| Thanks for Helping To Make 2007 a Great Year! |
| Fiserv Item Processing is having a great 2007 sales year. From Jan - Sept 2007 we added 108 new client contracts and we renewed another 138 existing clients. The Fiserv Clearing Network now has over 700 members, over 800 clients are using merchant capture and over 900 institutions are using our branch capture solutions.
Welcome to our new clients and thank you to our many long term clients. Together we are leading the industry for outsourced check processing, remote capture solutions and image exchange via the Fiserv Clearing Network. |
| Check Electronification - Have We Reached the Tipping Point? |
Several factors are fueling the notion that the tipping point for check electronification is fast approaching. The first indicator is the steep incline in check image exchange volumes. Since January 2006, image exchange volumes have increased exponentially across the banking industry.
According to Viewpointe, the nation's leading provider of check image exchange and archive services, its image exchange volumes have grown nearly 5000 percent during the 18-month span between January 2006 and June 2007.
Across the industry, the latest Federal Reserve/ECCHO report shows a 913 percent increase from its reporting agencies over the same period of time. The total number of images exchanged in May 2007 exceeded 700 million items. This equates to an annualized volume of 8.7 billion items per year, or approximately 24 percent of all checks cleared. This powerful combination of rapid growth and large volume will push the industry to its tipping point.
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(Condensed from an article by Rustin Carpenter, Viewpointe, published in Transaction News, August 2007). |