Former FundsXpress Executives and Industry Veterans Announce Fisoc and its BuzzBanking Services for Credit Unions, Community and Independent Banks

AUSTIN, Texas, Nov. 23, 2011 /PRNewswire/ -- Founded in June, 2010 by a team of banking and social media experts, including founders of FundsXpress, fisoc has developed a web centric platform called BuzzBanking that enables credit unions, community and independent banks to offer rewards that benefit both their customers and merchants enrolled in the program and just in time for holiday shopping. Fisoc has a number of financial institutions across the state of Texas ranging from Texarkana to Lubbock that are already using the company's rewards platform and is timely for Thanksgiving and Christmas holidays. Fisoc is continuing to roll out the program on a statewide basis.

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The company was founded by banking industry experts and former founders of FundsXpress and is financially backed by the investment firm Daylight Partners. The fisoc executive team has extensive experience in developing banking solutions used by over a thousand financial institutions and social media programs employed by global companies. The firm's solutions integrate directly into the financial institution's core services. This integration allows banks to increase financial service uptake, grow transactions, increase account balances, and provide additional loans – all while delivering benefits and rewards to customers and area merchants.

"We are leveraging our team of experts in both Internet banking and social media to provide the industry's most highly integrated and secure platform for rewards points being offered to credit unions, community and independent banks; programs that were generally available only from big banks," said Jay Valanju, CEO of fisoc. "Consumer spending is at its peak during the holiday shopping season and these banks now have an option to offer rewards points to their customers for their spending and extra points and for sharing BuzzBanking with their friends."

According to recent articles in the Wall Street Journal and New York Times, thousands of customers, complaining of rising fees, flooded into credit unions and small banks on Bank Transfer Day. These developments have exponentially increased the number of potential consumers and demand for fisoc's products and services from financial institutions.

"Rather than charging our customers to use their debit card, fisoc's BuzzBanking enables us to provide rewards programs that benefit not only our customers, but also merchants and retailers in our community," said Matt Seidenberger, Vice President of Arrowhead Bank of Texas. "We are also confident that fisoc's BuzzBanking Platform meets all of the rigorous security requirements that federal auditors require us to employ and monitor. Fisoc has been extremely helpful in providing this information as requested."

The lead investor for fisoc is Daylight Partners and includes Bill Amelio, former CEO of Lenovo. The Board of Directors features industry leaders Mike Levy, founder of Texas Monthly, Jimmy Mansour, former CEO of Clearwire, Bill Morrow, former CEO of Grande Communications and founder of CSI Identity; and, Lloyd DeVaux, COO of Bank Atlantic. Current investors are expected to participate in upcoming funding rounds.

"Developing and delivering a web-centric banking platform that meets all of the technical, financial, security and regulatory requirements is a tremendous undertaking, but we had confidence in the fisoc executive team due to their experience in both the banking and social media market segments," noted Scott Helbing of Daylight Partners. "By offering this rewards program, community banks and credit unions can gain new customers and increase the loyalty of existing customers, while merchants enrolled in the program can attract new business. Perhaps most importantly, the customer, both the bank's and the merchant's, receives benefits that weren't available prior to the introduction of the program and the customer experience is greatly enhanced."

About fisoc

Fisoc and its BuzzBanking Rewards Banking Platform enabling credit unions, independent and community banks to target consumers through social engagement and rewards programs. Fisoc helps financial institutions increase transactions, improve account balances and grow loan demand as they attract new customers. Bank customers gain reward points from retail merchants allowing them an attractive way to save money while building a loyal bank customer relationship. Investors include Daylight Partners. For more information, please visit: www.fisoc.com and www.buzzbanking.com.

SOURCE fisoc