Brookfield, Wis. Fiserv Inc., a leading provider of information technology services to the financial industry, has announced that it offers replacement services to assist its customers affected by the Federal Reserve Bank’s accelerated program to migrate its Payor Bank Services to Check 21 products.
As check volumes steadily decline, hundreds of financial institutions continue to rely on the Fed’s Payor Bank Services. Many of these financial institutions are not ready to move to the electronic delivery and receipt of check images that will be required with Check 21 products. In response, Fiserv is offering products that can help financial institutions bridge the gap between the legacy world of paper checks and the mass migration toward electronic delivery of check images in both the short and long term.
“By 2010, financial institutions will be faced with Federal Reserve Banks discontinuing most non-Check 21 Payor Bank Services as it moves toward a more common check clearing industry standard,” said Christine Barry, research director, Aite Group. “With some sunset dates already looming in 2008, it is increasingly important for vendors to be able to help their customers evaluate their options in preparing to transition to Check 21 enabled services as soon as possible.”