Head office: 601 Riverside Avenue, Jacksonville, FL 32204 Other offices: Argentina, Australia, Barbados, Brazil, Canada, Chile, China, Denmark, France, Germany (3), Hong Kong, Indonesia, Malaysia, Netherlands, Peru, Philippines, India, Poland, Taiwan, Thailand, Saudi Arabia, Singapore, UAE, UK (6), US (7) Tel: +1 904 438 6000 Email:
moreinformation@fisglobal.com Other offices: Argentina, Australia, Barbados, Brazil, Canada, Chile, China, Denmark, France, Germany (6), Hong Kong, Indonesia, Malaysia, Netherlands, Peru, Philippines, Poland, Taiwan, Thailand, Saudi Arabia, Singapore, UAE, UK (6), US (7) Website:
www.fisglobal.com Contact: Kim Snider Founded: Systematics founded in 1968; Alltel in 1981; Fidelity Information Services in 2003; Fidelity National Information Services in 2006 Ownership: FIS (NYSE:FIS) is a publicly traded company on the New York Stock Exchange and included in the S&P 500 Index Number of staff: More than 55,000
banks opening during 2005 or planning to open in 2006. Brasfield also sold check and document imaging services to approximately 100 community banks. Formed in 2002, Brasfield employed about 40 staff. Brasfield retained its name as part of Kirchman. There are other hosted options for Bankway. Glen Rock, NJ-based FSI, for instance, has been running a bureau since partnering with Metavante in 1993. There have continued to be regional user groups for Bankway customers, plus Bankway-specific streams at FIS’s InfoShare conference. For IBS, Metavante won deals such as Mountain 1st Bank
and Trust of North Carolina ($606 million in assets), which also took online banking, card and payment processing, branch and merchant capture, customer relationship management, and compliance technology from Metavante. Signing around the same time (first half of 2008), was North Carolina-based Asheville Savings Bank ($668 million), which opted for an outsource model and online banking. The acquisitions also continued. In 2006, Metavante added a 52 per cent stake in ICICI Group’s OneSource BPO company. OneSource had ten delivery centers (nine in India, one in the US) with over 5000 seats and around 8000 staff. It offered call center services, transaction processing, back office services and research services, with 60 per cent of revenues from financial services. The following year, Metavante acquired London-based Nomad
Payments Limited for approximately $58 million. Nomad’s core business was outsourced processing of prepaid and debit cards, using its Cortex card management and transaction processing software. This business has subsequently complemented FIS’s own card processing activities. There was then an interesting episode in 2007, brought to an abrupt end by the sale to FIS, whereby Metavante partnered
with Temenos to tailor the latter’s seldom seen high-end retail banking system, Temenos Core Banking (TCB), for the top end of the US market. Both Bankway and IBS were aimed at the lower end of the market, so this would have complemented them. Temenos’ president for the Americas at the time (and ex- Fiserv), Alex Groenendyk, described this as, ‘the single biggest initiative that Temenos has done’. Paul Danola, president of enterprise solutions at Metavante, said, ‘our first priority is getting into the top tier space, this is something TCB can do’. According to Groenendyk, Temenos had approached Metavante a year earlier because, ‘they had a commercial relationship with 91 out of the top 100 financial institutions in the US’. Most of the top tier banks had core system architectures dating back to the 1970s, said Groenendyk. ‘The top 150 banks have elected to surround what they have with new technology, and not replace the core system.’ This had led to a ‘highly modified multiple core, that is increasingly difficult to manage, and takes 60–70 per cent of the banks’ IT budget just to maintain’. This system architecture meant that, according to Danola, ‘there are problems in the US to launch new products’.
The plan was for a launch in 2008 and there would be components, as most large banks were not expected to change their core systems in one go. TCB was Cobol based but a Java version was meant to be on the way. Danola felt this would put it at, ‘a technological advantage, it can be deployed on a mainframe, but the bank is not locked in as TCB can still deploy in Java and be moved to other platforms’. This would give US banks a choice they didn’t usually have. Dempster said, ‘large banks have been stuck until now; this is the first real answer for large-scale Cobol platforms’.
US Financial Services Technology Market Report |
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