FIS to Provide Cadence Bank Hosted Core Banking Solution
November 30 2021 - 8:00AM
Business Wire
Key facts:
Financial technology leader FIS® (NYSE: FIS) announced that
Cadence Bank (NYSE: CADE) and FIS have agreed to transition its
on-premises core banking platform to a FIS-hosted solution as the
bank accelerates its modernization efforts.
Tupelo, Mississippi-based Cadence was founded in 1876 in the
back of a hardware store, and today holds more than $48 billion in
assets and services more than 400 full-service branch locations
across the southern United States.
The bank will move to a FIS-hosted solution to gain operational
efficiencies as well as the ability to scale its offering as the
bank continues to grow its business. This flexibility will help
Cadence be better positioned to meet the future needs of its
customers. FIS’ cloud-based hosted solution comes with the
company’s industry-leading service level agreement for service
disruptions, an expanded pool of talent, as well as robust security
and support.
“Cadence is committed to serving our customers right where they
are, and it’s important to note that their expectations are
changing faster now than ever before,” said James D. “Dan” Rollins
III, Chairman and Chief Executive Officer at Cadence. “Moving to
FIS’ hosted core banking solution will provide the efficiencies and
stability that we need while allowing us to focus on growing our
business and improving the banking experience for our
customers.”
“FIS’ hosted core platform not only gives Cadence the
capabilities and flexibility they need in this fiercely competitive
market but also gives them the ability to deliver leading-edge
services to their customers,” said Andrew Beatty, Head of
Enterprise Banking at FIS. “Further, as the bank continues its path
towards digital transformation, this hosted solution offers them
the blueprints to deploy innovative new technologies more quickly
than before and allows them to move along the timeline that best
suits their business needs and their transformation strategy.”
Cadence’s move to FIS’ private cloud solution is in line with a
greater trend in core banking delivery. According to Gartner®,
“Cloud adoption for core banking has been a turning point for
banks. Mission-critical applications have been traditionally left
out of this delivery model for security concerns, but today, CIOs
cite lower TCO, greater agility and improved data security as top
drivers for this change.”1
About FIS
FIS is a leading provider of technology solutions for merchants,
banks and capital markets firms globally. Our employees are
dedicated to advancing the way the world pays, banks and invests by
applying our scale, deep expertise and data-driven insights. We
help our clients use technology in innovative ways to solve
business-critical challenges and deliver superior experiences for
their customers. Headquartered in Jacksonville, Florida, FIS ranks
#241 on the 2021 Fortune 500 and is a member of Standard &
Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow
FIS on Facebook, LinkedIn and Twitter (@FISGlobal).
1 Gartner, “Core Banking Hot Spot: Moving the Core Into the
Cloud”, Vittorio D'Orazio, 3 September 2021. GARTNER is a
registered trademark and service mark of Gartner, Inc. and/or its
affiliates in the U.S. and internationally and is used herein with
permission
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211130005144/en/
Kim Snider, +1 904.438.6278 Senior Vice President FIS Global
Marketing and Communications kim.snider@fisglobal.com
Fidelity National Inform... (NYSE:FIS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fidelity National Inform... (NYSE:FIS)
Historical Stock Chart
From Apr 2023 to Apr 2024