March 29, 2017 -
PyraMax Bank has selected Fiserv, Inc.’s DNA account processing platform with palm-vein biometric authentication to help the bank update its retail banking operations, create a seamless customer experience and drive the growth of commercial loans and deposits.
The bank will move from another vendor’s core system to Fiserv’s DNA account processing platform, in which it will add integrated mobile, online and branch banking solutions, including palm-vein biometric authentication.
After a thorough assessment that resulted in a shortlist of four vendors including its incumbent provider, the bank selected Fiserv based on the” advanced level of technology offered, the completeness of its solutions and the ability to generate cost savings through advanced automation,” according to the release.
The bank will be operating DNA and other solutions from a Fiserv data center.
“We had a vision of what we needed to take banking to the next level, from the front line to the back office,” said Richard Hurd, CEO and president of PyraMax Bank. “Fiserv offered everything we were looking for to simplify banking – the real-time technology, the palm-vein authentication, the paperless transactions, the automation of complex tasks – and the integration to make it all work together seamlessly.”
As the first open, real-time account processing platform built for collaboration, Fiserv’s DNA was developed using contemporary, standards-based components to provide streamlined processes and a 360-degree view of customer relationships as well as commercial processing capabilities.
Using DNA, PyraMax Bank will be able to provide the products and services its customers need as well as a seamless customer experience.
The bank will also implement Verifast: Palm Authentication, Fiserv’s biometric authentication solution that verifies an account holder’s identity when customers wave their palm over an infrared sensing device.
The system detects the customer’s unique palm vein pattern and matches it to an encrypted digital signature, enabling financial institutions to mitigate fraud, cut down on transaction times and provide more convenient banking transactions.
PyraMax Bank selected several other Fiserv solutions including tMagic for DNA automated teller capture, DNAweb and Mobiliti for consumer and commercial online and mobile banking, CheckFree RXP and CheckFree Small Business for consumer and business bill pay, and Popmoney for personal payments.
In addition, the bank selected Fiserv solutions for financials, CRM and business intelligence, card alerts and notifications, customized statements, wire transfers and more.
“PyraMax Bank is a progressive financial institution that understands how to address the sophisticated financial needs of consumers while presenting them with a banking experience that is simple and easy,” said Byron Vielehr, group president of Fiserv’s depository institution services. “The flexibility and open design of DNA, and the strong family of integrated solutions from Fiserv, will enable PyraMax to gain the efficiencies and deliver the services needed to keep pace with their customers’ ever-changing lives.”
Previously reported, Fiserv, Inc. received the 2016 IDC Financial Insights FinTech Rankings Real Results Award for ‘customer engagement’ for the use of its Verifast: Palm Authentication at Gesa Credit Union in Richland, Washington.