FIS (NYSE: FIS), the world's largest provider of banking and payments technology, today announced that Germany's Landesbank Baden Wurttemberg (LBBW) has signed a multi-year agreement to employ several FIS commercial treasury solutions including Global Funds Transfer, Global Funds Transfer Web, Global Funds Transfer Investigations and AML Enterprise.
LBBW is headquartered in Stuttgart, with additional locations in Karlsruhe, Mannheim, Mainz and Leipzig. In addition, the bank operates offices in major financial centers worldwide, including New York, London, Seoul and Singapore.
FIS' commercial treasury solutions will be used in support of LBBW's wire transfer, anti-money laundering, customer access and investigation processes. The Global Funds Transfer suite will be utilized to support the bank's direct payment operations. The analytical tools within AML Enterprise will enable LBBW to streamline and enhance its transaction monitoring and regulatory reporting of suspicious activity. The solutions have pre-existing interfaces to the Federal Reserve's funds transfer system (Fedwire), CHIPS wire transfer service, automated clearing house (ACH), and Society for Worldwide Interbank Financial Telecommunication (SWIFT).
"We selected the FIS solutions because of the extensive functionality and tight integration between systems," said Thomas Pastore, head of N.Y. operations, LBBW. "FIS has a strong reputation for superior customer service which was also key in our selection process, as was FIS' commitment to deliver the systems in the timeframe required by the bank."
"It is imperative for global banks to have streamlined payment operations as well having systems in place to detect and stop the ever increasing fraud concerns in the financial industry," said Anthony Jabbour, executive vice president, FIS Financial Solutions Group. "Through the comprehensive functionality of FIS' commercial treasury solutions, LBBW will have the tools necessary to accomplish both objectives."