Fiserv Refocuses Outsouring Unit for Commercial Banking

Fiserv SourceOne, formerly the Custom Outsourcing Solutions division of Fiserv, has expanded its offerings to deliver a comprehensive set of business solutions through an integrated approach to information management for financial institutions, in addition to rebranding the company's name and image.

Fiserv SourceOne, headquartered in Pittsburgh, is evolving and attempting to re-market itself not only as a new name but also as a new company, according to Judi Lettrich, marketing and public relations specialist, business development. "We evolved from a business unit that did core processing to a more comprehensive and more diverse set of solutions," she explains.

These changes were inspired by the challenges of keeping up with the constant change in the commercial banking market, according to Thomas Gorman, Fiserv SourceOne's president. "To be a traditional outsourcing provider for a target market (commercial banks) is the whole concept," says Gorman. "To be a full solution provider is key when you look at the evolutionary needs of these commercial banks, and specifically our marketplace."

Part of the change is to provide many different types of business solutions to businesses with IBM mainframes. Gorman says three main goals for the Fiserv SourceOne operation are providing a traditional outsourcing model for commercial banks, delivering data to individuals within those commercial banks, and hosting operations in a single-browser environment.

The company is a unit of Fiserv Inc. (Brookfield, Wis.), a provider of information management systems and services to financial institutions, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. Among Fiserv SourceOnes' U.S. banking clients is 1st Mariner Bank (Baltimore). The company recently worked with 1st Mariner to provide the institution with its new Internet product for account aggregation on the bank's Web site, Gorman says.

Along with the rebranding, Gorman reports, Fiserv SourceOne has invested heavily in technologies such as a browser-enabled delivery and XML-based middleware, enabling a 360-degree view of integrated customer information. "With some of the investments that we have made, we are starting to see the fruits of that labor right now," he adds.