Fiserv To Offer PATRIOT Officer Integrated Regulatory Risk Management

    Business Editors

    BROOKFIELD, Wis.--(BUSINESS WIRE)--March 22, 2005--Fiserv VISION will be the first business unit of Fiserv, Inc. (Nasdaq:FISV) to offer PATRIOT Officer, a comprehensive regulatory risk management solution from GlobalVision Systems, Inc., under a recent agreement between Fiserv and GlobalVision Systems.
    Passed by Congress and signed into law by the president in October 2001, the USA PATRIOT Act expands the authority of the Secretary of the Treasury to regulate the activities of U.S. financial institutions, particularly with foreign individuals and entities.
    The requirements of the act that specifically affect financial institutions include required filings of suspicious activity reports; and establishing minimum new customer identification standards, recordkeeping and recommending an effective means to verify the identity of foreign customers. The act also requires financial institutions to maintain anti-money laundering programs that must include at least a compliance officer, an employee training program, the development of internal policies, procedures and controls, and an independent audit feature.
    Financial institutions that do not meet the requirements of the Bank Secrecy Act as stated in the USA PATRIOT Act can expect to face severe penalties and adverse publicity. PATRIOT Officer is a comprehensive regulatory risk management solution offering compliance with the Bank Secrecy Act, the USA PATRIOT Act, and the requirements set by the Office of Foreign Asset Control (OFAC), the Financial Crimes Enforcement Network (FinCen), the FBI, the Drug Enforcement Agency (DEA) and the Department of Homeland Security (DHS).
    Oliver Song, President and CEO of GlobalVision Systems, said he values his company's affiliation with Fiserv. "GlobalVision is very excited to have this opportunity to offer the leading-edge PATRIOT Officer system through Fiserv, one of the leading service providers in the financial industry," Song said. "We look forward to raising the standard nationwide in BSA, OFAC, and USA PATRIOT Act compliance to further strengthen our homeland security."
    Bringing PATRIOT Officer to Fiserv VISION clients allows them to quickly comply with the sophisticated regulations in a cost effective manner, Song said.
    William Vega, executive vice president of Ponce de Leon Federal Bank, a $569 million financial institution in New York City and a client of Fiserv VISION, said PATRIOT Officer has given the bank the ability to satisfy all related compliance requirements.
    "Not only does PATRIOT Officer save us time, but it has also eliminated many of the manual processes that can lead to errors, protecting us from the penalties for non-compliance," Vega said. "We appreciate the peace of mind we get from knowing that nothing has been left to chance."
    When offered in a service bureau environment, the need for financial institutions to purchase costly hardware is eliminated, along with the need for bank personnel to maintain the technology environment. Fiserv VISION's PATRIOT Officer capabilities will be complemented by the reporting and data mining capabilities of its VISION Data Warehouse, said Mike Rigney, president of Fiserv VISION.
    "As a result of our own thorough search, combined with input from our extensive client base, we determined that PATRIOT Officer was the product that best meets the needs of the market," Rigney said. "By offering this product to our clients in a service bureau model, we can readily scale the solution cost to the requirements of the individual financial institution, accelerate our clients' time to market and minimize their learning curve risk."
    Fiserv VISION provides community and commercial banks with a complete online banking solution. Fiserv VISION services more than 350 financial institutions in 43 states.

    Fiserv, Inc. (Nasdaq: FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,500 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004.
    Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.

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CONTACT: Fiserv VISION Karen Veling, 262-879-5017 or Fiserv, Inc. Chuck Doherty, 262-879-5966

KEYWORD: WISCONSIN INDUSTRY KEYWORD: BANKING SOURCE: Fiserv, Inc.

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