|Original Press release|
255 Fiserv Dr.
Brookfield, WI, 53045
Jefferson County Teachers' Credit Union to Bring Core Processing In-House with Fiserv XP Systems
XP2 system to give JCTCU operational flexibility and to improve product and services offerings
Brookfield, Wis., February 28, 2008 - XP Systems, a business unit of Fiserv, Inc. (NASDAQ: FISV), announced that Jefferson County Teachers' Credit Union (JCTCU) of Birmingham, Ala., with more than 15,000 members and more than $90 million in assets, has selected the XP2 in-house system to achieve a higher level of control and flexibility in its operations. After completing an intensive, three-month review of systems, the credit union chose XP2 for its open architecture and advanced features such as built-in contact management, along with XP Systems' client philosophy and team approach to conversions.
According to Joey Hand, chief executive officer of JCTCU, the credit union management team narrowed down selection of a new data processing system to the in-house core providers with the best reputation and conversion track record that could transition the credit union out of a service bureau environment.
"We chose XP2 because the system will give us control, improve access to accounting information, general ledger activity, member information, and reports. XP2 will also improve our real estate programs and efforts," said Hand. "I am familiar with XP Systems from experience at two other credit unions, so I know the company places a
greater emphasis on clients. Other systems depend on the client to initiate networking or meetings."
The XP2 system was selected over competitors because of its open architecture, driven by a relational, IBM DB2 Universal database. Key features included XP2's browser-based front end with built-in contact management and cross-selling features. XP2's open system also allows the credit union management to select the accounting and collection packages that best meet their needs and business goals.
"Taking their system in-house with XP2 will give JCTCU the flexibility they need to grow and meet their needs for new product and service offerings to members," said John Edwards, president of XP Systems. JCTCU will convert to the XP2 system in the fourth quarter of 2008.
Jefferson County Teachers' Credit Union is a not-for-profit, democratically controlled, financial cooperative, which exists solely to provide safe, cost-efficient and personal financial services to its members. Jefferson County Teachers' Credit Union was founded in 1939. Today, it has over 15,700 members and over $90 million in assets. For more information about JCTCU, please visit www.jctcu.org.
About XP Systems
XP Systems, a business unit of Fiserv, Inc., provides information management solutions to credit unions. Headquartered in Moorpark, Calif., XP Systems serves 300 credit unions nationwide. The company's XP2 product is a comprehensive system of integrated software, hardware, and services that allows credit unions to manage their data processing in-house. XP2 operates in a Web-enabled Microsoft® Windows(TM) environment with an open, relational database and the IBM pSeries as its main server. For more information about XP Systems, visit www.xpsystems.com.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management and electronic commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process
outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and
2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of electronic commerce services. Fiserv reported nearly $4 billion in total revenue from continuing operations for 2007. For more information, please visit www.fiserv.com.
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