JACKSONVILLE, Fla., May 24, 2016 – Credit Suisse, a leader in the global cleared derivatives industry, has selected the Derivatives Utility from FIS™ (NYSE: FIS), a global leader in financial services technology, for its post-trade futures and cleared over-the-counter (OTC) derivatives operations and technology.
The FIS Derivatives Utility was designed to help global capital markets firms better adapt to market challenges by enabling market participants, including futures commission merchants (FCMs), to achieve greater efficiencies by leveraging economies of scale in middle- and back-office processing and technology. The utility provides customers with derivatives clearing operations and technology services for trade clearing, trade lifecycle management, margin processing, brokerage, reconciliation and data management.
“The evolution of derivatives markets has increased both the demand and the necessity for innovative solutions that transform the business model for derivatives clearing,” said Marianne Brown, chief operating officer, Institutional and Wholesale, FIS. “Our vision for a derivatives utility uses FIS’ existing, market-leading IP to reduce operational risks and costs while increasing efficiency throughout the industry. By providing industry leadership and a potential path for the market, we look to achieve best practices around standardized processes that can benefit all market participants. Credit Suisse brings broad depth and expertise in cleared derivatives, as well as an extensive worldwide footprint.”
“As the market moves away from bilateral swaps and towards cleared products, Credit Suisse is better positioned to continue to deliver innovative solutions and products to our clients in the most efficient manner possible. Leveraging the FIS Derivatives Utility will allow us to spread the cost of innovation amongst a larger group of firms by creating a standardized solution developed by the industry’s top experts.” said John Dabbs, global head of Prime Derivatives Services, Credit Suisse. “We believe this Utility will transform the economics for derivatives market participants globally.”
The technology that supports the FIS Derivatives Utility is an evolving, global back-office processing platform for cleared OTC and listed derivatives. It covers more than 135 cleared derivative markets in more than 35 countries.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, capital markets, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 47’760 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
This press release may contain statements, estimates or projections that constitute “forward-looking statements” pursuant to the safe harbor provisions of the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from FIS’ historical experience and our present expectations or projections. These risks include, but are not limited to, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products, technology and outsourcing solutions, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in our filings with the Securities and Exchange Commission (SEC), including the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2015, and subsequent SEC filings. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. FIS undertakes no obligation to publicly update or revise any forward-looking statements.
For More Information
Kim Snider, +1.904.438.6278
Senior Vice President
FIS Global Marketing and Communications
Drew Benson, +1.212.325.0932
Credit Suisse AG
LONDON and JACKSONVILLE, Fla, May 24, 2016 – According to an in-depth, global research study – the PACE Index – released today by FIS™ (NYSE: FIS), a global leader in financial services technology, British consumers identified fairness (lack of hidden fees), reliability (following through on promises) and recognition (reward for their loyalty) as three areas UK banks need to improve.
In order to win back consumers’ favour, the report concludes that banks need to better intersect with their customers’ financial lives. This means, among other things, introducing tools which help people look after their money better, issuing alerts when funds are running low and tracking of spending patterns. Consumers are overwhelmingly positive about such services and six times more likely to use an app from their bank than from another organization presenting an excellent opportunity.
Another opportunity for banks is in helping people become more financially savvy. The Index shows that 82 percent of bank customers have no form of financial advisor. Research suggests this is directly linked to what customers feel is their single biggest pain point – finding time to visit a branch. However, over a third of millennials showed interest in online financial coaching from their banks.
Martin Barber, managing director, EMEA, FIS, said: “Banks need to engage more with their customers using mobile services and apps. And the provision of personal financial management services is the perfect way to demonstrate value and provide tailored, useful services. Banks would do well to focus on younger consumers who are open to the idea, and who will become the profitable customers of the future.”
“The PACE Index shows that UK banks aren’t currently providing what people want in terms of online advice and coaching in money management. The key action point for UK banks is making the move from banking to living. People are open to the idea and want help to meet their financial aspirations. Banks can fill the hole left by the absence of old fashioned financial advisors, and in doing so win the trust and future business of customers.”
A Snapshot of UK Results
Insights from the UK Results
A complete copy of the PACE report for the UK, as well as the global and other country-specific reports, can be downloaded from http://closethegaps.fisglobal.com
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Fla., FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. Providing software, services and outsourcing of the technology that empowers the financial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fisglobal.com.
Gaylord Palms Resort and Convention Center
FIS Connect 2016 is the perfect blend of educational and networking opportunities in an ideal forum to mingle with your business acquaintances, industry analysts and the FIS team. The 2016 conference is being designed to help you evolve, adapt and change to meet market demands. Multiple Break-out Session tracks and our world-class Solutions Expo enable you to tailor the conference experience to address your top-of-mind business issues.
You may address FIS Connect 2016 related questions to Cynthia Bauer by phone, +1 407 551 8310, or via email at email@example.com.
ExCel LExCel London Exhibition and Convention Centre
London, United Kingdom
PayExpo is an essential event for anyone involved in making payments faster, easier and more secure. The event's sheer scale means that it will have something for everyone involved in the sector – from thought-leading debate on future trends and emerging technologies through to innovative case studies and regulatory updates. FIS is proud to be a Gold and Breakfast Sponsor of the event. Visit our stand on the exhibition hall floor to learn more.
For more information, contact Bonita Osgood at firstname.lastname@example.org.
The annual FIS Global Client Conference, Global Banking Perspectives, provides opportunities to learn about FIS’ strategies, technologies and relationships that can help your institution succeed in today’s increasingly competitive market. With intriguing breakout sessions, educational and informative User Group sessions, and FIS’ world-class expo hall designed expressly to meet your needs, you’ll have access to in-depth information and hands-on demonstrations that will transform the way you think about your organization’s technology.
You may address Global Banking Perspectives 2016-related questions to Jason Combs by phone at 904.438.6747, or via email at email@example.com.