BROOKFIELD, Wis. -- It's milestone time at Fiserv.
Fiserv, the largest third-party check processor, has hit two milestones in its imaging business--600 Fiserv Clearing Network clients and more than 30 million monthly electronic transactions through its Virtual Item Exchange.
Virtual Image Exchange allows institutions to send imaged files to the Fiserv Clearing Network or other clearing organizations.
The Fiserv Clearing Network aggregates volume from its 600 clients to offer an alternative to the other clearing outlets, such as the Federal Reserve. According to Fiserv, financial institutions that switch to its network can reduce their clearing bills by 15 to 20%.
Fiserv expects its Virtual Item Exchange to average 50 million monthly transactions by December.
Fiserv also connects to leading networks such as Viewpointe and Endpoint Exchange.
"Viewpointe is proud to count Fiserv among its industry connections," said Diane Scott, chief sales, marketing and product officer at Viewpointe. "All financial institutions must get connected to image exchange networks--regardless of which one they choose--to keep pace with check electronification."
Fiserv serves more than 18,000 clients worldwide and is a 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.