Source: Fidelity National Information Services
Fidelity National Information Services, Inc. (NYSE: FIS), a leading provider of processing and technology solutions for financial institutions, today announced the signing of a multi-year outsourcing agreement with the new Nationwide Bank, a subsidiary of Nationwide Financial Services, Inc. (NYSE: NFS), to support the expansion of the company's banking products and services.
On April 17, 2006, Nationwide Financial Services received approval from the Office of Thrift Supervision to expand the powers of its wholly owned subsidiary, Nationwide Trust Company, FSB. The newly expanded federal savings thrift has been renamed "Nationwide Bank" and will use FIS' comprehensive suite of software and services, supporting core banking, administrative and item processing activities for the new bank, which received its charter in 2006. This relationship joins Nationwide with FIS' existing network of 35 of the top 50 global financial institutions.
"We are proud to become a strategic partner for Nationwide," said Roger Leitner, president of Fidelity National Information Services' Enterprise Banking Solutions division. "By providing a total suite of outsourcing and software services, our goal is to help the bank increase its capabilities and offerings. We look forward to a long and prosperous relationship, and to meeting the bank's customer and shareholder goals."
"The launch of Nationwide Bank later this year will enhance our customers' ability to insure and invest with us," said John Skubik, president of Nationwide Bank. "With FIS' expertise in information technology management and robust software products, Nationwide Bank will be backed by a state-of-the-art infrastructure allowing us to offer customers great products and unparalleled customer service."
FIS' Profile core banking system will operate in one of FIS' Application Service Provider (ASP) data processing facilities. Profile is a highly scalable high-speed core banking utility providing 24x365 real-time online processing. Its leading-edge technology will provide Nationwide with a competitive advantage through rapid time-to-market of new products and services, improved customer experience and reduced operating costs. Additionally, Nationwide will utilize Profile Direct, the systems integrated channel application, which will provide Internet banking, account opening and account servicing.
FIS also will provide regulatory compliance, account maintenance and support; account reconciliation and research; and credit screening and scoring.
FIS' item processing solution, which processes billions of items annually through its network of processing service centers, will provide solutions such as fraud mitigation, electronic check deposits and the delivery of customer statements.