First Hawaiian Stays with FIS but Switches Core

First Hawaiian is changing core systems but staying within the FIS camp. It has used the supplier’s mainframe-based Systematics for many years and has opted for the same supplier’s IBS core platform as the replacement, reports Martin Whybrow of Fintech Futures (Finovate’s sister publication).

The project includes FIS’s Digital One omni-channel platform at the front-end. Another component is FIS’s Code Connect API layer for connectivity.

The choice of core system and channel solutions comes despite the bank signing in 2015 with FIS’s fellow U.S. heavyweight competitor, Fiserv, for a range of front-end systems. These included Fiserv’s Corillian Online for online banking, Mobiliti for mobile banking, CheckFree RXP for electronic bill payment, a personal payments service, Popmoney, and personal finance management tool, AllData.

As with FIS, Fiserv has a range of core banking systems. FIS’s long-standing IBS was gained with one of the supplier’s acquisitions, that of Metavante in 2009. IBS covers payments, deposits, lending, card processing, accounting and reporting, risk and compliance, sales and service, imaging, data warehouse and analytics, and cash management.

First Hawaiian is the oldest and largest full-service bank in Hawaii with more than $20 billion in assets. The bank has 55 branch locations in Hawaii, three on Guam, and two in Saipan. It is undertaking a major enterprise-wide effort that it says is focused on delivering “a customer-centric experience that inspires loyalty and enhances the capabilities of their retail branch network.”

The new core system is intended to provide the bank with “advanced digital capabilities for seamless customer experience, rich data analytics for informed decision-making, and the ability to easily integrate with third-party applications.”

FIS most recently demoed at FinovateFall 2016. The company debuted its Cardless Cash solution that provides fast, secure options for sending and picking up cash at any ATM. Headquartered in Florida, FIS’ solutions move $9 trillion each year for 20,000 clients in 130 countries.

Categories: FIS

Finovate Alumni News

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  • First Hawaiian Stays with FIS But Switches Core.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FIS Links Up with Visa

Financial services provider FIS and Visa formed an alliance today. Through the partnership, FIS’ commercial bank clients will have access to Visa’s B2B Connect, a tool that offers a fast and transparent way to process high-value corporate, cross-border payments.

“The combination of FIS’ global customer base and leadership in commercial payments and Visa’s extensive experience as a payment processing network, creates a strong partnership for adding value to the multinational commercial value chain,” said Raja Gopalakrishnan, International Head of Banking and Payments for FIS Global Financial Solutions.

Launched earlier this year, Visa B2B Connect is a suite of APIs that leverages the blockchain to offer banks a business-to-business payment solution. The distributed ledger-based tool facilitates faster transaction times for cross-border and cross-currency payments, reducing transaction times from weeks to one-to-two days.

“Innovation in cross-border B2B payments is long overdue. Visa’s core strategy is to help clients and partners drastically improve their customers’ friction-filled experiences,” said Kevin Phalen, global head of Visa Business Solutions. “We are excited to continue building momentum for Visa B2B Connect and to bring speed, efficiency and transparency to our financial institution clients through our partners, like FIS, who help make transacting on our platform more accessible and seamless.”

FIS most recently demoed at FinovateFall 2016. The company debuted its Cardless Cash solution that provides fast, secure options for sending and picking up cash at any ATM. Headquartered in Florida, FIS’ solutions move $9 trillion each year for 20,000 clients in 130 countries.

Visa demoed at FinovateSpring 2010 and also showcased at our developers conference in 2014. The company has 39 APIs that offer developers tools for commercial payments, data and analytics, identity an security, offers and benefits, payments, and more.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FIS Acquires Worldpay

Banking technology giant FIS is acquiring payments firm Worldpay via a cash and stock combination – bringing Worldpay’s enterprise value to approximately $43 billion (including the assumption of Worldpay debt, which FIS expects to refinance), reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

According to Bloomberg, FIS is spending $34 billion on this purchase.

“Scale matters in our rapidly changing industry,” said Gary Norcross, chairman, president and CEO, FIS. “Upon closing later this year, our two powerhouse organisations will combine forces to offer a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions.”

“At Worldpay, our focus has always been on delivering more value to our clients and partners and making decisions that achieve our growth and performance objectives,” said Charles Drucker, executive chairman and chief executive officer, Worldpay.

Organic revenue growth outlook has grown from 6% to 9% through 2021 for FIS, in conjunction with $700 million of total EBITDA synergies from the combination of revenue and expense opportunities over the next three years.

This acquisition comes hot on the heels of another massive deal in the payments space: Fiserv, another US heavyweight and direct rival of FIS, buying First Data.

Worldpay, as it is today, is also the result of a big merger with Vantiv announced back in 2017.

The combined company of Worldpay and FIS will have pro forma 2018 annual revenue and adjusted EBITDA of approximately $12.3 billion and $4.9 billion, respectively.

Upon closing, the combined company’s Board of Directors will consist of 12 members, seven of which will come from FIS’ board of directors and five of which will come from Worldpay’s.

Gary Norcross will remain as FIS chairman of the board, president and chief executive officer. Charles Drucker, Worldpay’s current executive chairman and CEO, will serve as the executive vice-chairman of the board.

The transaction is subject to receipt of required regulatory and shareholder approvals and other customary closing conditions and is expected to close in the second half of 2019.

FIS demonstrated its Cardless Cash solution at FinovateFall 2016. Cardless Cash provides consumers with faster, more secure options when it comes to sending and accessing cash via ATMs, including the ability to pre-order funds from their mobile banking app.

Founded in 1958 and headquartered in Jacksonville, Florida, FIS trades on the New York Stock Exchange under the ticker “FIS.” The company has a market capitalization of $35 billion.

Worldpay participated in our developers conference, FinDEVrSiliconValley 2015. The company’s Head of Strategic Partnerships discussed how businesses can add secure payments to any website, app, or mobile device via the Worldpay Securenet API.

Worldpay was founded in 1971 (as Midwest Payment Systems) and is headquartered in Cincinnati, Ohio. With a market capitalization of $33 billion, Worldpay trades on the NYSE under the ticker “WP.”

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Zenmonics Lands Funding from FIS

Core banking specialist Zenmonics landed funding from its long-time partner FIS this week. The amount of the minority investment, along with other terms of the agreement remain undisclosed. This marks Zenmonics’ first round of funding; prior to the closing of this week’s investment Zenmonics was 100% company-owned.

The North Carolina-based company will use the funds to further its growth and burgeon capabilities of its channelUNITED platform. Riaz Syed, founder and CEO of Zenmonics said that the investment enables the company “to grow innovation and delivery capacity for our current clients, while also extending our reach in the market.”

Aimed to offer a consistent user experience across multiple channels, Zenmonics’ channelUNITED is an omni-channel solution that adapts and expands to each individual banks’ pace. The system places clients and associates on a common system to unify digital, sales, service, origination, and teller platforms.

Founded in 2007, Zenmonics has more than 200 employees. At FinovateFall 2016, the company debuted channelUnited. Earlier this week, Zenmonics earned a spot on the 2018 IDC FinTech Rankings for the second year in a row.

FIS most recently demoed at FinovateFall 2016. The company debuted its Cardless Cash solution that provides a fast, secure option for sending and picking up cash at any ATM. Headquartered in Florida, FIS serves more than 20,000 clients in more than 130 countries.

Finovate Alumni News

On Finovate.com

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.