Fis, one of the world's largest providers of banking and payments technology, today announced that it has signed an agreement with Lake City Bank, the single bank subsidiary of Lakeland Financial Corporation (Nasdaq Global Select/LKFN), for its Integrated Banking Services (IBS) core banking solution.
As part of this new relationship, FIS will also deliver additional banking and payment solutions to the bank including bill payment, eBanking and debit card processing. Lake City Bank will also participate exclusively in the NYCE® Payments Network for ATM and point-of-sale (POS) transactions.
Lake City Bank, based in Warsaw, Ind., with $2.7 billion in assets, selected FIS' core banking IBS platform because it will give the bank the ability to quickly adapt to market conditions and integrate easily with related technology. Lake City Bank chose FIS' technology because it delivers automated transaction integration and information delivery. The bank believes it will provide operational efficiencies and eliminate many of the traditional manual processes.
FIS' IBS is a highly flexible and integrated core banking solution that provides financial institutions with innovative technology involving minimal disruption to their business operations and customers. IBS is known in the industry for its robust functionality, scalability and strong integration capabilities and is the leading outsourced retail and commercial banking solution among mid-tier U.S. banks. In addition to this platform, the bank also chose to implement the following FIS solutions:
* FIS Bill Pay - a bill pay solution that allows consumers to receive, view, manage and pay all of their bills and personal payments from a single Web site.
* FIS eBanking - an eBanking solution that offers on-demand banking services.
* Debit Card Processing - which provides flexible, one-source debit processing options, including multiple authorization, settlement and card management.
* NYCE Payments Network - a leading nationwide ATM and POS debit network and an FIS company. Lake City Bank has named NYCE as its sole provider of retail PIN debit access and is converting all of the bank's ATMs and debit cards to the NYCE Network.
"We consider our core banking applications to be a key to our competitiveness in the marketplace," said David Findlay, president, Lake City Bank. "We were impressed with FIS' products, its reputation in the marketplace and its ability to implement products quickly with minimal interruption to customer service. FIS has a reputation for seamless delivery of software conversions and providing integrated products that complement their IBS core banking platform. Integration was an important consideration in our decision because we are now able to consolidate several of our third-party applications, creating significant efficiencies throughout our entire operation."
"This is a great industry win for FIS. Lake City Bank's decision to convert from a legacy system to FIS' IBS core platform and complementary technology was due to our ability to provide a broad, end-to-end, integrated solution across their entire business," said Anthony Jabbour, executive vice president, FIS Financial Solutions Group. "Lake City Bank is a very well-run commercial bank that has really prospered despite the economic downturn. FIS' solutions will enable the bank to operate much more efficiently, react faster to industry changes and more easily focus on better serving its customers."