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Fiserv, Inc. (NASDAQ: FISV) announced today that its XRoads™ product, a leading file transfer solution for the financial services industry, is the first high-volume data transfer provider to be certified to use the Federal Reserve’s new FedLine DirectSM File access solution, allowing Fiserv to deliver ACH data. In addition, Fiserv’s wireXchange™ product, a flexible Web-based solution for completing end-to-end wire transfers, has been certified to use the new FedLine DirectSM Message access solution to deliver wire transfer services to its clients.
FedLine Direct File and FedLine Direct Message are part of an innovative new suite of electronic access solutions from the Federal Reserve. Announced last year, the Internet Protocol-based FedLine Direct access solutions are intended to meet the high volume data transfer needs of the largest financial institutions. The FedLine Direct access suite was designed specifically for financial institutions that require a highly secure computer-to-computer interface to Federal Reserve Financial Services. FedLine Direct will replace the Federal Reserve Banks’ current System Network Architecture (SNA)-based computer interface channel.
“We are excited to offer the new FedLine Direct IP-based access solutions to the financial industry and we were pleased to have Fiserv as the first processor to successfully certify and begin using both FedLine Direct File and FedLine Direct Message. Fiserv’s technical team demonstrated both insight and expertise during the initial implementation and testing of FedLine Direct and helped us pave the way for more successful certifications,” said William Barouski, senior vice president and FedLine product manager for the Federal Reserve. “The certification of Fiserv as an active user of the new FedLine Direct solutions is a significant milestone for the Federal Reserve and it will have a positive impact on our ongoing conversion efforts.”
As a certified user of the FedLine Direct service, Fiserv can now leverage advanced capabilities, like frame relay technology and advanced security controls for clients of XRoads and wireXchange, to deliver unmatched reliability for both ACH and wire transfers. In addition to facilitating secure, reliable connection via FedLine Direct, wireXchange will deliver its value-added front-end features enabling clients to access Federal Reserve resources through intuitive user interfaces. This will provide convenient one-time data entry, OFAC compliance screening, dual control verification, host system posting, delivery to the Federal Reserve, and automated notification to customers.
“Gaining access to the new FedLine Direct access solution is a significant step in the advancement of the services we offer to our clients,” said David Selina, senior vice president and general manager of XRoads and wireXchange. “Implementing this automated solution enables us to remove manual tasks, resulting in reduced risk and improved security and speed. As a certified user, we can now deliver the best redundancy and connectivity available for any financial institution.”
Through its XRoads and wireXchange solutions, Fiserv handles a significant amount of the Federal Reserve’s daily transaction volumes, including transactions for 10 of Fiserv’s business units—Fiserv VISION, ITI, BANKLINK, Fiserv SourceOne, Fiserv CBS, IntegraSys, AFTECH, Summit, USERS, and XP Systems—as well as Corporate Central Credit Union and more than 100 individual financial institutions.
About Fiserv Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management systems and services to the financial and health benefits industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. The company serves more than 17,000 clients worldwide and 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. Fiserv Health provides health plan management, pharmacy benefits management and BPO services to the managed care market and self-funded commercial and government employers and health plans. Headquartered in Brookfield, Wis., Fiserv reported more than $4 billion in total revenue for 2005. For more information, please visit www.fiserv.com.
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