Fiserv announces timely implementation of CheckFree Transaction Management and Reconciliation Solution for Dubai Islamic Bank

1 December 2008

Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today announced the implementation of its CheckFree transaction management and reconciliation solution for Dubai Islamic Bank, with assets of $84.3 billion. Implemented within 90 days of contract execution, Dubai Islamic Bank needed to rapidly automate its reconciliation processes to address actual and anticipated transaction volume growth, and mitigate operational and compliance risk exposure.

The prompt installation has allowed Dubai Islamic Bank to quickly realize significant improvements in productivity and potential risk mitigation, and has made transaction processing more efficient. Fiserv’s implementation has also increased the transparency and visibility into Dubai Islamic Bank’s transaction processing and improved its ability to deliver higher levels of customer service through prompt enquiry resolution. The recent, rapid expansion of Dubai Islamic Bank’s network means it is now looking to centralize all reconciliation and exception management activity in Dubai and will do so using the CheckFree solution as part of a “Center of Excellence.”

The intuitive user interface and ease of deployment of the CheckFree solution has positioned Dubai Islamic Bank to enable improved risk management practices, and has already led them to extend the solution across multiple business units.

Ease of use of the CheckFree solution has enabled Dubai Islamic Bank’s staff to adapt to the new environment without intensive training. Because of its performance, the bank has expanded the CheckFree solution to include 15 different reconciliation types across various asset classes. The project has been so well received across the bank it has already been recognized with a prestigious internal award.

“Dubai Islamic Bank sought to eliminate its disparate reconciliation and exception management systems and processes by consolidating all activity onto a single processing hub,” said Elizabeth Elkins, general manager, operational risk management, Fiserv. “We delivered a sophisticated solution that was rapidly implemented and demonstrated the agility to accommodate the bank’s growing reconciliation and reporting requirements.”

CheckFree’s transaction management and reconciliation solutions are deployed across a global customer base, including some of the largest domestic and international banks, custodians, brokers and asset managers. The Dubai Islamic Bank project is the result of an ongoing collaboration with EastNets Group, Fiserv’s primary business partner in Dubai.

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