Press Release Summary:
Configurable to suit specific environments, ARP/SMS Exceptions Workflow(TM) provides banks with fully integrated, online, real-time positive pay and reconciliation system. Exceptions processing solution combines imaging and workflow to route and manage positive pay and ARP exception items, including Day 1 and Day 2 corrections of positive pay exceptions. Accessible through browser-enabled workstations, it also reduces check fraud risk by identifying fraud earlier in process.
Original Press Release:
Fiserv Unveils Exceptions Workflow(TM); New Positive Pay and Reconciliation Module for ARP/SMS
New account reconciliation package/service management system module allows for Day 1 and Day 2 corrections of exceptions
Brookfield, Wis., February 24, 2009 - Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced that it has unveiled ARP/SMS Exceptions WorkflowTM, its fully integrated, online, real-time positive pay and reconciliation system. Exceptions Workflow is an exceptions processing solution that combines imaging and workflow to rapidly route and manage positive pay and ARP exception items in a real-time environment including Day 1 corrections of positive pay exceptions. Exceptions Workflow is highly configurable, so the bank can tailor the workflow tool to suit its environment, resulting in greater processing efficiencies.
Exceptions Workflow is designed to reduce check fraud risk by identifying fraud more quickly and earlier in the process. Exceptions Workflow provides the unique capability to do both Day 1 and Day 2 correction of positive pay exceptions. This capability is designed to better enable ARP/SMS clients to manage payee positive pay exceptions. With the many exceptions that result from poor Optical Character Recognition (OCR) of Image Replacement Documents (IRDs), many banks are overwhelmed with the volume of payee mismatch exceptions. With Exceptions Workflow, banks will now have the advantage of having access to tools to more easily manage current volume and add more payee verification customers.
"Fiserv has a culture of innovation, integration and experience," said Pat Korb, president Global Payments Solutions, Fiserv. "This new module of ARP/SMS is another example of our commitment to bringing our customers innovative products that help make them more efficient and profitable. With our experience and market leadership role in ARP and positive pay, Exceptions Workflow customers will have the confidence that this product will play a key role in the future direction of the ARP/SMS business line."
Additional intended benefits of Exceptions Workflow include:
o Utilize existing staff during non-peak hours by using the Day 1 option in Fiserv Exceptions Workflow
o Eliminate the need for additional shifts or supplemental resources with the ability to more equally distribute staff throughout the day
o Meet existing service level agreements more easily
o Reduce research and correction time of positive pay and reconciliation exceptions
o Retrieve images automatically upon importing of exception items to avoid any down time
o Configure the workflow based upon bank needs and environment
o Access through any browser-enabled workstation for fast and easy deployment
o Tailored to servicing positive pay and reconciliation needs
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrates its 25th year in 2009. For more information, visit www.fiserv.com.