Milwaukee-area bank selects DNA account processing platform and integrated services including Verifast: Palm Authentication for biometric authentication
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that PyraMax Bank, a mutual savings bank based in Greenfield, Wisconsin, has selected Fiserv as a technology partner to help the bank modernize its retail banking operations, create a frictionless customer experience and drive the growth of commercial loans and deposits. The bank will move from another vendor's core system to the DNA® account processing platform from Fiserv and add a full complement of integrated mobile, online and branch banking solutions, including palm-vein biometric authentication.
After an extensive review that narrowed the field to four vendors including its incumbent provider, the bank selected Fiserv based on the advanced level of technology offered, the completeness of its solutions and the ability to generate cost savings through advanced automation. The bank will be running DNA and other solutions from a Fiserv data center.
"We had a vision of what we needed to take banking to the next level, from the front line to the back office," said Richard Hurd, CEO and president, PyraMax Bank. "Fiserv offered everything we were looking for to simplify banking - the real-time technology, the palm-vein authentication, the paperless transactions, the automation of complex tasks - and the integration to make it all work together seamlessly."
Added Monica Baker, senior vice president, Chief Brand Officer, PyraMax Bank, "When we went through our orientation, DNA had an automated solution for every manual process that was a pain point on our current system. Fiserv put us where we need to be today, and more importantly, will take us where we need to be in the years ahead."
Recognized by industry-leading analysts for its technology, user experience and breadth of functionality, DNA from Fiserv is the first open, real-time account processing platform built for collaboration. Developed using contemporary, standards-based components, DNA facilitates streamlined processes and provides a 360-degree view of customer relationships as well as commercial processing capabilities. DNA provides the foundation that will enable PyraMax Bank to provide the products and services its customers require along with a seamless customer experience.
The bank will also implement Verifast™: Palm Authentication, an award-winning innovation from Fiserv that uses the latest biometric technology to verify an accountholder's identity. Customers are authenticated by waving their palm over an infrared sensing device that detects the consumer's unique palm vein pattern and matches it to an encrypted digital signature to help financial institutions mitigate fraud, reduce transaction times and make banking transactions more convenient.
Additional solutions selected by PyraMax Bank include tMagic™ for DNA automated teller capture, DNAweb™ and Mobiliti™ for consumer and commercial online and mobile banking, CheckFree® RXP® and CheckFree Small Business for consumer and business bill pay, and Popmoney® for personal payments. The bank also chose Fiserv solutions for financials, CRM and business intelligence, card alerts and notifications, customized statements, wire transfers and more.
"PyraMax Bank is a progressive financial institution that understands how to address the sophisticated financial needs of consumers while presenting them with a banking experience that is simple and easy," said Byron Vielehr, group president, Depository Institution Services, Fiserv. "The flexibility and open design of DNA, and the strong family of integrated solutions from Fiserv, will enable PyraMax to gain the efficiencies and deliver the services needed to keep pace with their customers' ever-changing lives."
In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today - financial services at the speed of life.
PyraMax Bank was originally founded August 10, 1895, under the name of South Milwaukee Savings Bank. In May 2000, a merger between South Milwaukee Savings Bank and Mitchell Savings Bank officially formed PyraMax Bank. PyraMax Bank is a Federally Chartered Mutual Savings Bank with nine branches and $423 million in assets that serves approximately 20,000 customers in Southeastern Wisconsin. The bank was named by the Milwaukee Business Journal as one of the top employers in 2016.
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences that are in step with the way people live and work today. For more than 30 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World's Most Admired Companies® for four consecutive years, ranking first in its category for innovation in 2016 and 2017.