Fiserv Introduces Immediate Funds Service in the US
International financial services technology solutions provider Fiserv has introduced the Immediate Funds service, which will help financial institutions offer their customers instant access to their funds from checks deposited through a teller, a mobile device or an ATM.
The Immediate Cash service will use a patented decision engine in order to find out if there are ample funds available for withdrawal.
The algorithm will also provide automatic protection against return losses and contribute to enhanced customer experience, said Fiserv in a press release.
Fiserv recently commissioned a research on small business and consumer segment. Conducted by Lieberman Research Worldwide, the research data found that immediate access to funds “resonates across all small business and consumer segments.”
58 percent of the respondents of the research said that “accelerated funds availability” offered from their financial institution would be “extremely appealing.”
Furthermore, a focus group on check-cashing behavior said that “they would prefer to receive such a service from their primary financial institution.”
On the other hand, 20 percent of the participants who were “highly interested” in getting immediate access to funds were small business owners.
60 percent of them said that they need fast access to funds in order to meet unexpected business expenses and to clear payroll payments on time.
Commenting on introducing Immediate Funds, Pat Korb, the President of Financial & Risk Management Solutions of Fiserv said that “Financial institutions can meet a critical need by offering real-time funds availability when it matters most to customers, such as covering an unexpected expense or purchasing essential business equipment.” “Life moves fast, and people and businesses want their money to move fast, too,” he noted.
Over the last few years, strong consumer demands have driven financial institutions to bring in new product and services or they would have lost clients to competitions.
Fiserv said in the press release that one of the top 10 ten banks in the US has already selected Immediate Funds and currently implanting the solution for their customers.