUS(TM) management processing system to help with its rollout into the financial services and investment resources industry.
Reserve Solutions offers two products, the ReservePlus Loan Program and the ReserveAdvantage Program. ReservePlus is a plan participant loan program that allows retirement plan administrators to reduce their loan administration costs, maintain existing loan revenue streams and increase overall plan participation within 401k, 403(b), and 457 defined benefit plans.
ReserveAdvantage is a low-cost, home equity line processing program that enables banks and credit unions to offer an efficient, innovative loan option to their clients. ReserveAdvantage provides financial institutions and lenders a cost-effective turnkey product offering for the $5,000 to $25,000 home equity market. ReserveAdvantage reduces the lender's back office administration while dramatically improving approval/response times, resulting in increased profitability and customer satisfaction.
Max Narro, President of Fiserv Credit Processing Services, said the collaboration will enable Reserve Solutions to provide its business partners with the ability to offer innovative turnkey financial loan solutions.
"By providing Reserve Solutions with back office support and customization, we are giving them the ability to focus on delivering innovative loan products to their clients, knowing that Fiserv has the flexibility to meet their needs down the road," Narro said.
Mark Vernaglia, President of Reserve Solutions, said Reserve Solutions chose Fiserv - after an extensive search - based on the unique nature of Reserve Solutions' products and the expertise of Fiserv in co-branding cards.
"We needed a company that had the ability to customize some of the current bankcard industry processing systems to provide a total solution to our clients," he said. "By choosing Fiserv, we're able to customize the statements and programming, as well as to outsource many of our back office operations to Fiserv as we expand the relationship beyond process management."
Vernaglia also said he was impressed not only with the rapid implementation and support of Fiserv, but by the fact that Fiserv understands the company's product.
"While working closely with the Fiserv team, we felt that they were the first company that we spoke to that `got it,'" Vernaglia said. "They understood what we were trying to accomplish with our products not only from a technical standpoint, but also from a strategic business perspective. Fiserv has the ability to step back from just thinking on a technical level and work with us to customize the program and statements in order to deliver a high level of customer satisfaction, not only from the very beginning of the relationship, but down the line anticipating what our clients would want."
"The Reserve Solutions products are an excellent example of imagining a traditional bankcard account as a means of gaining true efficiencies in account management processes," says Patricia Hewitt, Vice President of Business Development for Fiserv Credit Processing Services. "Mark and his team have been terrific development partners and we're pleased to be able to assist them in introducing truly unique products into the marketplace."
The Fiserv PLUS(TM) System unites the VisionPLUS(R) credit processing software - the industry's leading credit-processing solution - with decades of Fiserv information-processing expertise. This powerful mix of software and service provides a state-of-the-art foundation upon which businesses can build innovative private-label, revolving, bankcard, and installment credit programs.
Reserve Solutions, Inc. is a leading developer of products and loan solutions for financial service providers. Founded by some of the nation's leading financial innovators, Reserve Solutions provides turnkey solutions to financial and pension institutions through its two (patent pending) flagship products: The ReservePlus Loan Program and the ReserveAdvantage Processing Program. Headquartered in Midtown Manhattan, Reserve Solutions can also be found on the Internet at www.reservesolutions.com.
Fiserv, Inc. (Nasdaq:FISV) provides industry leading information management systems and services to the financial industry, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 14,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $2.3 billion in processing and services revenues for 2002. Fiserv can be found on the Internet at www.fiserv.com.
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