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Fiserv, Inc. (Nasdaq:FISV) and the Endpoint Exchange
Network today announced an agreement to establish system connectivity
to allow for the electronic exchange of check data and images between
their respective networks. The Endpoint Exchange Network is part of
the Metavante family of companies; Metavante Corporation is the
technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI).
An initial pilot exchange from the Fiserv Clearing Network is
expected in the third quarter. Following the pilot, more than 4,000
financial institutions that are clients of Fiserv for account
processing and outsourced check processing will be able to exchange
images with the Endpoint Exchange Network's more than 4,000 members.
The Fiserv Clearing Network is currently operating in five Fiserv
check processing facilities; additional locations are expected to open
by year-end. The Fiserv Clearing Network provides the opportunity for
financial institutions to reduce their check clearing costs in today's
paper-based world and realize further value as image exchange gains a
stronger presence in the future.
The Fiserv Clearing Network provides smaller financial
institutions the ability to participate in the changes created by
Check 21 - and eventually in image exchange - through the aggregation
of their volume with that of other financial institutions without
having to individually participate in the various exchange networks.
The Fiserv Clearing Network enhances forward collection and return
item collection for its participants and enables financial
institutions with large volumes of checks to clear those items
directly with the network.
The Endpoint Exchange Network is a national network through which
financial institutions can send and exchange check images rather than
paper checks for clearing and settlement. In less than two years, more
than 4,000 financial institutions across the country have enrolled in
this fully interoperable network.
"The changing ratio of paper to electronic payments presents a
business challenge to all financial institutions, which are under
increasing pressure to generate efficiencies from their check
processing operations," said Ted Umhoefer, senior vice president of
product management and industry relations for the Fiserv Item
Processing Group.
"The combined reach of the Fiserv Clearing Network and the
Endpoint Exchange Network will provide customers of both networks a
secure and efficient means to clear checks," Umhoefer said. "This
value will continue to grow over the next few years as our client
financial institutions make a larger portion of their checks eligible
for electronic exchange."
Exchanges between the two organizations will use the ANSI X9.37
standards and the Electronic Check Clearing House Organization (ECCHO)
rules set. Settlement will occur through the National Clearing House
(NCHA). Fiserv and Endpoint Exchange first established connectivity in
October 2004 to enable Fiserv to print substitute checks and image
replacement documents (IRDs) for Endpoint Exchange customers in a
joint offering of Fiserv, Endpoint Exchange, NCHA, and M&I Marshall &
Ilsley Bank.
"Together, the Fiserv and Endpoint Exchange networks provide the
economies of scale to justify image exchange for many U.S. financial
institutions," said Mark Craig, general manager of CheckClear LLC, a
Metavante company that operates the Endpoint Exchange Network. "The
use of common rules, a common settlement platform and seamless reach
across our combined endpoints has created a compelling value
proposition for financial institutions that enroll in either of our
clearing networks."
About the Endpoint Exchange Network
The Endpoint Exchange Network enables U.S. financial institutions
to clear their check-based transactions by exchanging check images
between member institutions. The Endpoint Exchange Network
(www.endpointexchange.com) is the country's first electronic
check-clearing network that capitalizes on existing imaging
infrastructure and settlement relationships, with the interoperability
to connect to every endpoint in the nation. Metavante Corporation
(www.metavante.com) is a leading provider of image-based check
processing and distributed image-capture solutions through the
Endpoint Exchange Network, Advanced Financial Solutions (AFS), and
VECTORsgi. Metavante delivers banking and payment technologies to
financial services firms and businesses worldwide and is wholly owned
by Marshall & Ilsley Corporation (NYSE:MI).
About Fiserv
Fiserv, Inc. (Nasdaq:FISV) provides information management systems
and services to the financial and health benefits industries,
including transaction processing, outsourcing, business process
outsourcing and software and systems solutions. The company serves
more than 16,000 clients worldwide, including banks, credit unions,
financial planners/investment advisers, insurance companies and
agents, self-insured employers, lenders and savings institutions.
Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in
processing and services revenues for 2004.
Fiserv was ranked the largest provider of information technology
services to the U.S. financial services industry in the 2004 FinTech
100 survey by the American Banker newspaper and the Financial Insights
research firm. Fiserv can be found on the Internet at www.fiserv.com.