(FISV) Fiserv’s Acumen Account Processing Solution Selected

December 27th, 2009

Fiserv, Inc. (FISV) announced that Westoba Credit Union of Brandon, Manitoba has chosen to implement its advanced Acumen account processing solution.

Acumen is designed to support the business initiatives of large, market-leading credit unions. The solution has features such as unlimited scalability and real-time processing. Management is keen in expanding Acumen throughout North America.

Westoba Credit Union is Canada’s 29th largest credit union with $865 million in assets and 34,000 members. Westoba also added two other products from Fiserv to its Acumen solution investment.

The company earlier completed the sale of its Loan Fulfillment Solutions (LFS) business to ISGN Solutions Inc. Based in Bensalem, Pa, ISGN provides mortgage technology and services to banks and lenders.

LFS provides financial institutions loan fulfillment services, which include broker price opinions, closing, and settlement services, valuation services, home retention and loan modification solutions, portfolio and vendor management solutions, and related services.

Management had earlier stated that 2009 would be a challenging year for the company, as the economy will take time to recover and then grow. Technology spending across the community banking space is estimated to be weak in 2009. The Financial Institutions have been the hardest hit in this economic crisis being the originators of the same. We would like to wait for a while before turning positive on the shares of Fiserv given the challenging times the company is facing due to the economic turmoil.

Fiserv assists financial institutions and health plan administrators in managing their information systems so that they can efficiently deliver services to their customers.

Zacks Investment Research

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