BROOKFIELD, Wis.–Fiserv said it is helping financial institutions meet the growing expectation among consumers and small businesses for quick and convenient access to their money using the company’s Immediate Funds solution. With Immediate Funds, financial institutions can offer consumers immediate access to funds from checks deposited through a teller, a mobile device or an ATM.
“The solution utilizes a patented decision engine to help determine funds availability, while providing protection against return losses and greatly improving the customer experience,” said Fiserv.
Fiserv said that research it commissioned that was conducted by Lieberman Research Worldwide found that that immediate funds access resonates across all small business and consumer segments. In a study of check-cashing behaviors, 58% of respondents found accelerated funds availability at their financial institution was extremely appealing, and focus group participants stated they would prefer to receive such a service from their primary financial institution. Twenty percent of study participants who were highly interested in immediate access to funds were small business owners, with 60% of those likely to use such a service for routine or unexpected business expenses and 16% to meet payroll deadlines.
“Life moves fast, and people and businesses want their money to move fast, too,” said Pat Korb, president, Financial & Risk Management Solutions, Fiserv. “Financial institutions can meet a critical need by offering real-time funds availability when it matters most to customers, such as covering an unexpected expense or purchasing essential business equipment.”