BROOKFIELD, Wis. - Fiserv Inc. announced that it has surpassed the 600-client mark for its Fiserv Clearing Network, which provides image-based clearance. Fiserv, the nation's largest third-party check processor, says it established the Clearing Network as a way to meet Check 21 standards - providing an alternative to check-clearing organizations such as the Federal Reserve.
According to a news release, Fiserv's Virtual Item Exchange from Fiserv ITI also has grown, now serving a client base of more than 350 financial institutions that use both in-house and outsourced processing. Virtual Item Exchange allows FIs to exchange images by sending files to the Fiserv Clearing Network or other clearing organizations.
Tom Warsop, Fiserv's group president for financial institutions, said FIs that use the network can cut costs associated with clearing bills by between 15 percent or 20 percent.
"Fiserv developed the Fiserv Clearing Network and Virtual Item Exchange to help our clients prosper in this age of electronic checks," he said. "We believe our solutions can meet the needs of all financial institutions in the image exchange world."
Fiserv is a gateway to image-exchange networks, including Viewpointe and Endpoint Exchange LLC.
