The Fiserv Clearing Network's newest settlement partners are Bank of the West, San Francisco, California; Midwest Independent Bank, Jefferson City, Missouri; and TIB-The Independent BankersBank, Dallas, Texas. They join United Bankers Bank of Bloomington, Minnesota, in providing the beginnings of the settlement arm for the Fiserv Clearing Network.

In order to clear checks, financial institutions must find a way to settle accounts, a service that's typically handled through a correspondent relationship or through the Federal Reserve. By using the Fiserv Clearing Network, financial institutions will be able to improve efficiency and reduce check-clearing costs. In addition, the Fiserv Clearing Network paves the way for exchanging check images as that technology gains in popularity.

"With these newest agreements, we have secured settlement services for the Fiserv Clearing Network in some very critical states - among them, Arizona, California, Colorado and Texas," said Mark Damico, President of the Fiserv Item Processing Group. "We look forward soon to signing additional partners toward our goal of nationwide coverage."

Don Robinson, Senior Vice President of Bank of the West, said the new agreement with Fiserv will enable the bank to expand its correspondent network and, at the same time, take some strong steps toward helping Bank of the West's community bank customers move into image exchange.

"I think everyone knows they need to find a solution for clearing checks in a digital world," Robinson said. "I am fully confident that what Fiserv is producing in the Fiserv Clearing Network is something that will function as well or better than any of the competing models available."

L.D. McDonald, President of Midwest Independent Bank, said the bank's agreement is a "significant event" for Midwest Independent Bank, Fiserv and the banking community.

"Check 21 will change how banks collect checks and pay for the collection-related services," McDonald said. "The Fiserv Clearing Network will assist banks as they attempt to control rising costs associated with changes to the check-collection system. We recognize Fiserv as a leading private-sector provider of check processing technology and services. Midwest Independent Bank is pleased to offer this new service option to our community bank customers."

"We are pleased to have arrived at this agreement with Fiserv," said Pat Gray, Executive Vice President of Operations and Technology for TIB-The Independent BankersBank. "Fiserv has done an exceptional job of building a network that will serve the needs of community banks - both now and long after the Check 21 legislation goes into effect."