BROOKFIELD, Wis. – Fiserv announced a new software solution to support its “Relationship Advance” service it says will allow credit unions to offer their members an alternative to courtesy overdraft programs and high-cost loan products.
Relationship Advance from Fiserv is designed to enable financial institutions to manage a short-term, open-end line of credit that is easily linked to a retail customer’s checking account. It is intended for customers who need cash quickly, conveniently, on a short-term basis and who would not typically qualify for traditional credit products offered by the credit union.
As courtesy overdraft programs have come under scrutiny by consumer advocates and lawmakers, Fiserv has leveraged technology designed to enable credit unions to offer another option quickly and efficiently, and at the same time personalize service based upon the household’s financial needs resulting in a more positive experience.
