Fidelity's Kordoba inks ING-DiBa IT outsourcing deal

Source: Fidelity National Financial

Fidelity National Financial, Inc. (NYSE: FNF), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, and its majority-owned subsidiary KORDOBA GmbH & Co. KG ("KORDOBA"), announced today that KORDOBA has signed a multi-year application management and IT outsourcing agreement with ING-DiBa AG ("ING-DiBa").

The contract includes a migration to KORDOBA's K-GS (Global Securities) system, a market-leading securities application. With more than euro 51.9 billion in assets, ING-DiBa is Europe's largest and most successful direct bank.

"After depending on KORDOBA's core banking product and outsourcing service for years, the decision to use K-GS is a natural expansion of our partnership," said Kees van Rossem, Regional IT Director at ING-DiBa. "As our bank continues to grow rapidly, it is important for us to have a modern security system, and K-GS fulfills our requirements in an ideal way. The scope of the system functionality and automation is quite robust. Additionally, our outsourcing approach allows us to exploit a predictable and declining unit cost basis for operations that is critical to a growing business such as ours."

K-GS is a market-leading, platform-independent securities system built to address the most functionally demanding direct, private and regional banks in Europe. The securities system provides all the interfaces that banks need for their securities processes, from customer links via the Internet and customer consulting at the branch to order management and back-office transactions. KORDOBA offers K-GS in both a licensed and outsourcing model.

"This agreement calls for a strategic outsourcing arrangement built on our market-leading software," said Barry Dark, senior vice president of Fidelity Information Services. "Given ING-DiBa's thorough selection process, their decision for KORDOBA reaffirms our belief that K-GS is the premier securities processing solution in the market.

"With ING-DiBa's track record of strong growth, they are a very important client for us, and we appreciate the confidence that they have placed in our company and solutions. We look forward to an expanded and successful relationship with ING-DiBa as we help the bank achieve their business objectives."

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