Fiserv Inc. has developed Fiserv Connect3, a virtual banking delivery channel backed by the unique strategic position of Fiserv.
Fiserv Connect3 is middleware — literally an electronic portal — that delivers an integrated approach to electronic commerce. With Fiserv Connect3, a financial institution can provide home banking via telephone, the Internet and private networks — giving their customers numerous ways to access their accounts.
At the same time, customers can gain a comprehensive, consolidated view of their financial holdings. Customers will have full access to account information, can balance their accounts, transfer funds and pay bills. Eventually, as regulations permit, they will be able to buy stocks and mutual funds, manage credit cards, and buy insurance — all through their financial institution.
“Fiserv Connect3 is an innovative new product within the Fiserv family,” said Leslie M. Muma, Fiserv president and chief operating officer. “Fiserv Connect3 provides a marketing channel that will help deliver a broad array of financial products to financial institutions and their customers.”
By linking with Fiserv Connect3, insurance, credit card, mutual fund and other financial services companies potentially can reach more than 50 million customers of Fiserv clients through a single electronic connection. As these strategic partnerships grow, financial institutions will be able to offer these products to their customers.
Fiserv Connect3 also offers a cash management application for businesses that delivers the ability to review account balances and transaction activity, and manage funds on-line. Cash managers can initiate transfers between accounts, create automated clearinghouse transfers, pay federal taxes, and request wire transfers and stop payments through the Internet and private networks.
For the financial institution, a key benefit of Fiserv Connect3 is the ability to build relationships and retain customer dollars while acting as a conduit to a multitude of financial products. Financial institutions also can generate income by offering the convenience of transactions and bill payment via Fiserv Connect3.
“Fiserv Connect3 gives the financial institution a way to control the transaction point with products bearing the financial institution’s name,” Muma said. “That is a very powerful customer relationship builder.”
Fiserv Connect3 is built with strict attention to security. The Internet security measures actually surpass those set by the U.S. Defense Department.
Fiserv Connect3 is now being piloted and tested in multiple financial institutions. Fiserv Connect3 is available to any Fiserv core processing client, whether a bank, a savings institution or a credit union.
Fiserv Inc. is an independent provider of financial data processing systems and related information management services and products to more than 5,000 banks, credit unions, mortgage firms and savings institutions worldwide. A publicly held company headquartered in Brookfield, Fiserv is traded on the NASDAQ over-the-counter market under the symbol FISV.Details