FIS™ (NYSE:FIS), one of the world's largest providers of banking and payments technology, today announced that Banco de Venezuela (BDV) has selected its IST/Switch, Clearing and DataNavigator solutions. The bank plans on upgrading their infrastructure to take advantage of the flexibility and scalability provided by IST/Switch that will support existing processing needs and future growth.
BDV, headquartered in the city of Caracas, is the largest bank in Venezuela with assets of more than $890 million. BDV selected FIS' IST/Switch for its innovative, full-service, payment processing environment developed on open system platforms, which will help to lower the bank's IT costs, and reduce configuration and integration efforts. To support this project, FIS will team with Tecnocomputacion 3000 S.A., a leading technology company also headquartered in Caracas, Venezuela.
FIS' IST/Switch enables financial institutions to process transactions from any source including ATM, POS, Internet and mobile devices, managing interbank and internetwork processing gateways and multi-channel payment interfaces. FIS' Clearing is a multi-card, multi-institution and multi-currency interchange solution that enables financial institutions to drive clearing operations for both issuers and acquirers, including transaction validation, editing, and qualification and clearing file generation. FIS' DataNavigator is a comprehensive solution that collects and connects transactional data across the entire enterprise helping banks to improve customer service levels, track fraud patterns and understand customer behavior in order to manage the back-office.
"We chose FIS from a group of leading global vendors since it offered a unique combination of integrated front- and back-office solutions that provide terminal, transaction and exception management, as well as interchange with local and international networks," said Nicolas Dadiotis, vice president Ejecutivo de Sistemas y operaciones, Banco de Venezuela. "FIS' world-class technology complements its local know-how and support, in addition to its deep knowledge of Venezuelan payments requirements, which will greatly benefit our organization by ensuring end-to-end payment processing support, as well as transactional integrity and confidentiality."
"FIS has changed the payment processing landscape with its open system platform offering more flexible, lower-cost alternatives, designed to drive down the total cost of ownership," said Prakash Jalihal, managing director, FIS Latin American and Caribbean. "Leading financial institutions, networks, merchants and third-party processors throughout the world rely on FIS' IST/Switch software to power billions of transactions per year. We are pleased to provide Banco de Venezuela with a robust transaction switch that will create a full-service EFT processing center featuring the batch and online network interfaces required to process credit/debit/prepaid card transactions through all the major card associations and networks."