Fidelity Information Services (Fidelity), a division of Fidelity National Financial Inc. (NYSE: FNF), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, announced today that Sumitomo Mitsui Banking Corporation (SMBC), the world's third largest banking institution, has successfully completed the migration of its Dusseldorf, Germany, corporate banking operations to the Sanchez Profile real-time core banking solution.
This implementation is SMBC's sixth regional operation migration to Profile and is part of SMBC's global migration strategy. SMBC has deployed Profile as the core transaction processing system for its corporate banking operations in New York, London, Brussels, Los Angeles, and Paris.
Fidelity's Sanchez Profile, an online multicurrency, multilingual, multichannel core bank processing system for deposits and loans and other financial services, provides a highly scaleable architecture and unmatched transaction processing speeds. Profile has enabled SMBC to consolidate and replace multiple legacy systems with a real-time, integrated banking environment -- lowering total operating and technology costs by reducing redundancies inherent in operating multiple systems.
"We are focused on customer service and cost efficiency, and to achieve these goals, we need a consistent, integrated banking environment for all our branches around the world," said Peter McCormick, chief information officer, SMBC. "From our first Profile deployment in New York, the Profile solution has provided us needed scalability and a high degree of automation -- the platform grows with the bank. In our Dusseldorf operation in particular, Profile has significantly upgraded functionality, for example replacing manual transaction histories with online capabilities. Customers now have easier and faster access to their account data. This environment ensures that SMBC can deliver a superior customer experience."
SMBC provides international financing services primarily to Japanese industrial and services companies. SMBC processes its North American and European corporate accounts utilizing the IBM line of Unix-based, pSeries eServer computers. As part of the GIS initiative, the Sanchez Profile open architecture supports real-time interfaces to third party lending and payment systems, legacy system components, and an Oracle general ledger system. Each bank office is networked to the host facility and uses Sanchez Profile for Windows(TM) as the branch front-end processor.
"SMBC is a model for core processing system migration," said Ernie Smith, president of Fidelity Information Services and co-chief operating officer of Fidelity National Financial. "Together, we have created and fine-tuned the process. In addition to providing a strategic platform for growth, Profile is supporting SMBC's goal to continue to reduce operating and technology costs by delivering straight-through processing and a real-time environment."