Fiserv, Inc. has introduced a stored-value payroll solution that enables financial institutions to fully implement a payroll debit program in one week.
Called PAYCHEK PLUS! PDQ (Payroll Delivered Quick), the solution is offered through an exclusive stored-value partnership with FSV Payment Systems Ltd.
Financial institutions that offer PDQ to their commercial clients will reap a revenue opportunity while providing an additional service to their customers, said Eric Miller, FSV Chief Executive Officer.
“We see many benefits in this simple, quickly installed ePayroll solution – both to financial institutions and to the un- or under-banked employees who eventually will use the card for their everyday financial needs,” said Pat Foy, President of the Fiserv Bank Servicing Group. “This is also an extension of our efforts to capitalize on the major growth opportunities in providing stored value service.”
PDQ is the first product in a suite of solutions Fiserv plans to offer to financial institutions and their commercial clients through the relationship with FSV Payment Systems.
“There are approximately 70 million un- or under-banked people in the United States alone,” Miller said. “That means more than one of every four people does not have a bank account or enough access to other financial services. There is a rapidly growing demand among employers to provide a payroll solution to employees who typically do not have checking accounts or direct deposit, and PDQ satisfies that need.”
FSV Payment Systems offers a robust suite of unique, host-based, stored-value and payroll debit card solutions direct to large employers and to financial institutions through an exclusive agreement with Fiserv, Inc. The FSV processing platform is both proprietary and configurable, allowing for the delivery of both standard and non-standard programs based on customer requirements. FSV is on the Internet at [www.fsvpaymentsystems.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 15,000 clients worldwide, including banks, broker-dealers, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wisconsin, Fiserv reported $2.7 billion in processing and services revenues for 2003. Fiserv can be found on the Internet at [www.fiserv.com].