Fiserv/IntegraSys Unit and John M Floyd & Assoc. Ally for Overdraft Protection

Wednesday 17 December 2003 15:58 CET | News

IntegraSys, Texas-based business unit of Fiserv and Houston-based John M. Floyd & Associates (JMFA) have entered into a strategic alliance that adds JMFAS OVERDRAFT PRIVILEGE program to the IntegraSys portfolio.
With this agreement, JMFA will have the ability to market the service to IntegraSys customers, which will receive discounted pricing. This is the first JMFA agreement with an information technology (IT) vendor for these services. JMFA helps credit unions set up overdraft privilege programs, and better manage negative account balances. The company helps implement the program, market and sell the service, and train credit union employees on how to use the program effectively. Three IntegraSys Customers Sign Up Three IntegraSys customers, including Columbus Air Force Base Federal Credit Union, at ColumbusAFB, Mississippi; Greensboro, North Carolina-based Premier Federal Credit Union; and Singing River Federal Credit Union, which serves Jackson and George Counties in Mississippi, have already signed agreements for the service as a part of the alliance. Premier FCU uses IntegraSys Premier core processing solution, as well as other services including Loan Advantage, Virtual Branch Internet banking, bill pay and lending, and the Internet archiving tool called e-fichency. Overdraft privilege is an optional service for members. It is an organized, automated and structured process that allows consumer or commercial members to overdraw their transaction account according to a small preset limit. JMFAs nondiscriminatory service helps credit union members avoid the added expense and embarrassment of a returned share draft (check) or late payment charges on other loans, rent or mortgage payments. JMFAs services can be used with most core solutions on the market today, with contract to implementation typically taking about eight weeks. Pricing can be fixed or based on volume. Fiserv completed the acquisition of IntegraSys and its products from Electronic Data Systems Corp. in July 2003.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce