Fidelity National Information Services Inc., better known by the abbreviation FIS, is an international provider of financial services technology and outsourcing services. Headquartered in Jacksonville, Florida, FIS employs more than 55,000 people worldwide. FIS provides payment processing and banking software, services and outsourcing of the associated technology. FIS has over 20,000 clients in more than 130 countries. FIS was ranked the #1 Financial Technology company on the FinTech100 in 2013 and 2014.
Video FIS (company)
Operations
FIS has a portfolio of products for the financial services sector, including both retail and investment banking.
They include "Profile" - a banking application based on the open source GT.M--a transaction processing database engine maintained by FIS.
Maps FIS (company)
Derivatives Utility
FIS with the acquisition of SunGard, has launched a Derivatives Utility in 2015 to transform Derivatives Clearing BSPT processing world-wide. This will guide derivatives clearing for futures commission merchants to save on total cost of ownership (TCO), and the ability to allow a large focus of the operations processing to FIS, freeing each merchant to focus on each of their clients. Allowing futures merchants to reduce operational risk. Beginning with Barclays in 2015, Credit Suisse in 2016, and Wedbush Securities one of the largest capitalized non-bank futures commission merchants in the United States, will move its operations processing and technology management to the FIS Derivatives Utility in 2018.
Mergers and acquisitions
Throughout its history FIS has made many acquisitions
- Alltel Information Services, 2003 $1.05 billion
- WebTone Technologies, 2003
- Sanchez Computer Associates, 2004 $175 million
- Aurum Technology, 2004
- BankWare, 2004
- InterCept, 2004
- Kordoba GmbH & Co, 2004 $163.2 million
- Merger with Certegy Inc.,2006 $1.8 billion
- eFunds Corporation (EFD)
- Metavante Corporation, 2009 $2.94 billion in stock
- Compliance Coach, Inc, 2010
- Capco, 2010, $292 million. In May 2017 FIS sold a 60% stake in Capco to CD&R funds for $477 million.
- TDWI - Toronto Dominion Wealth Institutional - now re-branded as Platform Securities, 2013
- mFoundry, 2013, $120 million
- CMSI, 2014
- Reliance Trust Company, 2014 $110 million
- Clear2Pay, 2014 $480 million
- SunGard, 2015 $9.1 billion
Controversies
On July 3, 2007, Certegy Check Services, part of FIS, 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 a class-action lawsuit against CCS and parent company FIS 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".
In August 2011, Florida based eFunds Prepaid Solutions, part of FIS, was the victim of a sophisticated cyberattack that saw hackers steal $13 million from ATMs using 22 stolen prepaid cards belonging to a single client of FIS.
See also
- Fidelity National Financial
References
External links
- FIS -- official site
Source of article : Wikipedia
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