Fiserv CU Core Processors Report Signings, Product Launches in 2005 Report

BROOKFIELD, Wis. – Fiserv's seven credit union data processors now provide core processing to a total of 2,862 credit unions across the country, the company said in its 2005 report from its Credit Union Industry & Products Group. Fifty-five new clients were signed in 2005, representing about $9 billion in assets and more than 1.1 million members. Another 55 completed conversions and renewal contracts were inked with 1,119 existing clients with combined assets of more than $50.5 billion and 8.4 million members. Fiserv also said that it now serves about 40% of all credit unions with $1 billion or more in assets. "This represents about 40% more of the largest credit unions than our nearest competitor," said Tom Neill, CUIPG president. "Since larger credit unions tend to have the resources to drive technology innovation, Fiserv's ability to build solid relationships with clients in this segment is a key to keeping our product offerings head of the curve." New product offerings came from areas that include commercial processing, security/fraud prevention, membership relationship management, Internet-based services and Health Savings Accounts, according to Fiserv. More than 3,300 credit union and vendor representatives also attended the core processors' user meetings during last year. Fiserv's seven CU core processors are AFTECH, CUSA Technologies, GalaxyPlus, IntegraSys, Summit Information Systems, USERS Inc. and XP Systems.