Fiserv Takes At-Home Banking to New Heights with Groundbreaking CheckFree Consumer Remote Deposit Capture Product

Ringuette explained that this solution will allow financial institutions to reduce operating costs and environmental resources associated with branch operations, back office processing and transportation because checks will be submitted and processed electronically. Offering a consumer capture solution can also lower ATM fraud cost, by eliminating empty envelope fraud which accounts for more than half of all ATM deposit fraud, according to a 2006 white paper published by ATM manufacturer Diebold. Consumer capture employs sophisticated image and character recognition capabilities in order to read amounts and account information and accurately crop and verify the consumer's check image in an automated fashion.

CheckFree's Remote Deposit Capture for Consumers offering is an Internet solution delivered through existing online banking applications, ensuring widespread customer availability. It uses the financial institution's existing online banking portal, leveraging existing security methods for login IDs, passwords and data encryption during image and data transfer. The solution can support any generic (TWAIN) scanner, allowing consumers to take advantage of their existing scanner hardware. Consumer capture can be installed as a new remote deposit capture (RDC) product or integrated as an add-on with any existing RDC solution used by the bank.

"Security and convenience are driving consumers to seek new and innovative service offerings to enhance their banking experience. In the race to entice and retain retail customers, the ability to offer consumers a low-cost, simple method for remote deposit capture will provide an advantage for banks looking to differentiate themselves," said Bob Meara, senior analyst, Celent. "Celent anticipates targeted but significant adoption of consumer capture solutions over the next three years."

"This groundbreaking new product is part of Fiserv's commitment to providing our clients with innovative solutions designed to meet present and future needs," said Tom Warsop, group president, Financial Institutions, Fiserv, Inc. "Banks have successfully used Fiserv and CheckFree remote deposit capture products with their corporate customers for quite some time now. Now the consumer is demanding that same convenience. The collaboration between our Fiserv and CheckFree teams allowed us to develop and quickly bring to market this easy-to-use consumer-friendly product that has the potential to change the face of consumer banking."

The CheckFree Remote Deposit Capture for Consumers product will be demonstrated during the BAI Transpay Conference and Expo, Booth #517, in Dallas, Texas, February 5-8, 2008, and is now available to banks, credit unions and financial intuitions.

Editor's Note: More pictures are available by contacting Lori Stafford at Lori.Stafford@fiserv.com.

About Fiserv, Inc.

Fiserv, Inc. (NASDAQ: FISV - News), a Fortune 500 company, provides information management and Electronic Commerce systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, electronic bill payment and presentment, investment management solutions, business process outsourcing (BPO), software and systems solutions. Headquartered in Brookfield, Wis., the company serves more than 21,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information Technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed the acquisition of CheckFree, a leading provider of Electronic Commerce services. Fiserv and CheckFree had more than $4.5 billion in combined pro forma total revenue for 2006. For more information, please visit www.fiserv.com.