Compliance giant Bankers Systems Inc., St. Cloud, Minn., has teamed up with Fiserv to offer software that facilitates compliance with lending- related regulations.
The deal adds a compliance component to "FAST for Windows" - Fiserv's platform automation system that speeds the loan process by giving the banker an overview of the customer's financial history.
The software also can keep a bank in compliance with lending rules by producing disclosures such as the annual percentage yield calculations required by Regulation DD, or Truth-in-Savings. In addition, the software can help a bank meet the check clearing requirements of Regulation CC, which implements the Expedited Funds Availability Act.
"FAST has the support elements platform officers and tellers need to successfully interact with customers," said Kurt Madden, vice president in Fiserv's bank and credit union group. "Bankers Systems provides one of those elements by putting trusted compliance documents at our customers' fingertips."
While Fiserv, headquartered in Brookfield, Wis., is known for its high- tech information products, Bankers Systems has made a name for itself in forms and documentation.
"We are bringing two parts together to make a whole," said Gary Hess, counsel at Bankers Systems. "We wanted to provide a complete package for the end user," added Ron Mason, vice president of major accounts at Bankers Systems.
Mr. Hess would not disclose the financial arrangement between the two companies. But the product, which will be marketed to banks, thrifts, and credit unions, will have both names on it.
Bankers Systems, which has 12,000 financial institution customers, expects the software to be a success for both companies.
"Our partnership with Fiserv allows them to package our compliance solutions into a format that's effective and easy for their clients to use," said John Weitzel, chief executive of Bankers Systems.
"Those basic benefits are the backbone of any successful automation product," he said.
Beyond overviewing a customer's financial history, FAST for Windows, which stands for Fiserv Account Sales & Teller system, identifies other products the bank offers that might be right for that particular customer.