BROOKFIELD, Wis. — Fiserv Inc. and Brazil-based Banco do Brasil ($160 billion in assets) have partnered to launch new products and services from the United States that will serve underbanked Brazilian immigrants through the creation of the Federal Savings Bank.
Subject to regulatory approval, the new financial institution is expected to deploy the Premier core-banking system from Information Technology Inc., a business unit of Fiserv, and pursue an ambitious plan to open five branches.
Federal Savings Bank will offer mortgages and deposit-accounts, and will use a range of other Fiserv solutions, including Fiserv Credit Processing, IPS-Sendero for enterprise-risk management, Fiserv EFT for ATM and debit cards, and Fiserv Lending Solutions.
"We found large pockets of Brazilian immigrants throughout the U.S. who are not adequately served by existing banking institutions, mostly because they are primarily Portuguese-speaking," said Leonard Whyte, deputy general manager for Banco do Brasil. "This market is an obvious niche for the bank, and we chose Fiserv and ITI because they have a strong reputation for supporting clients serving niche markets. They will be an important partner to us as we work to serve the Brazilian community in the U.S."
