RISE WITH FIS

Partnerships enhance modern banking platforms

Jamie Chomas | VP, Growth, Next Generation Banking

September 21, 2020

To be competitive in today’s market and to meet customer expectations, a bank’s modern banking platform should be an ecosystem of components, from foundational to core banking products. This modular architecture approach encourages banks to select the components they need to build a bank that fits their business needs. It also embraces fintech partnerships, enriching the standard component set with features beyond a traditional core. Partner components are fundamental to go-to-market platform strategy.

Best-in-class solutions

To find best-in-class solutions, banks should look outside of their current provider to the broader fintech landscape and draw from the depth of innovation in the banking industry. Aim to continually learn from market trends and respond to emerging business needs to bring new solutions to our clients. Look for ways to identify product and technology opportunities as well as industry thought-leaders working closely with the fintech and start-up communities.

Drive value and deepen client relationships

Through partner components, you increase the value you deliver to your customers by empowering them with the tools they need. By building a diverse network of components, you also create a platform that can flex to meet a wide range of target market segments—legacy banks, neo/challenger banks, direct to consumer banks, and innovative new BaaS markets—with the right product suite for each client’s needs.

FIS Modern Banking Platform is our next generation real-time, digitally enabled solution that comprises modular line-of-business components. It empowers you to build a bank that’s a manifestation of your brand and business vision. All components are accessible through application program interfaces (APIs) to offer an open platform with robust plug-and-play components and event driven architecture. You can easily add new functionality and customize to meet diverse market needs and compliance requirements, running on a powerful, ever-evolving platform.

Partner Program Standards

We designed the Modern Banking Platform to high business and technology standards, and we grade potential partners on key criteria to ensure that every piece of the ecosystem upholds the same essential standards.

  • Value Proposition: Solutions must help our clients serve their customers; we need to clearly understand what business need a partner solution solves and why this solution is important to a client.
  • SaaS Subscription Model: Partner software needs to align to the way we do business with our clients; partner components need to be delivered as SaaS subscriptions that can easily be consumed and integrated into the client solution.
  • Minimum Technology Standards: Solutions must align with the technology standard of Modern Banking Platform including as a baseline:
    • Real- or near Real-time Integration Capability via API or Event Stream
    • Cloud-Enabled with Multi Data Center and DR Strategy
    • Industry leading uptime and SLAs
    • DB and Field-Level Encryption
    • Auditable Data Security Controls
    • “Multis” Support: Multi-Tenancy, Multi-Currency, Multi-Language, Multi-Time Zone
    • Cloud-Based Demo
    • Standard Suite of Reporting Tools
    • Multi-factor Authentication

True Partnership is the key to success

Beyond these basic tenets, a crucial element of partnership fit is the relationship between FIS and the partner team. We are not looking for vendors; rather, we seek partner teams that share our commitment to excellence and client service. Success in this complex industry requires a growth mindset and collaborative spirit; the rapport we build between all our stakeholders, both within FIS and the partner organization, becomes as essential as the software itself. As the industry evolves, we want to work closely with our partners as a unified business development team to identify new areas of opportunity and pivot as needed to meet and exceed market demands.