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September 1, 2008updated 06 Sep 2016 3:07pm

Banco do Brasil partners with Fiserv for new venture

Fiserv, a provider of information management systems and services, has announced a new partnership with Brazilian bank Banco do Brasil.

By CBR Staff Writer

The bank has been operating successfully in the US since 1969, but in 2008, the $160-billion bank has a new initiative for its US division, to focus on underserved Brazilian immigrants through the creation of Federal Savings Bank. Subject to regulatory approval, the new financial institution will deploy the Premier core banking system from Information Technology, a business unit of Fiserv, and pursue an ambitious plan to open five branches in the coming months.

Federal Savings Bank will offer mortgages and deposit accounts, and will utilize a range of other Fiserv solutions to enhance their services, including Fiserv Credit Processing, IPS-Sendero for enterprise risk management, Fiserv EFT for ATM and debit cards, and Fiserv lending solutions.

Since the bank has an enterprising growth plan, scalability was also a deciding factor in choosing the Fiserv ITI Premier suite and outsourced processing services through the ITI data center in Glastonbury, Conn. Available for either outsourced or in-house account processing, Premier offers products and associated consulting services for virtually every banking function.

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