AgFirst Farm Credit Bank Selects Fidelity Information Services' ACBS Commercial Lending System
August 11 2004 - 9:18AM
PR Newswire (US)
AgFirst Farm Credit Bank Selects Fidelity Information Services'
ACBS Commercial Lending System JACKSONVILLE, Fla., Aug. 11
/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 division
today announced that AgFirst Farm Credit Bank will implement
Fidelity Information Services' Advanced Commercial Banking System
(ACBS) software to Farm Credit System institutions throughout the
nation. Under the agreement, AgFirst can manage assets for other
Farm Credit institutions on its own system or provide access to the
system via a secure Internet portal. AgFirst will offer
implementation services for the software, enabling Farm Credit
banks and associations to implement the system quickly and
economically, and will also offer support services for the
software. "Banks and associations throughout the Farm Credit system
are growing their capital markets portfolios," said AgFirst CEO
Andy Lowrey. "We recognized that, like us, they needed a loan
origination and servicing system capable of handling large, complex
credits. That's why we negotiated an agreement with market leader
ACBS to operate as an Application Service Provider (ASP) for ACBS
for the System." "We are pleased to establish this new outsourcing
relationship with AgFirst, extending an outstanding existing
relationship with a great customer," said Richard Levy, president
of Fidelity's ACBS division. "We believe this approach will provide
the means for Farm Credit organizations of all sizes to access the
industry standard solution. The ACBS Deal and Loan Servicing
software provides the best possible combination of reporting, risk
management, loan origination and servicing capacities available
today." ACBS is a comprehensive commercial lending system offered
by Fidelity Information Services. It consists of integrated modules
that support the lending process from deal building through
servicing and trading. The system uses a "once-and-done" workflow
process that integrates origination, syndication, deal structuring,
documentation, credit approval, portfolio monitoring and trading,
with back-office servicing and accounting processes. These
features, along with the single information source used by all
components, speed the process, reduce errors and eliminate
redundant effort. "ACBS is the established leader in the commercial
lending software market," said AgFirst Chief Operations Officer Jim
Camp. "An increasing number of syndications in the U.S. large
corporate market are arranged or serviced on ACBS, and it's used by
a majority of the top U.S. banks." "We've been very pleased with
the performance of the ACBS system," said AgFirst's Mary Trotter,
CPA and manager of Capital Markets/Participations Operations.
"Before ACBS, we tried everything we could think of to make our
loan system handle the complex business of buying, selling and
servicing participations, but nothing worked as efficiently as we
desired. When we saw how the ACBS system could meet our lending and
operations requirements without our having to customize it, we were
sold on the product." Farm Credit banks and associations can reduce
the time and costs of installing and implementing the software by
taking advantage of AgFirst's implementation and support services.
"We learned a lot when we installed the software in our own shop,"
said Trotter. "We believe our knowledge of ACBS can help other Farm
Credit organizations implement the system faster and more
economically than normal." ACBS is an integrated family of
commercial lending solutions that automate the entire range of
commercial lending activity, from deal origination, syndication,
servicing and trading through portfolio management. The products
operate in real-time in any currency. ACBS products run on Windows
and AS/400 platforms or through an Application Service Provider and
are licensed by 71 leading financial institutions, including ABN
AMRO, Bank of America, Barclays, Canadian Imperial Bank of
Commerce, Dresdner Bank, GE Capital, JPMorgan Chase, PNC and
Scotiabank. Fidelity National Financial, Inc., number 262 on the
Fortune 500, is a provider of products and outsourced services and
solutions to financial institutions and the real estate industry.
The Company had total revenue of more than $7.7 billion and earned
more than $860 million in 2003, with cash flow from operations of
nearly $1.3 billion for that same period. FNF is a leading provider
of information-based technology solutions and processing services
to financial institutions and the mortgage and financial services
industries through its subsidiary Fidelity Information Services,
Inc. Fidelity Information Services' software processes nearly 50
percent of all U.S. residential mortgages; it has processing and
technology relationships with 45 of the top 50 U.S. banks and has
clients in more than 50 countries who rely on its processing and
outsourcing products and services. Additionally, FNF is the
nation's largest title insurance company and also provides other
real estate-related services such as escrow, flood and tax
certifications with life of loan monitoring, merged credit
reporting, property valuations and appraisals, default management,
relocation services, flood, homeowners and home warranty insurance,
exchange intermediary services, mortgage loan aggregation and
fulfillment, multiple listing services software, mortgage loan
origination software, collateral scoring analytics and real
property data. 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, Inc.,
+1-904-854-8120, or Web site: http://www.fnf.com/
http://www.fidelityinfoservices.com/
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