Fiserv is now enabling financial institutions to offer their customers immediate access to funds from checks deposited through a teller, a mobile device or an ATM.
The solution utilizes a patented decision engine to help determine funds availability, while providing protection against return losses and greatly improving the customer experience.
Fiserv-commissioned research, conducted by Lieberman Research Worldwide, shows that immediate funds access resonates across all small business and consumer segments. In a study of check-cashing behaviors, 58% of respondents found accelerated funds availability at their financial institution was extremely appealing, and focus group participants stated they would prefer to receive such a service from their primary financial institution.
Twenty percent of study participants who were highly interested in immediate access to funds were small business owners, with 60 percent of those likely to use such a service for routine or unexpected business expenses and 16 percent to meet payroll deadlines.
Customer and small business demand is driving financial institutions to take action. The most recent organization to select Immediate Funds, a top 10 bank located in the U.S., is currently implementing the solution for their customers.
In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life.
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