India’s Shivalik Bank Selects FIS to Deploy a Comprehensive ‘Bank in a Box’
*Shivalik Mercantile Cooperative Bank Ltd chooses FIS to implement a hosted
solution with an aggressive delivery timescale.
*The “bank in a box” solution meets the bank’s every need, across multiple
*This is the first cooperative bank in India to use the FIS’ Profile core
*FIS is one of the foremost providers of hosted core banking solutions for
banks globally and now launching the same proposition for banks in India.
JACKSONVILLE, Fla. & DELHI, India -- July 30, 2014
FIS™ (NYSE: FIS), the world’s largest provider of banking and payments
technology solutions, and a global leader in consulting and outsourcing
solutions, has been selected by India’s Shivalik Mercantile Cooperative Bank
Ltd to provide a completely outsourced “bank in a box” solution for the bank.
Shivalik Bank becomes the first cooperative bank in India to successfully move
to FIS’ “bank in a box” Profile core banking solution. A combination of core
banking, channels and payments that fulfills all of a bank’s technology needs,
Profile allowed Shivalik Bank to convert in just two months, and enables the
bank with a platform for the future. With Internet and SMS banking, deposit
and loan products, payment solutions, ATM and POS switching, Regulatory and
MIS Reporting and more included, Shivalik Bank will be better positioned for
growth as all the solutions work together and are easily scalable.
“Increasingly stringent regulatory directives for cooperative banks in India
require them to upgrade to more sophisticated technology and, at the same
time, these banks are faced with the challenge of responding to the push by
commercial banks into their customer segments. FIS’ wide breadth of solution
assets offers utmost flexibility to address all the needs of this segment,”
said Raja Gopalakrishnan, Group Managing Director – APAC, FIS. “FIS’ proven
solutions, coupled with its comprehensive in-country servicing capabilities,
enabled Shivalik Bank to move to FIS’ Profile core banking in an exceptionally
short time frame.”
“Shivalik Bank is pleased with the comprehensive offering delivered by FIS’
core banking solution, as well as its ease of configuration and use,” said
Suveer Kumar Gupta, Chief Executive Officer, Shivalik Bank. “FIS is a world
leader in core banking, and we chose the FIS ‘bank-in-a-box’ solution because
it provided interoperability and scalability, supporting our expansion plans
and our strategy for introducing new products and services, while remaining
fully compliant with regulations.”
Shivalik Bank (www.shivalikbank.com) is the first multi-state cooperative bank
based in the Indian state of Uttar Pradesh and has a growing network of 21
branches, with an expanding network of business correspondents.
FIS is the world’s largest provider of banking and payments technology
solutions, and a global leader in consulting and outsourcing solutions. With a
long history deeply rooted in the financial services sector, FIS serves more
than 14,000 institutions in over 110 countries. Headquartered in Jacksonville,
Fla., FIS employs more than 39,000 people worldwide and holds leadership
positions in payment processing and banking solutions, providing software,
services and outsourcing of the technology that drives financial institutions.
First in financial technology, FIS tops the annual FinTech 100 list, is 434 on
the Fortune 500 and is a member of Standard & Poor’s 500® Index. For more
information about FIS, visit www.fisglobal.com.
Follow us on Facebook (facebook.com/FIStoday) and Twitter (@FISGlobal).
Statements in this release that are not strictly historical, including any
statements referring to beliefs, expectations, projections, or any other
statement regarding events or developments we believe or anticipate will or
may occur in the future, may be “forward-looking” statements made pursuant to
the safe harbor provisions of federal securities laws. There are a number of
important factors that could cause events to differ materially from those
suggested or indicated by such forward-looking statements. These include,
among other things, changes in general economic, business and political
conditions, developmental and conversion delays or disruptions inherent with
new software products and technology, 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 the “Statement Regarding Forward-Looking Information,”
“Risk Factors” and other sections of the Company’s Annual Report on Form 10-K
and other filings with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date of this release, and FIS
does not assume any obligation to update any forward-looking statement.
Kim Snider, +1.904.438.6278
FIS Global Marketing and
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