Fis (NYSE: FIS), one of the world's largest providers of banking and payments technology, today announced that PrivateBancorp, will outsource portions of its item processing operation, including an upgrade to branch capture services, to Fis.
Headquartered in Chicago, Ill., PrivateBancorp, Inc. has assets of more than $12 billion with 34 branches across 10 states. The conversion to FIS' item processing and branch capture solutions will allow the company's banking unit, The PrivateBank, to have a totally integrated solution that is flexible and more efficient than its current operations. FIS' item processing and branch capture solutions will enable The PrivateBank to benefit from faster uploads for statement and image files for eBanking customers and more robust fraud prevention tools and monitoring. In addition, FIS will provide The PrivateBank with a centralized keying and balancing function they can now maintain in-house, which will provide them with better internal controls over these processes.
While the bank has a long standing relationship with FIS, this agreement represents the addition of a new line of business for the company. The PrivateBank has already deployed FIS' IBS core banking solution, ATM/debit card processing, consumer and business eBanking, card production services, SendPoint merchant capture, and risk and compliance products. The bank is also a member of the NYCE® Payments Network, an FIS company.
"At The PrivateBank, we are committed to providing our clients the solutions that support their business objectives," said Elizabeth Cummings, chief information officer, PrivateBancorp, Inc. "We are pleased that, with support from FIS, we will be able to give our clients new features while maintaining our commitment to superior customer service."
"FIS' integrated solutions provide PrivateBancorp benefits that that will improve efficiency," said Randy Fluitt, executive vice president, Image and Output Solutions at FIS. "FIS will also help the bank to increase fraud detection efforts, provide an overall improvement in service to account holders and streamline its item processing operations. Because of our depth and breadth of solutions, we're able to deliver new capabilities while improving servicing efficiencies across multiple business lines. We view this as a win-win for the bank and its clients."