FIS (NYSE:FIS), one of the world's largest providers of banking and payments technology, today announced that it has signed a comprehensive agreement with First Federal Bank (FFB) for FIS' Integrated Banking Services (IBS) core banking platform.
Through this agreement, FIS will also deliver a host of integrated banking and payment solutions to the bank including ATM/EFT processing, bill payment, CRM, decision support and analytics, eBanking, image, mortgage loan origination, mobile banking and Web hosting technology.
First Federal Bank is a wholly-owned banking subsidiary of First Defiance Financial Corp., with assets of $2.1 billon and based in Defiance, Ohio. To meet its business objectives, First Federal required a core platform that would easily integrate with its strategic systems and applications, have the ability to deliver superior products to the market at a faster rate, and provide a higher level of customer service. FIS will deliver a common technology platform across First Federal's entire enterprise to support standardization and increase functionality.
FIS' IBS is a highly flexible and open core banking solution that accommodates financial institutions interested in integrating innovative technology with minimal risk and disruption to their business operations and customers. IBS is recognized for its robust functionality, scalability and strong integration capabilities.
"We were looking to forge a strong partnership with a stable vendor that would be an integral part of our long-term strategy, while supporting a major initiative to streamline internal processes," said Dennis E. Rose, Jr., executive vice president and chief operations officer, First Federal Bank. "FIS' IBS solution is scalable and will support any future acquisitions, as well as our plans for growth. We view this relationship with FIS as a key investment in our future, one that will help us achieve greater efficiencies to generate increased profits for our organization, enhance our ability to grow and maintain client relationships, and provide a much more user friendly experience for our employees."
"Financial institutions are in need of a core platform that can support a widee variety of functions that are important to consumers and businesses, including Internet banking, and real-time payment transactions from ATMs, the Internet and mobile phones," said Anthony Jabbour, executive vice president, FIS Financial Solutions Group. "By selecting FIS, First Federal and its customers will benefit from one of the most comprehensive and integrated set of banking and payment solutions and services available to financial institutions. FIS technology enables banks like First Federal to compete more effectively in the marketplace."