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Arcadia Chooses Fiserv for Processing Software

6 July 1998

Arcadia Chooses Fiserv for Processing Software; Pact Offers New Features for Arcadia, a New Market for Fiserv CBS Unit

    BROOKFIELD, Wis.--July 6, 1998--Arcadia Financial Ltd., the nation's largest independent auto finance company, cited vendor flexibility and the ability to create a strong transaction history in choosing Fiserv, Inc. to provide an in-house processing system.
    Arcadia, based in Minneapolis, Minn., chose the Fiserv Comprehensive Banking System in a multimillion-dollar, three-year contract that will allow the finance company to upgrade from its current in-house system.
    Brian Anderson, Arcadia Senior Vice President and Corporate Controller, said Arcadia looked at several software packages, including some specifically designed for indirect lenders, before choosing the Fiserv CBS system.
    Though designed as a software package for banks and savings institutions, Anderson said the Fiserv CBS software carries many benefits for Arcadia. The Fiserv CBS software provides a strong transaction history, is completely documented and vendor supported, and offers Arcadia the opportunity to support other types of lending, he said.
    Fiserv CBS software also operates on IBM AS/400 Advanced Series computers, allowing Arcadia to use its extensive technical resources on familiar hardware. Arcadia has operated its processing system for several years on IBM AS/400 computers.
    "The idea of being able to install a package and have the maintenance taken care of was appealing," Anderson said. "Maybe more important, Fiserv was interested in integrating several of the modifications we needed into their base product so they can market to other indirect lenders."
    In addition, Anderson said the ability of Fiserv to deal with Year 2000 compliance was important.
    Leslie M. Muma, Fiserv Vice Chairman and President, said the deal allows the Fiserv CBS unit to leverage its joint development work with Arcadia to expand its reach in the indirect lending market.
    "This is an exciting deal for Fiserv. We can partner with a major player in the indirect lending field and gain some new outlets for our Fiserv CBS product," Muma said.
    Arcadia Financial Ltd. is a Minneapolis-based consumer financial services company specializing in purchasing, selling and servicing retail installment contracts for new and used automobiles originated in 45 states. The company, founded in 1990, is the nation's largest independent provider of automobile financing. Its 18 Regional Buying Centers are located in Arizona; northern and southern California; Colorado; Florida; Georgia; Maryland; Massachusetts; Minnesota; Missouri; New York; North Carolina; Ohio; Tennessee; north, south and west Texas; and Washington.
    Fiserv, Inc. is an independent, full-service provider of integrated data processing and information management systems to the financial industry. As a leading technology resource, Fiserv serves approximately 7,000 financial service providers worldwide, including banks, broker/dealers, credit unions, financial planners/investment advisors, insurance companies, mortgage banks and savings institutions. Headquartered in Brookfield, WI, Fiserv also can be found on the World Wide Web at .