BROOKFIELD, Wis. — Fiserv Inc.'s VISION business unit was one of six winners of the BAI Innovation Moment award at the recent BAI Retail Delivery Conference & Expo in Las Vegas.
The company says VISION's transactional mortgage account was recognized for "tightly integrating the features of mortgage, home equity, checking, Internet banking and ACH into a single account, allowing consumers to shorten the life of their mortgage dramatically, often from 30 years down to just over 10 years."
VISION says monthly statements recap how a customer's positive cash flow is used to reduce the average daily balance, which reduces interest payments and the life of the loan. Access to the line of credit via ATM/debit card or online bill payment reduces customer resistance to putting excess cash against mortgage principal, the company says.
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Fiserv VISION provides core processing, online banking and Web hosting services to more than 850 community and commercial banks nationwide, the company says.
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