BROOKFIELD, Wis. (3/15/16)--Fiserv has released Immediate Funds, which provides credit union members with immediate access to funds from checks deposited through a teller, a mobile device or an ATM.
The solution uses a patented decision engine to help determine funds availability, while providing protection against return losses and greatly improving the customer experience.
In a study of check-cashing behaviors commissioned by Fiserv, 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.
“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," said Pat Korb, president of Fiserv financial and risk management solution.