FIS™ (NYSE: FIS), a global leader in banking and payments technology as well as consulting and outsourcing solutions, today announced that Philippine National Bank (PNB) has selected FIS' core banking solution, and deployed its leading Electronic Funds Transfer (EFT) switching solution in a fully managed services model.
PNB selected FIS for core banking because its comprehensive suite of integrated, end-to-end solutions easily handles customer management, deposits, lending, and financial and management reporting, allowing the bank to increase productivity and lower the cost of its operations. The system also will allow PNB to more easily maintain regulatory compliance and seamlessly expand its abilities as it grows. Meanwhile, the comprehensive functionality and powerful EFT processing capabilities of FIS' CONNEX payments platform will provide the bank with a flexible and scalable system to meet changing business needs and opportunities.
Under the terms of a multi-year agreement, FIS fully operates and manages the ATM switching environment, including the complete hardware environment and application software with dedicated application management, operations and FIS specialists at PNB's data center operating on a 24x7 basis.
"FIS' core solution and managed services will enable PNB to improve robustness, reduce total cost of ownership through outsourcing, and improve regulatory compliance and investment protection," said Betty Haw, senior vice president and head of software development, Philippine National Bank. "With these improvements, PNB now has the ability to focus on strategic growth and delivering innovative products and services for our customers while maintaining top-tier functionality and reliability for our customers."
"FIS has long been a leading core banking provider in the Philippine market and we have extensive knowledge of the Philippine banking and payments landscape," said Raja Gopalakrishnan, executive vice president, International Financial Institutions, FIS. "Coupled with a compelling outsourcing strategy, PNB will now be able to deliver tangible outcomes in operational efficiencies and cost management, while preparing itself for further success in the future."
PNB was established in 1916 and is one of the largest banks in the Philippines, with more than two million depositors.