Traverse City State Bank, a growing community bank in Michigan, was seeking a new debit card network business partner to cut costs and receive a better vendor customer service experience. Already a Fiserv client, the bank turned to ACCEL/Exchange by Fiserv as a debit card network payments solution. While too soon to track costs savings, the bank experienced no disruption to its card processing operation during implementation and is enjoying a higher level of customer service.
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Card processing costs from its existing vendor, which were doubling annually, prompted Reliance Bank to look for cost-effective options. Already a Fiserv customer for other applications, the bank decided to investigate ACCEL/Exchange by Fiserv. The transition to ACCEL/Exchange went smoothly and efficiently, and the bank is realizing significant cost savings and increased back-office efficiencies. Furthermore, management is much more comfortable with the ACCEL/Exchange reporting/invoicing structure.
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Bank of The James wanted to cut costs in the area of debit card transaction network fees. Since the bank's switch to ACCEL/Exchange, costs and transaction fees have been lowered, while simultaneously, monthly fee revenue through the ACCEL/Exchange relationship has doubled.
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The Fauquier Bank, located in Warrenton, Virginia, is a $500 million in assets bank. When the bank chose to upgrade its core system in 2008, it switched to Fiserv to provide measurable post-implementation results, including excellent execution and delivery of superior products and services at a lower cost. After only 6 months, the bank has achieved significant cost savings and customer acquisition growth in both its retail and business segments. The bank expects to save $1 million over the life of the contract.
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American Savings Bank, a highly respected financial institution in Hawaii, explains the challenges and the ultimate solution for managing cash levels across its diverse network. With a network of 59 branches and over 160 ATMs covering the islands of Oahu, Kauai, Maui, Hawaii and Molokai, the bank implemented iCom from Fiserv to help them tackle their logistical challenges. The results: the bank reduced average cash held over the first year by about 15 percent, representing a $13.6 million reserve reduction, cut the number of days of operational cash on hand for additional cash reserve reduction of $21 million over seven months, and reduced armored car costs by 29 percent, saving thousands of dollars per year.
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Fidelity Deposit & Discount Bank wanted to maximize debit card usage among certain segments of its card base, so it turned to Debit Office from Fiserv. Debit Office is a consulting service that provides trusted expertise and measurable value to help clients maximize the profitability of their card programs. For Fidelity Deposit & Discount Bank, Debit Office helped increase debit transactions among cardholders by 24 percent and spend by 13 percent.
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