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FIS Signs Seven-year Outsourcing Agreement with FirstBank Puerto Rico

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By Business Wirevia The Motley Fool

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FIS Signs Seven-year Outsourcing Agreement with FirstBank Puerto Rico

Key Facts

  • FIS to assume full operational responsibility for bank’s IT operations.
  • New operational environment will enable the bank to benefit by re-engineering legacy business processes.
  • Expands FIS‘ outsourcing footprint into the Caribbean and provides foundation to introduce Caribbean-based outsourced services to other banks within the Latin American and Caribbean region.

JACKSONVILLE, Fla.–(BUSINESS WIRE)– Building on an 18-year trusted partner relationship, FIS™ (NYS: FIS) , the world’s largest provider of banking and payments technology, today announced it has entered into a seven-year agreement with FirstBank Puerto Rico to assume full on-site operational responsibility for the bank’s IT operations and staff. A leading global provider of outsourcing solutions, this new deal is the first of its kind for FIS in the Caribbean.

With more than 40 years’ experience in the financial services marketplace, FIS delivers a complete set of outsourcing services that can be tailored to meet the individual needs of financial institutions. Under the terms of this multi-year agreement, FIS will assume operational control of FirstBank Puerto Rico’s IT operations including hardware and software upgrades, application management, skilled operations personnel, help desk and desktop services. The resulting environment will enable the bank to realize lower operating costs, greater operational efficiencies and full regulatory compliance. The bank will also have access to FIS‘ portfolio of industry-leading solutions which will provide top-tier system functionality and assist the bank’s growth strategy as it launches new products and services.

“Our extended relationship with FIS enables us to take advantage of their expertise in managing complex IT infrastructures while ensuring that the technology continues to deliver the results we need for the customers we serve,” said Aurelio Alemán, president and CEO of FirstBank Puerto Rico. “At FirstBank Puerto Rico, we strive to focus on initiatives that deliver value to our customers.”

According to research firm Celent, financial institutions spend more than 77% of their budgets on maintenance and while this figure is expected to fall marginally in 2015, it will still remain above 75%.

“The hard dollar costs and regulatory burdens of maintaining a complex IT environment are driving more institutions to take …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

FirstBank Puerto Rico partners with FIS

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By Business Wirevia The Motley Fool

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FirstBank Puerto Rico partners with FIS

This alliance will position the bank at the forefront in banking technology services

SAN JUAN, Puerto Rico–(BUSINESS WIRE)– Today FirstBank Puerto Rico, the second largest commercial chartered financial institution in the island, announced it has formalized a strategic alliance with FIS™ (NYS: FIS) , the world’s largest global provider dedicated to banking and payment technologies.

The seven year agreement, will give FirstBank the enhanced ability to achieve technological leadership by providing state of the art product and services to its clients across the territories. Through this alliance, FirstBank will have the capabilities to proactively take action on constant regulatory changes and data security requirements, integrate its systems platform, launch new initiatives and complete projects more rapidly, as well as have access to new products and services.

Aurelio Alemán, president and CEO of FirstBank Puerto Rico, expressed his satisfaction with this partnership stating that “this agreement will help us accelerate the execution of our strategic objectives and will better prepare our organization for future growth. It will certainly position us at the forefront in banking technology services, resulting in additional benefits to our customers, thus, strengthening our reputation as a leader in customer service in the local financial industry.”

Under this agreement, effective April 1, 2013, FIS will manage FirstBank’s Data Center and will be in charge of all technology related matters. The Bank will, in turn, maintain control over priorities and business opportunities, and will also retain the Project Management functions.

FIS, the world’s leading financial services technology company, serves more than 14,000 institutions in over 110 countries and employs more than 35,000 people. Its global expertise in software and technology management, including third party platforms, will provide FirstBank access to best practices in the technology industry.

“We are delighted to be working with FirstBank Puerto Rico,” said Marcelo Annarumma, Managing Director, FIS Latin America & Caribbean. “The agreement will allow us to bring our global expertise in outsourcing for Financial Institutions to bear for the benefit of FirstBank and its customers. The deal also gives FirstBank access to FIS‘ leading portfolio of banking and payment applications as they launch new products and services and drive their business forward into new markets.”

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Source: FULL ARTICLE at DailyFinance