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Fiserv Launches New Digital LOS, Originate

Fiserv’s new digital loan origination system has been launched with account opening functionality, including credit cards and personal loans, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Called Originate, it is integrated with other Fiserv digital solutions including the Mobiliti mobile banking and payments platform.

The first solution in the suite, Originate Deposits, features a user interface with optional ID scanning, autofill, and facial recognition to allow consumers to open an account or initiate a loan application from a mobile device, tablet, computer, or at a branch.

Maryland-based Hamilton Bank is the first bank to beta test it.

“We’ve been looking at options for a better digital account opening experience, regardless of where or how our customers choose to complete the process,” said Sherri Wilson, SVP of Hamilton Bank.

Credit Union 1 in Illinois is another early taker.

Paul Simons, CEO of Credit Union 1, said: “While we maintain a high volume of account openings, only a small percentage of our members were completing the process online. It was just too complex. The interface and flow in Originate Deposits are as intuitive as buying from a leading online retailer.”

Fiserv said that additional Originate solutions will come at the end of 2018 including retail, auto and mortgage.

Founded in 1984 and headquartered in Brookfield, Wisconsin, Fiserv demonstrated its Commercial Center at FinovateSpring 2018 (in partnership with Samsung.) 2018 has been a busy year of partnerships for the company, which teamed up with Philippine Veterans Bank earlier this month, with Your Legacy Federal Credit Union in August, and with cybersecurity firm, BlueVoyant in July.