Fidelity National Information Services
Encyclopedia
Fidelity National Information Services, Inc. , also known as FIS, is a publicly traded corporation and is a global provider of banking and payments technology solutions, processing services and information-based services. It offers financial institution core processing, card issuer and transaction processing services, including the NYCE Network, a US national electronic funds transfer (EFT) network. The Company operates in four business segments: Financial Solutions Group (FSG), Payment Solutions Group (PSG), International Solutions Group (ISG), and Corporate and other.
merged with Fidelity Information Services, a subsidiary of Fidelity National Financial
. Following the merger, Fidelity National Financial controlled 50.8% of the outstanding common stock of the new FIS.
In 2007 FIS acquired eFunds Corporation (EFD), adding switching and transaction management to the stable of financial products.
The result is that FIS is a leading provider of core financial institution processing, card issuer and transaction processing services, mortgage loan processing and related information products and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 31 of the top 50 global banks, including nine of the top 10.
On July 3, 2007, Certegy Check Services, part of FNIS, announced that a worker at one of its subsidiaries stole 2.3 million consumer records containing credit card, bank account and other personal information. This estimate was later increased to 8.5 million consumer records. The next month, a law firm filed for a class-action lawsuit against CCS and parent company FNIS based on the privacy breach; the firm claims that, since CCS provides check-verification services to many major U.S. stores, "consumers do not choose to use the services of these companies but rather are forced to do so".
On April 1, 2009, Fidelity National Information Services announced that it had acquired Metavante Technologies (NYSE: MV) and planned to close the deal in the third quarter. Due to Federal regulatory approval, the $4.4 billion deal was delayed, but officially closed on October 1, 2009. On October 1, 2009, Fidelity National Information Services, Inc. announced the completion of its merger with Metavante Technologies, Inc. Although the company retains the word "National" in its name, its stock is now traded under the ticker FIS, and this is also the preferred abbreviation.
In June 2010, the company announced it will acquire Compliance Coach, a provider of risk assessment software, e-learning and additional tools. Terms of the deal were not disclosed.
In October 2010, the company announced it will acquire Capco.
GT.M
—a high-performance transaction processing database engine, also maintained by the company.
FIS Australasia has a head office in Melbourne, Australia and satellite offices in Sydney
, Bangkok, Thailand and Wellington, New Zealand.
After the merger with Certegy Inc.
, FIS completed the following acquisitions:
History
Fidelity National Information Services was formed on February 1, 2006 when Certegy Inc.Certegy
Certegy was a public corporation created in 2001 when Equifax spun off their payment services division. The corporation had two divisions of its own: check verification and credit cards. In September 2005, a merger with Fidelity Information Services, a subsidiary of Fidelity National Financial,...
merged with Fidelity Information Services, a subsidiary of Fidelity National Financial
Fidelity National Financial
Fidelity National Financial , headquartered in Jacksonville, Florida, USA , is a Fortune 500 company that provides real estate and financial services...
. Following the merger, Fidelity National Financial controlled 50.8% of the outstanding common stock of the new FIS.
In 2007 FIS acquired eFunds Corporation (EFD), adding switching and transaction management to the stable of financial products.
The result is that FIS is a leading provider of core financial institution processing, card issuer and transaction processing services, mortgage loan processing and related information products and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 31 of the top 50 global banks, including nine of the top 10.
On July 3, 2007, Certegy Check Services, part of FNIS, announced that a worker at one of its subsidiaries stole 2.3 million consumer records containing credit card, bank account and other personal information. This estimate was later increased to 8.5 million consumer records. The next month, a law firm filed for a class-action lawsuit against CCS and parent company FNIS based on the privacy breach; the firm claims that, since CCS provides check-verification services to many major U.S. stores, "consumers do not choose to use the services of these companies but rather are forced to do so".
On April 1, 2009, Fidelity National Information Services announced that it had acquired Metavante Technologies (NYSE: MV) and planned to close the deal in the third quarter. Due to Federal regulatory approval, the $4.4 billion deal was delayed, but officially closed on October 1, 2009. On October 1, 2009, Fidelity National Information Services, Inc. announced the completion of its merger with Metavante Technologies, Inc. Although the company retains the word "National" in its name, its stock is now traded under the ticker FIS, and this is also the preferred abbreviation.
In June 2010, the company announced it will acquire Compliance Coach, a provider of risk assessment software, e-learning and additional tools. Terms of the deal were not disclosed.
In October 2010, the company announced it will acquire Capco.
Products
FIS Profile is their main banking application. It is based on the open sourceOpen source
The term open source describes practices in production and development that promote access to the end product's source materials. Some consider open source a philosophy, others consider it a pragmatic methodology...
GT.M
GT.M
GT.M is a high-throughput key-value database engine optimized for transaction processing. GT.M is also an application development platform and a compiler for the ISO standard M language, also known as MUMPS.GT.M, an abbreviation for Greystone Technology M, was developed by the Greystone Technology...
—a high-performance transaction processing database engine, also maintained by the company.
Fidelity Information Services - Australasia
FIS Australasia processes credit cards, debit cards and/or switching services for the top seven banks in Australia as well as the largest card issuer in Thailand and two of the major New Zealand based banks.FIS Australasia has a head office in Melbourne, Australia and satellite offices in Sydney
Sydney
Sydney is the most populous city in Australia and the state capital of New South Wales. Sydney is located on Australia's south-east coast of the Tasman Sea. As of June 2010, the greater metropolitan area had an approximate population of 4.6 million people...
, Bangkok, Thailand and Wellington, New Zealand.
Acquisitions
- BankWare 2005
After the merger with Certegy Inc.
Certegy
Certegy was a public corporation created in 2001 when Equifax spun off their payment services division. The corporation had two divisions of its own: check verification and credit cards. In September 2005, a merger with Fidelity Information Services, a subsidiary of Fidelity National Financial,...
, FIS completed the following acquisitions:
- Second Foundation, Inc. (SECF)
- Marketing Solutions, Inc.
- Lenovo-Asia Info Technologies, Inc., Financial Service division
- Applied Financial Technology, Inc.
- eFunds Corporation (EFD)
- Metavante Corporation (April 2009)
- Compliance Coach, Inc. (June 2010)
- Capco (October 2010)