Heritage Bank of Nevada has selected Fiserv’s deposit reclassification solution, ReserveLink to convert its idle funds into interest earning assets.
According to Fiserv, ReserveLink will sweep transaction account balances into non-transaction accounts, transforming otherwise idle funds into an earning asset for a financial institution.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
ReserveLink will provide a financial institution with more investable funds at lower operational costs by automatically analyzing accounts, sweeping funds and reporting.
Through this solution, Heritage Bank of Nevada will be able to eliminate daily manual intervention by bank staff providing the bank higher and more stable reserve sweep percentages.
Additionally, Heritage Bank will be able to export reports directly to its enterprise content management (ECM) solution for easy retrieval and analysis.
Heritage Bank of Nevada vice president and controller, Susann Boley, said: "We chose ReserveLink because of its automation, the integration with our ECM system and the security of the solution.
"Also, once we have the system up and running, we hope to have a clearer view of our true transaction accounts, which is something that we really haven’t had with the manual system we were previously using. That will be valuable information for making business decisions."
