Fidelity And Metavante Report Record Contract Renewals
Demand remains high for financial-processing technology and services.
Fidelity National Financial Inc. and Metavante Corp., which provide processing systems for financial institutions, on Wednesday reported record contract renewals in 2004.
Metavante secured 110 multiyear renewals: 48 for Integrated Banking Solution, its outsourced core processing service, and 62 for its Kirchman Bankway product, which banks run primarily in-house. The renewing financial institutions had combined assets in excess of $130 billion.
Among the institutions that renewed contracts with Metavante were Raymond James Financial, Astoria Federal Savings, Citizens National Bank, The Provident Bank, and Northern Trust.
Fidelity National Financial, the nation's largest title insurance company, revealed contract renewals for its Fidelity Information Services division, which provides core banking applications, online banking and integrated channel products, and lending and servicing systems. Fidelity obtained contract renewals with BancWest, Citizens, and Comerica, among other existing clients.
In addition, Fidelity made a multimillion-dollar investment to enhance its core processing and client-server offerings. The enhancements were designed to increase functionality, meet regulatory requirements, and address industry needs.
Fidelity National Financial last year acquired two bank-processing technology companies, Aurum Technology and Sanchez Computer Associates, and in 2003 acquired the business-services division of Alltel Information Services.
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