SunStream Business Services selects Fiserv to modernise operations
By Edlyn Cardoza
Fiserv, Inc., a leading global provider of payments and financial services technology solutions, recently announced that 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 organisation 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, totalling 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 utilise DNA® from Fiserv as their common core loan accounting platform, providing these specialised lenders with more flexibility and options.
“After upgrading our other financial platforms, we faced the challenge of modernising 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 centre 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 customise the platform for each of their serviced organisations and best support their respective needs.”
In addition to the shareholders served by SunStream, Fiserv supports several 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.
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