Source: Fidelity Information Services
Computer Sciences Corporation (NYSE: CSC) and Fidelity Information Services (Fidelity), a division of Fidelity National Financial, Inc. (NYSE: FNF), today announced they have formed an alliance for the marketing, maintenance and support of three of CSC's Hogan core banking system components.
Under the 10-year agreement, CSC and Fidelity will also develop and market new Hogan offerings aimed at lowering banks' total cost of information technology (IT).
Fidelity has licensed and will maintain the three Hogan system components - Integrated Deposits, Loans and Enterprise Profitability - at its bank processing facilities in Little Rock, Ark. Fidelity will also be CSC's certified supplier of professional services for the three components, providing staff augmentation, data conversion, software customization, on-site support and application management.
Under the alliance, CSC and Fidelity will also offer Hogan Deposits to banks in North America and the Caribbean on an outsourced application service provider (ASP) basis. Hogan Deposits, a multicurrency, multilingual system, provides online, real-time support for all types of commercial and consumer deposit products. Under the ASP arrangement, banks can use Hogan Deposits from Fidelity's facilities, eliminating the need for clients to invest resources in IT staff and computer resources for maintenance and operation, allowing them to focus solely on their core business.
This offering is the industry's first Hogan ASP solution that provides premier banks with real-time deposit processing. The Hogan system will also be available from CSC for installation in banks' facilities through traditional software licensing agreements.
"With this alliance, Fidelity's and CSC's mutual clients will benefit from enhanced services and alternative delivery methods that provide more choices for managing their IT infrastructures," said Roger Leitner, president of the Fidelity Information Services' Enterprise Banking division. "With our combined software and banking expertise, we will offer world-class integrated and comprehensive solutions that yield real business value."
"We continually search for ways to deliver the best total solution to each of CSC's clients," said Jeffery Schwalk, vice president and managing director of CSC's Banking Solutions group. "This agreement between two committed, experienced IT leaders in the banking industry creates a powerful new set of options that will help banks reduce risk and maximize their business results."