FIS is a leading global provider of technology and services to the financial services industry, serving more than 14,000 clients in over 110 countries. But, to get an understanding of FIS today, one needs to look back at the company's history and see how FIS evolved into a world-renowned financial services technology leader.
The company was founded in 1968 as Systematics™ and, through its core processing system of the same name, quickly became a globally recognized provider of technology solutions for financial institutions. Over the next two decades, Systematics, the company, continued to expand its service offerings with older technology solutions for financial institutions of all sizes, including credit unions, community banks and more.
In the early 1990s, ALLTEL Information Services acquired Systematics and Computer Power, Inc. (CPI), a leading mortgage servicing provider and developer of the industry-leading Mortgage Servicing Package (MSP). By 1998, MSP was processing more than 20 million mortgage loans annually and ALLTEL Information Services was recognized as a leader in financial services technology, serving financial institutions of all sizes and shapes with core processing, channel solutions, mortgage processing, item processing, cash management and more.
In 2003, Santa Barbara, Calif.-based title insurance giant Fidelity National Financial® bought the financial services division of ALLTEL Information Services and renamed it Fidelity Information Services. Over the course of the next 18 months, Fidelity Information Services acquired several other financial services technology firms:
- Hamilton & Sullivan
- WebTone Technologies
- Aurum Technologies
- Sanchez Computer Associates
In 2004 FIS acquired a majority stakeholder in Kordoba GmbH & Co., an organization with more than 20 years of experience of specializing in the Germanic core banking market. Kordoba is an information technology solutions provider for the financial services industry, with a focus on services and solutions for the banking market. It provides both outsourced and in-house core banking solutions to Germanic savings and commercial banks, including core transaction processing, ATM network solutions, accounting and reporting solutions and a securities processing system.
Having firmly established itself as a dominant player in the financial services technology space and having earned its place on the Fortune 500 listing, FIS then sought to further broaden its array of offerings and, in 2006, merged with St. Petersburg, Fla.-based Certegy®, creating one of the largest financial institution technology processing and services companies in the world – FIS.
Today, FIS’ breadth of services includes the array of Certegy offerings:
- Loyalty programs
- Stored-value cards and processing
- Check authorization and warranty services
- Payment card transaction services
- Check-cashing services
- Electronic bill payment services
In 2007, FIS acquired eFunds®, a Scottsdale, Ariz.-based provider of risk management, electronic funds transfer (EFT) services, prepaid card processing, and global outsourcing solutions to more than 10,000 financial services companies in over 80 countries. As a result, FIS now leverages the company’s check truncation and credit risk assessment services, as well as:
- Check and credit card verification
- Debit processing, settlement and fulfillment
- Automated Clearing House (ACH) processing
- Electronic check processing and conversion
- Electronic funds transfer (EFT)
- ATM services
- Card issuance services
- Fraud and risk management services
- Debit, check and credit card fraud detection services
In 2009, FIS acquired Metavante, a Milwaukee, Wis.-based provider of banking and payments technologies to approximately 8,000 financial services firms and businesses worldwide. The strategic transaction to combine the two companies closed on Oct. 1, 2009, positioning FIS as the largest technology provider to the global financial industry.
Through the transaction, FIS enhances its ability to:
- Deliver products and services that keep clients competitive in their markets
- Execute on a client cross-sales business model, leveraging a broad range of products and services and strong client relationships
- Grow globally
- Serve individual market segments, including community banking, mid-tier and large financial institutions and international banking
In combining the two companies, FIS and Metavante have come together to provide a vast breadth and depth of products, an unrivaled market offering and a strong international presence to bring clients unprecedented levels of expertise and service.
This combination of organic and external growth has positioned FIS among the world’s leading technology providers for the financial services industry. Through the visionary leadership of its management and its philosophy of providing premier service to its clients, FIS remains on a short list of providers capable of offering the breadth and depth of its solutions to so many financial institutions and retailers throughout the world.
FIS' acquisition timeline below.