Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that Trustmark National Bank, a subsidiary of Trustmark Corporation (NASDAQ: TRMK), has decided to implement Central Source Capture™ from Fiserv, a web-based check capture and processing solution. For Trustmark, this represents a significant investment, one that will enable the organization to replace its current, paper-based check processing system with a modern solution. This new system will automate all aspects of the item-processing operation, including capture, data perfection, electronic cash lettering, clearing settlements and outputs to posting and image archive.
“Despite all of the tremendous advances in banking technology over the past several years, check processing is still a very necessary function for financial institutions,” said Nick Anderson, Senior Vice President of Operations at Trustmark National Bank. “Central Source Capture from Fiserv will give us the ability to modernize that function, while driving significant efficiencies for our organization. We looked at several prospective vendors and found elements that worked well, but none that would give us the universal all-in-one system that the Fiserv solution presented.”
The multi-year agreement expands a strong, long-term relationship between Fiserv and Trustmark, which Trustmark cites as one of the key reasons for selecting Central Source Capture. “Trustmark already uses a multitude of Fiserv products and services. We knew from our history with Fiserv that we would be working with a product support group that understands Trustmark’s environment,” said Anderson.
To minimize the risks often associated with a transition of this size, Trustmark and Fiserv worked together to identify a phased implementation approach. The first phase included deploying a centralized database for branch capture and placing image-enabled ATMs throughout Trustmark’s branch system. The second phase will encompass replacing legacy check processing and cash lettering systems and eliminating sort patterns from legacy systems. During the third phase, the legacy image exchange and external duplicate detection systems will be replaced. By using this phased approach, Trustmark will be able to perfect data in one database before passing files or processes to the new system.