News

Fiserv solution helps Loomis double annual volume

August 22, 2013

Fiserv Inc. has announced that its customer, Loomis Armored US, doubled its item processing volume in 2012 to an average of more than 7 million items per month. The international cash-handling service implemented Branch Source Capture from Fiserv in 2007 to build its high-volume item imaging business, which automates processing in an outsourced vault environment for retailers and financial institutions.

Branch Source Capture is a scalable solution that enables FIs and large cash vaults such as Loomis to reduce processing time, automatically detect duplicate deposits and review daily capture operations. The web-based system facilitates remote capture, item correction, batch and deposit balancing, and image quality control.

Loomis serves some of the nation's largest banks, which often require highly customized information for their corporate and government customers. Fiserv tailors the output — scanning, correcting and balancing check deposits — to the exact specifications requested.

"Using Fiserv technology, the number of items processed by Loomis has grown more than ten-fold since 2007," said Chuck O'Brien, COO at Loomis Armored US. "More banks are choosing to have their retail customers deposit both cash and checks at a cash vault, and Fiserv helped us tap into this trend."

Gary Brand, director of source capture solutions at Fiserv said that, to accommodate its 106 nationwide operating locations, Loomis required an imaging solution like Branch Source Capture, but added that its benefits weren't limited to providers as big as Loomis.

"This highly scalable solution is not only a perfect fit for the expansive needs of an organization like Loomis, but also meets the needs of the more than 3,600 financial institutions that look to Fiserv to streamline deposits using remote deposit capture," he said.

Read more about software.