Product suite
FIS's solutions are firmly in the retail payments arena and particularly stem from Certegy, eFunds and now Metavante. Its offerings span all forms of retail payments, including debit, credit and prepaid cards, and are based on a range of technologies.
Around 60 per cent of FIS's US business is payments, where it is a huge processor. It is also a strong player in Asia and Australasia. In Europe, its business is somewhat more balanced, in part through its German-specific Kordoba core banking business. In the Middle East, it has a reasonable number of payment system users, typically on a licence basis.
FIS covers both the acquiring and switching sides of the sector. There is some overlap between the applications but the positioning is reasonably clear.
On the switch side, the eFunds-derived Connex is one of FIS's long-established workhorses. It runs on Hewlett-Packard's Tandem-derived NonStop or IBM zOS platforms, with flat files or DB2, and is written in TAL, Cobol and Assembler at the back-end. Not surprisingly, it is used by large banks, such as RBS, or large national switches, such as Vocalink in the UK, where it underpins the largest ATM network in the world and this ACH's Faster Payments scheme. There are between 40 and 50 licence users but the number of banks that it supports is much higher, largely due to its use in the US on a bureau basis to support around 9000 banks.
At Société Générale, Connex has been steadily rolled out from one hub for multiple countries (around 14, with Ghana the latest to be added) to support the bank's BHFM subsidiary, which was set up in the late 1990s to manage all of the French bank's foreign retail banking operations.
The open systems equivalent of Connex is another eFunds-derived platform, IST (eFunds itself had been an acquisitive company and this was one business that it had bought). Functionally, Connex and IST are similar. The IST back-end is written in C++ and it runs on HP and IBM Unix as well as the mainframe, and supports both Oracle and DB2. Users include the Saudi Monetary Authority and the Finnish and Turkish national switches.
The IST/Switch solution provides switching, routing and authorisation for issuing, acquiring and network participants for ATM/POS, debit, credit and Web transactions. It can process credit/debit transactions through all major card associations and networks, including Visa, MasterCard, Interac, American Express, Diners Club, JCB, STAR and NYCE.
The IST suite comprises: FIS IST/Merchant Accounting & Settlement for integration of payment transaction processing with back office accounting and general ledger systems; FIS IST/Clearing for crediting merchant accounts and debiting cardholder accounts; and the core FIS IST/Switch, a payment engine that handles payment authorisation processing.
Collectively, eFunds' suite was branded as the Enterprise Payments Platform, comprising Connex, IST/Switch, DataNavigator, FraudManager and Enterprise View (see below). As a result of an alliance with IBM, these were made available in 2007 on the IBM zSeries mainframe, with support for Linux on this platform, plus IBM's WebSphere application integration middleware
and DB2 at the database level.
On the credit card side, FIS's offering is the mainframe-based Base2000, which competes with the other heavyweights, First Data and T-Sys. This stemmed from Certegy, and it covers transaction authorisation, statement generation, card issuance and customer service. Base2000 supports both consumer and commercial accounts, including business, corporate, fleet and purchasing cards. First installed in 1998, Base2000 processes more than 56 million accounts worldwide.
Cortex is Fidelity's debit card solution. It is Unix-based and also covers prepaid and credit cards (the latter being an area of overlap with Base2000). Cortex stemmed from UK-based Nomad, which, as mentioned, had been acquired by Metavante in early 2008, for $58 million. The Cortex business is a high-growth one for FIS, on the back of the shift from credit to debit cards.
The customers have become more mainstream and this part of the business was expected to grow by 30 per cent in 2010. That Cortex is fairly well-travelled is reflected in the fact that it has been integrated with a number of core banking systems, including Fidelity's Profile, plus Misys' Equation and Bankmaster, Oracle FSS's Flexcube and Temenos' T24. It also underpins a number of prepaid card providers, such as Advanced Payment Solutions in the UK.
FIS claims it can support Instant Issuance, with the production of fully personalised EMV cards in branch locations (this capability was launched for Asia in April 2010). Historically, card issuance for new and replacement credit and debit cards has taken up to two weeks. FIS's Instant Issuance product operates as a stand-alone solution or as part of the overall Cortex card management system.
