Summit Solution Helps Fund New Accounts

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Summit Information Systems, a unit of Fiserv, Inc., has entered into a strategic alliance with Andera, a provider of online acquisition technologies based in Providence, R.I.

The Andera New Accounts Online product enables Summit clients to efficiently open and fund new member accounts seamlessly via the Internet, the company said. The ability to open and fund new accounts online is a critical addition to many credit unions' emerging electronic branching strategies, according to Summit Executive Vice President and COO Krishna Rao.

"Typically, an online member account opening process involves a high number of manual processes requiring several weeks to complete, and usually results in a high percentage of prospective member defections," said Andera's president, Charlie Kroll. "Our web solution has compressed this process to 10 minutes and, during these 10 minutes, the applicant can apply and be approved for membership and new deposit accounts, including identity verification, credit-based cross selling, and initial account funding. With such an efficient process, credit unions can significantly increase the number of new accounts opened and funded online."

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