Banco do Brasil Partners with Fiserv for New Venture

22 July 2008

Fiserv, Inc. (NASDAQ: FISV), a leading provider of information management systems and services to the financial industry, announced today a new partnership with Brazilian banking giant Banco do Brasil. The financial institution has been operating successfully in the U.S. since 1969, but this year, the $160-billion bank has a new initiative for its U.S. division, to focus on underserved Brazilian immigrants through the creation of Federal Savings Bank. Subject to regulatory approval, the new financial institution will deploy the Premier® core banking system from Information Technology, Inc. (ITI), a business unit of Fiserv, and pursue an ambitious plan to open five branches in the coming months. Federal Savings Bank will offer mortgages and deposit accounts, and will utilize a range of other Fiserv solutions to enhance their services, including Fiserv Credit Processing, IPS-Sendero for enterprise risk management, Fiserv EFT for ATM and debit cards, and Fiserv Lending Solutions.

“We found large pockets of Brazilian immigrants throughout the U.S. who are not adequately served by existing banking institutions, mostly because they are primarily Portuguese-speaking,” explained Leonard Whyte, deputy general manager for Banco do Brasil. “This market is an obvious niche for the bank, and we chose Fiserv and ITI because they have a strong reputation for supporting clients serving niche markets. They will be an important partner to us, as we work to serve the Brazilian community in the U.S., and give immigrants a financial institution they can call their own.”

Since the bank has an enterprising growth plan, scalability was also a deciding factor in choosing the Fiserv ITI Premier suite and outsourced processing services through the ITI data center in Glastonbury, Conn. Available for either outsourced or in-house account processing, Premier offers products and associated consulting services for virtually every banking function.

“Opening five branches nearly simultaneously is not a typical situation,” said Whyte. “We obviously need state-of-the-art solutions able to accommodate such rapid expansion, which is why we selected Fiserv solutions.”

“Banco do Brasil demands high levels of scalability and integration to accomplish their ambitious growth plan,” according to Mike Young, president of the Fiserv Bank & Thrift Division. “Not only is Premier the most widely used core banking suite in the nation, serving financial institutions of all sizes, technology and business models, but Fiserv delivers a large and comprehensive set of solutions, all built around a dynamic core and outsourced services.”

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