Fidelity Information Services Tops 250 Client Conversions to Mercury(TM) Core Processing Solution
January 12 2005 - 7:30AM
PR Newswire (US)
Fidelity Information Services Tops 250 Client Conversions to
Mercury(TM) Core Processing Solution At a Rate of More Than 20 per
Month, Mid-size Credit Unions Respond to Mercury's Ease of
Migration, Integration Capabilities and Extensive Service Options
JACKSONVILLE, Fla., Jan. 12 /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 announce the 250th
client conversion to the company's Microsoft(R) Windows(R)-complete
Mercury core processing platform, designed specifically to meet the
needs of mid-tier credit unions. With its conversion in October,
Utah-based Dugway Federal Credit Union became Fidelity's 250th
Mercury client. Momentum in the mid-size credit union market has
been fueled by numerous system enhancements and value- added
capabilities ranging from ATM and debit card services to electronic
statements to collection management. Fidelity is currently
scheduled to convert an additional 20 legacy-based clients per
month through the end of the first quarter 2005. "Our conversion to
Mercury went like clockwork," said Lisa Stewart, chief executive
officer of Dugway Federal Credit Union of Dugway, Utah. "We found
the system to be flexible and highly intuitive which enabled our
staff to adapt to it quickly. Looking forward, we believe Mercury's
complete and integrated capabilities will deliver the true
advantage we need to improve member service and grow our credit
union," Stewart added. As the 250th client to implement Mercury,
Dugway Federal Credit Union now uses the system to serve the needs
of its more than 1,000 members. And Dugway's staff will leverage
the solution's open and integrated design -- which is optimized for
Microsoft Windows 2000 professional architecture -- to streamline
operations and generate additional income opportunities. Mercury
users represent a diverse cross-section of the mid-size credit
union market including select employee group (SEG), professional or
religious-affiliated and community-based institutions. Today,
Mercury meets the core processing needs of credit unions throughout
North America -- from high-service institutions like Dugway Federal
Credit Union to high-volume credit unions like Pennsylvania-based
Mennonite Financial Federal Credit Union, a $55 million faith-based
institution that serves the full range of financial services needs
of nearly 8,000 members. Since its upgrade to Mercury in February
2004, Mennonite has sharply expanded its service offerings,
particularly in the lending area. "With Mercury, our marketing
choices became unlimited," stated Larry Miller, chief executive
officer of Mennonite Financial Federal Credit Union. "We quickly
took advantage of Mercury's user-definable loan types, offering our
members many more ways to do business with us. We are effectively
loaned out consistently in part thanks to the adaptability of our
core system. Mercury provides the backbone we need to deliver the
innovative solutions and efficiency opportunities that clearly set
us apart from other institutions." In order to help its credit
union clients continue to expand their service portfolios through
the use of third-party solutions, Mercury has adopted qbt Systems'
MultiPoint(TM) Integrator, a real-time transaction processing
engine that provides seamless connectivity across a wide variety of
best-of-breed financial services systems -- giving Mercury clients
absolute control over their choice of third-party solutions
providers. In addition, Fidelity has integrated multiple
capabilities from its expansive portfolio of existing solutions
with the Mercury platform, ranging from home banking to real-time
ATM and debit card services to electronic statements to advanced
collection management to shared branching. A representative
sampling of additional clients among the company's latest
conversions include Artesian City Federal Credit Union of Albany,
Georgia; German Coast Credit Union of Luling, Louisiana; Delmarva
Power Credit Union of Salisbury, Maryland; Fairview Employees
Credit Union of Costa Mesa, California; Kingsville Community Credit
Union of Kingsville, Texas; Nashville Credit Union of Nashville,
Georgia; and FCI Credit Union of Texarkana, Texas. "Mercury
represents the best the industry has to offer for credit unions
under $150 million in assets," said Santo Cannone, senior vice
president of Fidelity's Integrated Financial Solutions division and
executive in charge of the company's credit union business. "And
because Mercury is built with the most advanced technology and
capabilities available, it not only has the power to meet our
clients' needs today, but can scale according to their growth and
member demands well into the future." About Fidelity National
Financial 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.
FNF had total revenue of more than $6.2 billion and earned more
than $560 million for the first nine months of 2004, with cash flow
from operations of more than $925 million for that same period. FNF
is the nation's largest title insurance company, with more than 30
percent national market share, and is also a provider of other
specialty insurance products, including flood insurance, homeowners
insurance and home warranty insurance. Through its subsidiary
Fidelity National Information Services, Inc. ("FIS"), the Company
is a leading provider of technology solutions, processing services
and information services to the financial services and real estate
industries. FIS' 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 more than 3,600
small and mid-sized U.S. financial institutions and it has clients
in more than 50 countries who rely on its processing and
outsourcing products and services. FIS also provides customized
business process outsourcing related to aspects of the origination
and management of mortgage loans to national lenders and servicers.
FIS offers information services, including property data and real
estate-related services that are used by lenders, mortgage
investors and real estate professionals to complete residential
real estate transactions throughout the U.S. 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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