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SunStream Business Services Selects Fiserv to Modernize Operations
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Rhea-AI Summary
Fiserv (NASDAQ: FISV) announced that SunStream Business Services will adopt its core platform to enhance agricultural lending operations. This transition aims to improve loan servicing for shareholders including AgriBank and others, managing over $82 billion in assets. The DNA platform will enable quick adaptation to regulatory changes, streamline operations, and enhance service offerings for farm and ranch operators. Executive statements highlight the necessity for a versatile, integrated system to manage diverse loan portfolios effectively.
Positive
Implementation of DNA platform enhances operational efficiency for SunStream shareholders.
SunStream's stakeholders manage over $82 billion in assets, indicating strong market positioning.
Quick adaptation to compliance and regulatory updates improves service delivery.
Negative
None.
St. Paul-based fintech service corporation will implement Fiserv core platform to increase agility and better support its diverse agricultural lending operations
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced SunStream Business Services, based in St. Paul, Minnesota, will move to Fiserv to meet the complex loan servicing needs of its shareholders and react more quickly to regulatory and compliance updates.
SunStream Business Services provides business and technology services to Farm Credit Entities throughout the Farm Credit System. The organization is a service entity owned by four shareholders: AgriBank FCB, Compeer Financial Services, Farm Credit Mid-America, and an ownership collaboration of nine Farm Credit Associations, totaling more than $82 billion in assets. The mission of farm credit providers is to support rural communities and agriculture with reliable, consistent credit and financial services. Having moved away from a network of custom-built systems, all SunStream shareholders will utilize DNA® from Fiserv as their common core loan accounting platform, providing these specialized lenders with increased flexibility and more options.
“After upgrading our other financial platforms, we faced the challenge of modernizing our core loan accounting system,” said Ruth Anderson, vice president of product and service delivery at SunStream Business Services. “We were looking for a single platform that could handle all of our loan portfolios, including mortgage, operating, term and capital markets loans, and provide us flexibility and ease of integration. Fiserv and their DNA platform proved very well suited to the task.”
DNA is at the center of SunStream’s loan system transformation. A modern and open platform, DNA will give SunStream and its shareholders the ability to react quickly to a dynamic and ever-changing lending market. The built-in commercial servicing capabilities of the DNA core platform will allow SunStream shareholders to provide more robust payment and loan offerings to their customers, who are almost entirely comprised of farm and ranch operators. Additionally, the platform’s open architecture and APIs will make it easier for SunStream shareholders to integrate other solutions such as third-party lending instruments, build and launch products quickly, and add new capabilities using downloadable DNAapps™.
“SunStream has done a tremendous job helping its members keep pace with technology changes, manage rising costs and increase efficiency,” said Chris Van Der Stad, general manager of DNA at Fiserv. “The open architecture and real time capabilities of DNA will enable SunStream shareholders to further streamline operations, while allowing them to customize the platform for each of their serviced organizations and best support their respective needs.”
In addition to the shareholders served by SunStream, Fiserv supports a number of other agricultural lenders. In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
SunStream Business Services provides technology and other business services to AgriBank, Farm Credit Associations and other Farm Credit entities. These entities all are part of the customer-owned, nationwide Farm Credit System, which supports rural communities and agriculture with reliable, consistent credit and financial services, today and tomorrow. The organization aims to provide our customers with all the tools necessary to help them succeed by leveraging common services and technologies to their advantage. For more information, visit www.SunStreamServices.com.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud- based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index, the FORTUNE® 500, and has been recognized as one of FORTUNE World's Most Admired Companies® for 11 of the past 14 years and named among the World’s Most Innovative Companies by Fast Company for two consecutive years. Visit fiserv.com and follow on social media for more information and the latest company news.
