Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions and the largest provider of business-driven technology solutions for credit unions, announced today that it has renewed 225 credit union account processing contracts since September 2009, demonstrating the company's commitment to the credit union market and reinforcing the company's core competency in processing solutions. According to National Credit Union Administration data, Fiserv holds 32 percent market share for account processing solutions.
"The credit union movement is alive and well at Fiserv," said Scott Butler, president, Credit Union Solutions at Fiserv. "We are committed and prepared to help our clients navigate the unprecedented changes that are impacting the financial services industry. Our clients know we are a valued technology partner who puts their needs first."
Both new and renewing clients cite the company's broad portfolio of integrated value-added solutions as a key reason for their partnerships with Fiserv. Long-term relationships with dedicated support teams were also cited as decision factors in extending agreements.
"We have been with Fiserv for 20 years, and have been so happy with the people, products and services we receive from Fiserv that we have never had a reason to go anywhere else for our processing," said Tom Frohne, chief executive officer of Abbott Laboratories Credit Union, a Gurnee, Ill.-based credit union with $546 million in assets, which uses the Portico account processing solution. "Our core system is extremely reliable, and Fiserv also gives us the wide range of solutions, like Virtual Branch(R), debit card processing and now Mobile Money(TM), that we need to serve more than 35,000 members in all 50 states."
"Fiserv as an organization is reliable, well managed and financially strong, and that gives us a real sense of security in these economic times. When you combine those factors with the faith we have in the people who support us, staying with Fiserv was the best choice," said Frohne.