( FISV) was chosen by Magyar Bank for its Cleartouch platform
solution in a multi-product contract. These wide arrays of products
are targeted to ameliorate process management at the bank, thereby
directly catering to its customer satisfaction.
Till now, Magyar Bank had been utilizing the company's CheckFree
RXP solutions for bill payment and transactions. With this
agreement, the bank shall deploy not only Fiserv's Cleartouch
platform but add a variety of products including Director for
electronic content management, Branch Source Capture, Merchant
Source Capture, AML Manager, Fiserv Clearing Network, Relationship
Pricing, eStatements and item processing services.
Fiserv's technologically advanced solutions shall provide for
pervasive document management, risk management, quick online
statements, relationship management and item processing. Not only
will these help in reducing time lags in the bank's interior
management but also bolster improved and more efficient product
solutions for its valued clientele.
In recent times, it is imperative that every organization pays
heed to its customers' changing tastes and preferences so that they
are assured of receiving state-of-the-art services along with the
regular product offerings. This not only improves the
organization's repute but allows for market share proliferation
Fiserv's renowned goodwill and existing relationship with Magyar
Bank count a great deal in winning such a prestigious contract.
Management expressed its ebullience on the occasion by stating that
it appreciates the need to innovate product offerings for the
benefit of its clients and considers itself capable of delivering
the goods quite efficiently.
However, the company should not be complacent of such contract
wins as ominous rivals are prevalent in the industry it pertains
to. Big players in this regard include
Heartland Payment Systems, Inc.
Lender Processing Services, Inc.
We currently have a long-term recommendation of 'Neutral' for
Fiserv. In the short run, we have a Zacks #3 Rank for the stock,
which translates into a short-term rating of 'Hold'.
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