Commercial Bank in Ohio Signs On with Fiserv
November 10, 2009 Alex Woodie
Waterford Bank NA, a fast-growing commercial bank based in Toledo, Ohio, is using the Premier core banking system from Fiserv, the vendor announced last week. Like many Fiserv customers, Waterford outsources management of the application and underlying servers to Fiserv and its extensive network of data centers. The bank also uses several add-on solutions that allow it to offer a full range of financial services to customers.
Founded just two years ago, Waterford Bank has impressed onlookers with explosive growth that has culminated with nearly $200 million in deposits, despite the recession. The bank attributes its rapid growth to a business plan that involves delivering big-bank services to small and medium-size businesses. The scalable Premier platform may have also had something to do with it.
In addition to the core processing capabilities of Premier, which runs on i OS and Unisys Clearpath mainframes, Waterford uses several other Fiserv products and services, including automated remittance and processing services; remote deposit capture; treasury management; positive pay and ACH services; wire transfers; online banking and bill pay; mobile banking; electronic document management; and customized statements.
Waterford president and COO Michael White describes the offering from Fiserv as a “responsive, full-bodied system.” “We need a technology partner that understands what banking is going to look like five years from now–one that meets our needs today and in the future. Fiserv is that partner,” he says.
Premier is one of several core banking systems offered by Fiserv, and one of two systems that run on i OS-based Power Systems servers. The software used to be offered through a Fiserv subsidiary called ITI, but it’s now sold directly through the parent company following a strategic re-alignment that Fiserv undertook in February, which the Brookfield, Wisconsin, company calls “Fiserv 2.0.”