Scotiabank implements Fidelity mortgage processing platform
27 July 2006 | 2547 views | 0
Source: Fidelity National Information Services
Fidelity National Information Services (NYSE: FIS) announced today that its FIS subsidiary has successfully implemented Profile at Scotiabank, one of North America's premier financial institutions and one of Canada's leading mortgage providers, to process The Bank's retail mortgage loan portfolio.
Scotiabank is currently using Profile to process new mortgage loans, and is expected to covert its existing portfolio in early 2007. Profile has also been fully integrated with the Bank's front-end systems across more than 900 domestic retail branches and four call centers. FIS' comprehensive solution delivers new mortgage servicing functionality - including access to real-time information - that streamlines business processes for financial institutions in Canada, which enables Scotiabank to offer an enhanced customer experience. The integrated solution also allows for future migration of Scotiabank's other lines of business onto a single platform.
"We are enthusiastic about a new way of doing business and the benefits the FIS solution will provide Scotiabank and our customers," said Charles Lambert, Managing Director, Mortgages, Scotiabank. "FIS will help the Bank continue to respond to customers efficiently and productively with new, innovative market-driven products."
As a comprehensive strategic banking application, Profile enables Canadian financial institutions to service mortgages, home equity lines of credit, and unsecured revolving credit and fixed credit products. The system is designed to operate in a fully-outsourced environment or in-house, depending on the particular institution's needs.
Profile is a real-time, multicurrency, deposit and loan core banking system that supports hundreds of institutions spanning sixteen countries, ranging from de-novo start-ups to top-tier global banks. Companies using Profile as their core banking system experience industry-leading total cost of ownership benefits, based on lower infrastructure costs, ongoing operating costs and increased productivity. Its proven scalability of up to 50 million accounts and high availability make it a premier alternative for organizations that are committed to implementing a 24x7x365, "always on" solution.
"Working with our strategic client Scotiabank, we have created a leading- edge retail lending solution for the Canadian marketplace," said Gordon Conlin, FIS Canada's Managing Director. "This is another example of the highly innovative technology solutions FIS offers its financial institution clients worldwide."