Fidelity Scoops Up Sanchez Computer Associates And Its Linux-Based Deposit And Loan System - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
Software // Enterprise Applications

Fidelity Scoops Up Sanchez Computer Associates And Its Linux-Based Deposit And Loan System

Profile is one of the first banking systems to run on the open-source platform.

Fidelity National Financial Inc. announced Wednesday that it's acquiring Sanchez Computer Associates Inc., a provider of banking systems and outsourcing services for 400 financial institutions in 22 countries. Sanchez' core product, Profile, is a real-time banking-deposit and loan-processing system. The company has migrated Profile to the Linux operating system, making it one of the first banking systems to run on the open-source platform.

Fidelity National, which had revenue of $7.7 billion and earnings of $860 million last year, is the nation's largest title-insurance company. Last year, it acquired the financial-services division of Alltel Information Services, including mortgage loan servicing and the retail, commercial-lending, and wholesale banking systems; the mortgage system processes half of all U.S. residential mortgages.

Sanchez' strength internationally--about 30% of its clients are overseas-based financial institutions--complements Fidelity National's base of U.S. financial institutions, says Christine Barry, an analyst with Celent Communications.

The latest round of consolidation in the banking industry, led by the mergers of Bank of America-FleetBoston and J.P. Morgan Chase-Bank One, is causing banks to re-evaluate their technology infrastructures with an eye toward replacing obsolete technology. The Linux-based Profile system is more advanced technologically than the older, mainframe-based Alltel system, Barry says, enabling Fidelity to better compete against the likes of Aurum Technology, Fiserv, Metavante, and Jack Henry & Associates for banking systems and outsourcing services.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
InformationWeek Is Getting an Upgrade!

Find out more about our plans to improve the look, functionality, and performance of the InformationWeek site in the coming months.

Slideshows
Blockchain Gets Real Across Industries
Lisa Morgan, Freelance Writer,  7/22/2021
Commentary
Seeking a Competitive Edge vs. Chasing Savings in the Cloud
Joao-Pierre S. Ruth, Senior Writer,  7/19/2021
News
How CIO Roles Will Change: The Future of Work
Jessica Davis, Senior Editor, Enterprise Apps,  7/1/2021
White Papers
Register for InformationWeek Newsletters
Video
Current Issue
Monitoring Critical Cloud Workloads Report
In this report, our experts will discuss how to advance your ability to monitor critical workloads as they move about the various cloud platforms in your company.
Slideshows
Flash Poll