IBM and Fidelity Information Services announce next generation of financial services technology for global financial institutions

Fidelity adopts WebSphere for core banking

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Jacksonville, Fl & White Plains, NY - 27 Oct 2003: Fidelity Information Services (Fidelity), a division of Fidelity National Financial, and IBM today announced the two companies are collaborating to deliver a next-generation core processing solution for retail financial services organisations. The solution will enable banks of any size to more easily develop on-demand financial products tailored to meet the needs of individual customers.

As financial services institutions move to become end-to-end providers, it is essential to leverage technology in order to drive genuine value creation. Fidelity and IBM recognise this need, and have established a targeted go-to-market strategy to meet the needs of global retail financial institutions. The solution was initially based on extending Corebank components to meet the complex requirements of the Asia Pacific marketplace. This development is providing the basis for standard functionality to meet the needs of financial institutions world-wide.

John Haley, Managing Director, Asia Pacific region for Fidelity Information Services' International division said, "Today's ever-changing business environment demands increased technology flexibility from core systems providers. This agreement demonstrates the synergy generated through the combination of Fidelity's banking application competence and expertise and IBM's robust technology. Fidelity and IBM will work in partnership to provide the specific functionality required by this complex growth marketplace"

IBM's WebSphere Internet infrastructure software provides the platform for this innovation, allowing financial services organisations to upgrade their core processing applications to address their business concerns. In addition to robust support for core retail banking, this next-generation financial services system enables the use of other existing IT assets to develop a wide range of new financial products. The solution facilitates the building of complex product offerings with numerous variations by taking the basic components of existing financial products and reassembling them to meet the requirements of individual customers. Since the solution utilises a customer-centric data model, products and services with preferential treatment based on customer status can be easily provided.

The solution is based on open standards and supports the entire breadth of the Java 2 Enterprise Edition (J2EE) specification. WebSphere is positioned as the next-generation transaction processing middleware with the functions necessary to run the mission-critical systems of financial institutions. This combination of J2EE running on WebSphere will enable financial institutions to select the system configurations appropriate for their business strategy and system scale without being restricted by any specific hardware. Specifically, the solution can be operated on the zSeries of IBM eServers as well as the pSeries and xSeries. By utilising this technology, Fidelity and IBM can offer any size bank next-generation technology supporting real-time, e-business enabled, 24 x 7 core banking operations.

"We are delighted to strengthen our strategic partnership with Fidelity. WebSphere represents our strategy for how software will evolve and meet future application needs. This agreement with Fidelity allows us to offer a truly on-demand, secure operating environment to global institutions," commented Mark Greene, Global General Manager of Banking at IBM.

Fidelity and IBM have been working closely on this development with IBM's Software Group to fully exploit the WebSphere technology. WebSphere hosts business and presentation logic that can be integrated into the existing infrastructure of small, as well as large, financial services organisations.

Jim Wilson, President, Fidelity Information Services, International division, added "this demonstrates the world-class collaboration provided by Fidelity and IBM in developing next-generation, leading-edge technology for the benefit of our mutual retail banking customers. This new Java based application builds on Fidelity's existing functionally rich core banking components. With this market-leading solution both companies will be able to expand and exploit new ways of approaching the global marketplace, building on our experience and expertise in the Asia Pacific region."

Fidelity Information Services has been delivering world-class core processing applications and services for over 40 years. Working with IBM combines the complementary strengths of both companies to bring the next generation core banking solution to the global marketplace. Financial institutions can select specific components to meet their individual requirements using an approach that minimises risks and delivers business value quickly.

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