Fiserv. ‘Our plan is to do everything with Fiserv, and if it has a product which is good, cost and performance wise, we see no need to bring in other vendors.’ Topaz Banking from Uruguay-based Top Systems was originally selected in 2009, but this system was never fully implemented. The Signature conversion was scheduled for September 2012, with Hodge stating that the plan was to customise Signature as little as possible, explaining ‘we would prefer to take Signature as it comes and adapt our internal procedures and processes if necessary’. There was also a run-in with US rival, FIS, in early 2012 as Fiserv made claims of patent infringement. Checkfree and CashEdge (a person-to-person payments specialist acquired by Fiserv for $465 million in 2011) filed a lawsuit against FIS and its subsidiary, Metavante, in the US District Court for the Middle District of Florida. According to a statement released by Fiserv, ‘the lawsuit alleges that FIS infringes on Fiserv’s patents when it provides customers with certain financial and payment solutions, including FIS’s Payment Manager products, which process inter-bank account-to-account fund transfers, process payment instructions, and provide electronic biller notifications as an integral part of its electronic bill payment processes’.


Fiserv made a notable acquisition in January 2013 when it


removed that long-standing midtier player, Open Solutions. This company was known to have been up for sale for some time and, indeed, had been in talks with Infosys, among others. In the end, Fiserv picked it up for $55 million, which included a debt of around $960 million, which Fiserv assumed. This brought the end of the road for Acumen (see Fiserv DNA entry).


On the product front, Fiserv had been working on a Common Origination Platform (COP) for loan originiation. This was touted as a brand new development, with no use of any of the old components or systems. It was launched in 2012, having been initiated a couple of years earlier. The idea stemmed from customer requests for a single system for originating all types of loans, across retail, mortgage, commercial etc, on one platform, said Mark Deese, lending solutions product manager at Fiserv. Fiserv researched the market and concluded that there was no one provider that offered everything on one platform. The research took in


international providers as well as domestic ones. Deese is a former banker/lender, having worked at Citizens Bank, United Savings Bank and National Penn Bank, before joining Fiserv in January 2012. First National Bank of Long Island (FNBLI), which is a long-standing user of Signature at the back end, signed as one of the first takers. FNBLI previously had an ageing loan origination solution for its residential mortgage lending which had been ‘bastardised’ to also cover home equity lending, said Rich Kick, executive vice-president at FNBLI. There was a desire to move into small business credit scoring and the bank was looking for a system to fill this need. It came round to the idea of a single loan origination platform to support its broadening activities.


At FNBLI, COP was selected in Q1 2012 and the first portion to be implemented was for consumer loans, in Q3, followed by residential loans at the start of 2013. As one of the first takers, there was a fair amount of development undertaken for the bank, said Kick. As it moved into the implementation, there were some aspects that needed reworking or enhancing. ‘This was around some of the logic, who needs what, who has access, data entry, underwriting, segregation. They had some of it but we felt they needed more.’ There remained a fair amount still to do at FNBLI in terms of


integration. This included interfacing to the bank’s document management system (Fiserv’s Nautilus) and then to Signature in Q1 2014.


By the end of 2013, there were twelve customers under


contract for COP, said Deese, of different sizes, but all were in the US and were at different stages of implementation. There were plans to take the system to a wider North American market and possibly to further international markets as well. The development was done with international markets in mind, he said, and COP could work with any back office system. It is based on Microsoft .Net technology and uses the SQL database server. He claimed it could be applicable to top-tier institutions (e.g. top-ten mortgage lenders) as well as to small community banks, and everything in between. It is offered on both a hosted and onsite basis. The demand for these was proving to be roughly 50/50, according to Deese. There is no escaping the fact that new-name sales for Signature outside the US have been few in recent years and


Universal Banking Systems Market Report | www.ibsintelligence.com 149


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