A Chicago start-up, GreenChoice Bank, has selected Fiserv Inc.'s Premier core-account system and a variety of other nearly paperless services, the Brookfield, Wis., vendor plans to announce today.
GreenChoice, a federal savings bank that is to be the first "green" community bank in the Midwest, expects to open in the fourth quarter, at a location in Chicago's "Green Exchange," the nation's largest self-contained sustainable business community containing several dozen diverse green businesses and their employees.
"We saw an opportunity to target the sustainable business community — a growing market segment that has a tremendous amount of energy and enthusiasm yet remains relatively untargeted," said Harold Sherman, the founder, chairman and chief executive officer of GreenChoice Bank, in Fiserv's press release. "The Premier platform from Fiserv enables us to leverage leading-edge technology and at the same time implement earth-friendly policies."
Other services that GreenChoice is buying from Fiserv include online banking and bill payment, remote deposit capture of checks, mobile banking, image-based check processing, electronic document management, e-statements and signature capture. Other bank processes, such as account opening and automated teller machine deposits, also are to be as paperless as possible.
GreenChoice plans to outsource much of its processing to Fiserv's regional data center in Brookfield, Sherman said. "Due in large part to outsourced processing, we're able to offer every service that any commercial bank could from a 3,800-square-foot space, and we can do it more efficiently, less expensively and more responsibly in terms of conserving environmental resources."