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Two credit union technology leaders - Fiserv EFT/CNS, a unit of Fiserv, Inc. (Nasdaq: FISV), and Credit Union Service Corporation (CUSC), the nation's largest shared-branching network - announced an industry-first agreement today that enables Fiserv to become the initial third-party processor to certify and be granted access to the CUSC Next Generation Network (NGN) switch.
The NGN, designed by CUSC specifically for credit unions, helps reduce fraudulent account activity by creating broader messaging fields, and builds robust custom functionality and connections for trouble-free credit union access.
With the agreement, Fiserv and CUSC are implementing a business plan that provides significant benefits to the credit union market by combining extensive technology resources and nationwide service reach. The agreement connects the transaction processing capability of Fiserv EFT/CNS with CUSC's more than 1,300 shared-branch-network service center and outlet locations throughout the United States. Fiserv EFT/CNS already has begun the project and planning process to complete the implementation of the processor link and certification to the NGN.
Fiserv is the largest provider of core processing services to the credit union community. The agreement enables Fiserv to extend its coast-to-coast role as a processor for shared-branching services. Fiserv EFT/CNS now provides shared-branching services to more than 250 clients and processes approximately 1.2 million shared-branch transactions per month as part of an existing co-switch agreement with CUSC. The new agreement will enable Fiserv EFT/CNS to continue offering shared-branching capabilities to these clients while providing the benefits of the CUSC Next Generation Network.
"Fiserv is the largest provider of technology services to the credit union industry, and their EFT/CNS unit is a key component in delivering seamless debit and ATM services to our membership," said Carroll Beach, President/CEO of CUSC. "Our continuing and, now, expanded association with Fiserv EFT/CNS ensures credit unions nationwide can take advantage of our shared-branching product suite and realize the tangible benefits of reduced fraud and customized service."
"CUSC is the undisputed leader in providing shared-branching solutions, and we are pleased to be their first Next Generation Network partner," said Tony Catalfano, President and Chief Operating Officer of Fiserv EFT/CNS. "The NGN is vital to the future of the credit union movement, and our involvement will facilitate an important transition for credit unions. Through the NGN, clients can expect superior performance and focused service."