Fidelity Information Services Launches Corebank J2EE in the Global Marketplace
July 25 2005 - 5:15PM
PR Newswire (US)
Fidelity Information Services Launches Corebank J2EE in the Global
Marketplace JACKSONVILLE, Fla., July 25 /PRNewswire-FirstCall/ --
Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500
provider of products and outsourced services and solutions to
financial institutions and the real estate industry, and its
Fidelity Information Services (Fidelity) division today announced
the global availability of the world's first platform independent
core banking solution adapted to the Java2 Platform Enterprise
Edition (J2EE) architecture and programming model. With this
addition to its suite of retail banking products, Fidelity can now
offer financial organisations worldwide a next generation core
banking solution regardless of their preferred hardware platform.
Corebank is Fidelity's component-based, true real-time, continuous
core processing relational database solution for global banks. The
Corebank J2EE version incorporates the same wide-ranging business
functionality as the mainframe version to support the global
marketplace. It is a strategic banking application that supports a
wide range of customer, product build, deposit, lending and payment
functionality for the retail banking environment. The first
implementation of Corebank J2EE was announced late last year with
Suruga Bank Ltd adopting Corebank J2EE in order to effectively
manage its customer information, deliver superior customer service
and develop diverse financial products efficiently. The project at
Suruga Bank also includes IBM's recently launched Core Systems
Transformation solution (CST), a comprehensive approach to core
systems renovation, which allows banks to migrate their back-office
systems to modern solutions in a phased, risk- minimising manner.
Corebank J2EE works within the CST framework to deliver a
best-of-breed core banking application using a componentised
implementation approach and exploiting the advantages of the CST
transaction processing platform. "We are delighted to be in the
enviable position of launching a new technology solution to the
international market -- Corebank J2EE -- with a customer already
signed up and with an implementation project successfully moving
forward," commented Jim Wilson, president, Fidelity Information
Services, International Division. As financial services
organisations look to refresh their core processing platform,
Corebank's advanced technology infrastructure provides the
flexibility to accommodate future changes in business and market
focus. The application architecture employed by Corebank is
extremely efficient at re- using software components thereby
reducing complexity, maintenance effort and development risk. "Many
banks are looking for solutions to replace legacy systems that can
be introduced without delay, with significantly decreased
implementation risk and that will improve operational efficiency
and deliver business value quickly," said Wilson. "This solution
allows financial organisations to select the system configuration
most appropriate for their business strategy and system scale." The
successful completion of Corebank J2EE was achieved working in
close partnership with IBM. It marks the culmination of a
collaborative effort to bring a solution to the marketplace that
was based on open standards and could support the entire breadth of
the J2EE specification. Rather than relying on proprietary tools,
Corebank has chosen to rely on IBM's wealth of knowledge with
application platform technologies. The Corebank development team
continues to work closely with IBM's Software Group to fully
exploit IBM's flagship WebSphere software and eServer hardware.
Corebank's architecture design allows the Corebank business
components to remain unaffected by changes in the underlying
infrastructure while continuing to exploit additional capabilities
as J2EE evolves. "We have been delivering world-class core
processing applications and services for over 40 years and we pride
ourselves on meeting our commitments to our customers and the
marketplace," added Wilson. This development demonstrates
Fidelity's continuing commitment to deliver technology innovation
and to provide best-of-breed solutions that improve the long-term
competitiveness of our clients. Fidelity National Financial, Inc.,
number 261 on the Fortune 500, is a provider of products and
outsourced services and solutions to financial institutions and the
real estate industry. FNF is the largest title insurance company in
the U.S., with nearly 31 percent market share, and is also a
provider of other specialty insurance products, including flood
insurance, homeowners insurance and home warranty insurance.
Through its majority-owned subsidiary Fidelity Information
Services, Inc. ("Fidelity"), the Company is a leading provider of
technology solutions, processing services and information services
to the financial services and real estate industries. Fidelity
software processes nearly 50 percent of all U.S. residential
mortgages, it has processing and technology relationships with 35
of the top 50 Global banks, including 9 of the top 10, and over
2,000 clients in more than 60 countries who rely on its processing
and outsourcing products and services. More information about the
FNF family of companies can be found at http://www.fnf.com/ and
http://www.fidelityinfoservices.com/ . This press release contains
statements related to future events and expectations and, as such,
constitutes forward-looking statements. These forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that may cause actual results, performance or
achievements of the Company to be different from those expressed or
implied above. The Company expressly disclaims any duty to update
or revise forward- looking statements. The risks and uncertainties
which forward-looking statements are subject to include, but are
not limited to, the effect of governmental regulations, the
economy, competition and other risks detailed from time to time in
the "Management's Discussion and Analysis" section of the Company's
Form 10-K and other reports and filings with the Securities and
Exchange Commission. DATASOURCE: Fidelity National Financial, Inc.
CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and
Investor Relations, Fidelity National Financial, +1-904-854-8120,
or ; or Louise Lingwood, Marketing Communications, Fidelity
Information Services, International, +011-44-1923-713-136, or Web
site: http://www.fnf.com/ http://www.fidelityinfoservices.com/
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