You are our most valued asset. We commit our resources to help you build wealth.
What's Behind the Curtain?
Other than the vague notion that it's all done by computer, we expect the majority of you have no idea or even care about our core processing software, the behind-the-scenes engine that processes all deposits, payments, loans, most bank transactions and customer data. But in case statistics and brand mean something to you, here are a couple of facts: The three top providers of core banking software in the United States have a combined 71.2% of U.S. market share. State Savings Bank uses Fiserv who leads the pack with 37.0%, well ahead of its two next competitors who have 17.6% and 16.6% market share, respectively.
We just returned from Fiserv's annual client conference, "Fiserv Forum" where we saw numerous speakers, presentations and product demos.
We heard over and over the phrase, Business at the speed of life, and that customers want information and service when they want it— anytime and on any device.
We heard over and over that customers already experience speed and service in other areas of their life and want the same from their bank.
We learned that Fiserv is committed to bringing a digital experience to small business and corporate customers.
Caring about banking software is not your problem but running your business in a fast, digitally connected world is! We're proud that we use industry leader Fiserv because using the best lets us bring you the best. Fiserv's commitment to business and corporate customers and the new things coming means your banking can be more convenient and efficient than ever. How can we help your business grow? What financial products or services would make a difference? Let's have that conversation.
Coming May 11
A New Step for New Accounts
Beginning May 11, all banks will be subject to a new rule to assist the government and law enforcement in the fight against money laundering and the financing of terrorism. When an account is opened on behalf of a business, or covered "legal entity," by law we must ask you for certain identifying information (name, address, date of birth, social security number) of the "beneficial owners" of the business. The rule defines a beneficial owner as:
Each individual that has 25 percent or more of the equity interest in the business; and
One individual that has the authority to exercise control of the legal entity (such as CEO, executive officer or treasurer)
We've been gathering this documentation from you for some time and that will continue to be our practice. What will change is that you will be required to certify that the information is true and accurate to the best of your knowledge. To avoid account opening delays, we recommend that you obtain the information listed above for each of the identified individuals and that if your business will frequently need to open new accounts or loans with us, you keep this information current and on file for future use.
If you have questions about how this impacts you, please contact your account officer.
Not New But Worth Another Mention
A new mobile friendly Business Online Banking release is coming later this year which will make it as user friendly on your phone or tablet as it is on your PC. We think this will make our business product more mobile friendly for busy people on the go while still ensuring strict security. If you use this product, you will be hearing more from us as the release date nears.
We now offer Health Savings Account CDs. If you offer your employees HSA eligible HDHPs, let them know they can now invest their funds in HSA CDs in addition to their HSA deposit account. Learn more here!
First-time Homebuyer Savings Accounts are not just for first-time homebuyers. Wait, what???? Learn why here!
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