BISYS, a leading provider of outsourcing solutions for the financial services sector, today announced the formation of a new business unit focused on growth opportunities for financial services in nontraditional markets.
The new line of business, BISYS Corporate Financial Solutions (CFS), offers services in the healthcare banking, corporate money market, retained asset and insured deposit markets. It is the culmination of work done over the past few years to expand and reengineer BISYS' traditional banking platform and to create scalable back-office services for selected segments of the financial services market.
The new unit, which is part of BISYS Information Services, will be led by Kevin Tierney, who has assumed the role of Executive Vice President. Tierney, who possesses more than 25 years of bank management and technology experience, is responsible for strategic planning, new business development, and relationship management for diverse clients requiring creative, customized solutions that deliver high-demand banking capabilities and services. He brings significant knowledge of the outsourced bank services market to BISYS, having worked in executive level positions at Abington Bancorp, Inc. and Electronic Data Systems as well as serving in numerous management capacities ranging from strategic planning and business development to technology deployment and service delivery at Salem Five Cents Savings Bank, Massachusetts Automated Transfer Systems, Inc., and Mutual Services, Inc.
Tierney reported, "Over the last 10 months, several top-tier financial services organizations have contracted with BISYS for innovative processing capabilities. These organizations which now include eight Fortune 100 companies, three in the top 10 partnered with BISYS so they could enter new markets while improving efficiency, reducing costs, and managing operational risk. BISYS' strategy in this market segment has been extremely successful as we were the first national bank outsourcer to develop and deliver a comprehensive wholesale HSA offering for trustee banks, insurance carriers, and third party administrators (TPAs). At the same time, we significantly grew our asset retention services revenues, with the addition of Prudential and five other insurance companies to our client list and our corporate banking revenues also realized growth in fiscal 2005. We look for continued contributions in FY06."
According to Bill Neville, President of BISYS Information Services, "BISYS is known for innovation and superior client support. The nontraditional banking space is particularly exciting because it allows us to rapidly develop and deploy new technologies and capabilities. We then take these capabilities and make them available to our community bank clients, which in turn, give them a competitive advantage in their respective markets. With his extensive banking background, Kevin Tierney is ideally suited to drive this business for BISYS."