Fiserv, Inc. said it has created a check clearing network that will offer clearing and settlement services to the company's 1,700 credit union and bank check-processing clients.
The Fiserv Clearing Network will allow the company, which is the third largest processor of checks in the U.S., to directly settle checks drawn on other Fiserv clients. In the initial stages of the project, United Bankers' Bank will offer clearing and settlement services for checks processed in Fiserv's imaging plants in Eagan, Minn., and Des Moines, Iowa.
Fiserv needs partners like United Bankers' Bank because it is not a bank, so it cannot settle check collections. The company plans to add banking partners around the country so all its 50 processing centers can participate in the network.
