Pentagon Federal Credit Union Chooses Fiserv for End-to-End Paperless Lending
Brookfield, Wis., February 19, 2008, Fiserv, Inc. (NASDAQ: FISV), a leading provider of information management and ecommerce systems and services, today announced that Pentagon Federal Credit Union, with 764,000 members and assets in excess of $11.2 billion making it one of the largest credit unions in the United States, has chosen the Nautilus Enterprise Content Management (ECM) system to image-enable its mortgage processing functions.
To create a truly paperless lending environment, Pentagon FCU will utilize Nautilus with the UniFi® PRO loan origination system and Fiserv Loan Servicing Platform, both of which are already running at the credit union. By automating the mortgage lending process, Nautilus will route image files per pre-defined rules and prompt Pentagon staff to perform routine tasks that are established in the standardized workflows. Staff productivity and efficiency are maximized as bottlenecks become clearly identified through performance reporting and audit trails.
"Our initial attraction to Nautilus was its integration with the other Fiserv solutions we already have in place and the trust we have built up with them as a long term partner who has delivered for us," said James Schenck, executive vice president and chief operating officer at Pentagon FCU. "In addition to the integration, we are looking forward to Nautilus bringing us operational savings and increased processing efficiencies as we create a completely paperless solution. We believe the Nautilus solution is in line with our corporate strategy of continuing to use technology to increase efficiency."
Used by more than 500 institutions, Nautilus is a fully integrated ECM system specifically designed to meet the unique needs of financial services organizations. The system enables the capture, routing, sharing and archiving of high volumes of information critical to business operations, audits and customer service. Eliminating low-value manual tasks and making all content instantly available from a single interface, Nautilus helps increase employee productivity and overall operational efficiency.
"We are pleased to expand our relationship with this market leading institution," said Regis Rapp, president, Fiserv Industry Products. "And because the Nautilus system is seamlessly integrated with the Fiserv UniFi PRO loan origination solution that they were already using, we can quickly and easily help them automate their lending process and move to a more efficient, paperless process, which benefits everyone."
About Pentagon Federal Credit Union
Pentagon FCU, with more than 764,000 members and assets in excess of $11.2 billion, provides worldwide service to Army, Air Force, Coast Guard, Department of Defense and Department of Homeland Security personnel; members of the VFW; and many others. Pentagon FCU offers a full range of consumer financial products and services at market leading rates. Members can access their accounts 24/7 via the Internet at PenFed.org and by phone, or at one of the credit union's branches in Northern Virginia, New York, the District of Columbia, North Carolina, Texas, Colorado, Hawaii, Puerto Rico, Europe, Turkey and the Pacific.
About Fiserv, Inc.
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.
Fiserv Corporate Contact:
Lori Stafford
Assistant Vice President Corp. External Comm.
Fiserv
262-879-5130
Lori.stafford@fiserv.com
For more information contact:
Bette Fitzgerald
Vice President, Marketing
Fiserv Industry Products
(407) 833-4765
Bette.fitzgerald@fiserv.com
