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Northway Bank Selects FIS’ PayCheck Accept - New tool will simplify reaching underbanked consumers (NYSE: FIS)
Northway Bank Selects FIS’ PayCheck Accept

 

NewswireToday - /newswire/ - Jacksonville, FL, United States, 2011/06/02 - New tool will simplify reaching underbanked consumers (NYSE: FIS). NYSE: FIS

   
 
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FIS™, the world’s largest provider of banking and payments technology, today announced that Northway Bank has selected FIS’ PayCheck Accept® check cashing solution for the processing of non-customer checks.

For more than a century, Northway Bank has been serving the financial needs of consumer, small business and commercial customers throughout Northern and Central New Hampshire. With 17 banking centers, more than 200 associates and a full range of banking and investment solutions, the bank is the largest independent commercial bank in the region and the leading home lender in their market. Northway Bank has $826 million in assets.

Looking at the changing demographics of the marketplace and the evolution of the financial services industry, Northway Bank wanted to seek out a way to serve consumers who cash payroll and government checks without having a personal bank account. A key concern was the ability to manage the risk associated with serving this segment of the market. To do this, Northway Bank teamed with FIS for the PayCheck Accept solution. Targeting the underbanked or unbanked, PayCheck Accept provides a risk-free, real-time solution enabling financial institutions to process checks for non-customers. A large variety of check types can be authorized through PayCheck Accept – including government and payroll checks. PayCheck Accept, which recently was selected as one of four finalists in the Core Underbanked Innovation Challenge sponsored by the Center for Financial Services Innovation, also provides comprehensive reporting and analysis, fraud and non-sufficient funds indemnification as well as dedicated risk analysis for managing and evaluating trends.

“By pairing with FIS for the PayCheck Accept solution, we will be able to reach an entirely new demographic in our community,” said Richard Olson, senior vice president, director of Consumer and Small Business Banking, Northway Bank. “In offering a service not traditionally offered at financial institutions, we can provide a cost effective way for people to cash their checks while educating them about banking services and teaching them to access the benefits of the financial services system. In doing so, we can grow our business, as well as help this underserved segment of our community. It’s a win-win situation.”

“PayCheck Accept allows financial institutions to mitigate their risk but still enter an emerging market – the underbanked,” said Frank D’Angelo, executive vice president, FIS Payment Solutions Group. “In 2010 alone, FIS made decisions on more than 90 million underbanked check cashing transactions. Northway Bank joins over 15,000 locations in the U.S. and Puerto Rico who rely on FIS for the processing and approval of their cashed checks.”

About FIS
FIS (fisglobal.com) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. FIS is ranked 426 on the Fortune 500, is a member of Standard & Poor’s 500® Index and consistently holds a leading ranking in the annual FinTech 100 list.

Forward-Looking Statements
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.

 
 
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Northway Bank Selects FIS’ PayCheck Accept

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FIS |
Publisher Contact: Marcia Danzeisen - FISglobal.com 
904-854-5083 marcia.danzeisen[.]fisglobal.com
 
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