BROOKFIELD, Wis., Jan. 18 /PRNewswire/ -- iStream Financial Services, Inc. (iStream), a vertically integrated payment processing company, processed over $1 billion in clearing volume and 1.2 million Remote Deposit, ACH and Direct Deposit transactions in December. Fred Joachim, President, states, "This achievement is a true testament to the hard working, committed individuals within this company combined with the technology behind our suite of smart payment products, and strategic partnerships with manufacturers." Since the RDC product's inception in 2005, iStream has grown at a 275% CAGR, currently processing for over 6000 locations in 48 states, while supporting over 4000 users.
iStream's suite of smart payment products includes its core Remote Deposit Check 21 platform, ACH processing, Direct Deposit transactions, remittance processing, a web-based merchant transaction solution and a risk monitoring system. iStream Deposit® stands out in the marketplace with a secure, user-friendly web-based solution tied to multiple clearing channels and real-time access to payment data.
Businesses face a unique set of challenges as they look to grow in a globally integrated economy. The perfect storm of data deluge, a fluid regulatory environment and widening information technology (IT) skills gaps is loading additional cost pressures on top of already resource-strapped organizations. As a result, businesses are looking for new ways to drive more value out of their IT infrastructures and free up resources for strategic growth investments. iStream has identified and solved these business challenges through its comprehensive suite of smart payment processing solutions.
iStream's secure end-to-end processing platform is flexible enough to provide direct processing to customers, custom integration for vendors looking for payment solutions and a viable integrated or ala carte solution for Financial Institutions to grow their core deposits. In addition, this platform also offers value-added capabilities to monitor RDC transactions and facilitate the management of regulatory, financial and operational risk. "We aligned our team with transaction industry experts, leveraged our payment processing knowledge and never lost sight of our customers' needs. The system infrastructure was designed for growth with security in mind. We ensured the foundation was solid but flexible enough to accommodate those new business opportunities that core processors often turn away from due to inadequate resources availability, reduced product offerings or lack of devotion to new developments," said Mr. Joachim.
iStream strategically focuses on health care, property management, government agencies, municipalities and other verticals in need of a payment solution that accepts all payment types while streamlining labor intensive operations such as payment posting, collections and reporting. Most customers choose iStream as their payment solution to obtain both secure data access and system flexibility to achieve unique business needs.
Specifically, over 20% of iStream's customer base is made up of the health care industry demanding a bank agnostic solution, simple management of patient and insurance data, improved reconciliation time management and a paperless return management system to help improve payment collection.
About iStream Financial Services, Inc.
iStream Financial Services, Inc. (formerly iStream Imaging®, Inc.) is based in Brookfield, WI. Founded in 2004, iStream's flagship product, iStream Deposit®, has grown from corporate remote deposit capture to a full payments platform. iStream's vertically integrated technology platform offers a host-based, total payments solution that focuses on user-functionality while keeping the Financial Institution relationship in mind. iStream's SAS 70, FFIEC compliant technology infrastructure combined with secure connectivity to major clearing channels makes iStream's payment solutions a unique offering for Financial Institutions, commercial and business customers nationwide. For more information, visit www.istreamfs.com or call (888) 892-1212.
SOURCE iStream Financial Services, Inc.