Salem Five, a $4.2 billion Massachusetts-based bank, has selected financial technology company Fiserv as a new technology partner – for advancing the banks’ digital focus and enhancing business banking capabilities.
Salem Five will implement the DNA account processing platform from Fiserv along with a range of digital banking, payments, and commercial and cash management solutions.
Fiserv recently acquired Online Banking Solutions to enhance the commercial and cash management solutions to banks.
“We are committed to helping the bank get the most out of technology, including the commercial and cash management capabilities Fiserv is able to offer as a result of our acquisition of Online Banking Solutions,” said Byron Vielehr, group president, Depository Institution Services, Fiserv.
Fiserv’s DNA account processing platform will assist the bank to ensure the most innovative tools to collaboratively manage finances of retail and business customers.
Salem Five will enhance their commercial and cash management capabilities with a modern cash management platform from Fiserv. This apart, Salem Five will also add tools to streamline account analysis and billing and facilitate treasury management tasks such as positive pay and reconciliation to meet the needs of commercial customers.
Fiserv will assist Salem Five to strengthen online and mobile banking capabilities, including electronic payments and image capture, to meet the expectations of digitally focused customers.