Fidelity expands item processing business

Fidelity expands item processing business

Fidelity Information Services is expanding its image item processing business with the opening of new centres in Portland and near Orlando. The vendor is also reporting new contracts with Delta National Bank, Bank Annapolis and First Command Bank of Fort Worth.

The Portland centre is initially serving Northwest Corporate Credit Union while the Orlando-area centre is handling work for one of the largest community banks in the US, says the vendor. Both centres offer a range of cheque imaging services to financial institutions in their market areas.

Anthony Jabbour, senior vice president of operations for Fidelity's Integrated Financial Solutions division, says market forces are moving both consumers and businesses from paper cheques to electronic payment: "We're seeing an increasing number of financial institutions exploring the outsourcing of their item and image processing as a cost- effective and time-saving alternative to in-house business models."

Fidelity says the opening of the new facilities brings its total number of centres to 27.

The vendor is also reporting new contracts with First Command Bank of Fort Worth in Texas, California's Delta National Bank and Maryland-based BankAnnapolis.

First Command Bank, which provides financial services to members of the US Armed Forces, has outsourced its item processing to Fidelity. Delta National Bank has signed a 60-month agreement to outsource both core and item processing to the vendor, while BankAnnapolis's image capture, encoding, cash letter creation and outbound return processes are now handled by Fidelity's data centres in Baltimore and Sterling, Virginia.

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