Around these processing systems, FIS has other applications for fraud management and MIS. The fraud offering, Fraud Navigator, came with eFunds and is relatively low-end, so does not compete with more complex offerings from the likes of Fair Isaac and Actimize (indeed, FIS has partnered with the latter on bids and signed a partnership in 2008). Fraud Navigator is often used alongside IST.
The MIS offering, also with eFunds roots, is Data Navigator, a transaction database (Oracle), populated from near real-time or batch feeds from transaction processing systems, which is used to drive transaction enquiries, settlement and card scheme exception management. Understandably, Data Navigator has been integrated with FIS's own systems and it is a common component alongside these (Vocalink, for instance, uses it with Connex, with Data Navigator constituting an enquiry
database for UK financial institutions).
Derived from EFD, FIS also has a US risk management line including ChexSystems, a service used by more than 9000 US financial institutions. ChexSystems is built around a database of closed-for-cause bank accounts. When a new customer opens an account at a bank, the bank can query the database on whether that customer has a history of defrauding or otherwise troubling other banks with bad cheques. Another popular service is the SCAN cheque verification network for retail merchants.
Merchants use SCAN to help when deciding whether or not to accept a paper cheque for payment at the point of sale. SCAN returns a verdict on the validity of the cheque.
FIS also has the wholly-owned, Metavante-derived subsidiary, NYCE Payments Network, LLC, which has an ATM and point of sale network, plus NYCE Direct Bill Payment service, offering online bill payment via customers' deposit accounts.
And there are niche solutions such as FIS Healthcare Remittance Manager, also derived from Metavante, a data bridge between insurers and medical providers, electronically capturing, reconciling and processing US healthcare payment information.
FIS's solutions are firmly in the retail payments arena and particularly stem from Certegy, eFunds and now Metavante. Its offerings span all forms of retail payments, including debit, credit and prepaid cards, and are based on a range of technologies.
Around 60 per cent of FIS's US business is payments, where it is a huge processor. It is also a strong player in Asia and Australasia. In Europe, its business is somewhat more balanced, in part through its German-specific Kordoba core banking business. In the Middle East, it has a reasonable number of payment system users, typically on a licence basis.
FIS covers both the acquiring and switching sides of the sector. There is some overlap between the applications but the positioning is reasonably clear.
On the switch side, the eFunds-derived Connex is one of FIS's long-established workhorses. It runs on Hewlett-Packard's Tandem-derived NonStop or IBM zOS platforms, with flat files or DB2, and is written in TAL, Cobol and Assembler at the back-end. Not surprisingly, it is used by large banks, such as RBS, or large national switches, such as Vocalink in the UK, where it underpins the largest ATM network in the world and this ACH's Faster Payments scheme. There are between 40 and 50 licence users but the number of banks that it supports is much higher, largely due to its use in the US on a bureau basis to support around 9000 banks.
At Société Générale, Connex has been steadily rolled out from one hub for multiple countries (around 14, with Ghana the latest to be added) to support the bank's BHFM subsidiary, which was set up in the late 1990s to manage all of the French bank's foreign retail banking operations.
The open systems equivalent of Connex is another eFunds-derived platform, IST (eFunds itself had been an acquisitive company and this was one business that it had bought). Functionally, Connex and IST are similar. The IST back-end is written in C++ and it runs on HP and IBM Unix as well as the mainframe, and supports both Oracle and DB2. Users include the Saudi Monetary Authority and the Finnish and Turkish national switches.
The IST/Switch solution provides switching, routing and authorisation for issuing, acquiring and network participants for ATM/POS, debit, credit and Web transactions. It can process credit/debit transactions through all major card associations and networks, including Visa, MasterCard, Interac, American Express, Diners Club, JCB, STAR and NYCE.
The IST suite comprises: FIS IST/Merchant Accounting & Settlement for integration of payment transaction processing with back office accounting and general ledger systems; FIS IST/Clearing for crediting merchant accounts and debiting cardholder accounts; and the core FIS IST/Switch, a payment engine that handles payment authorisation processing.
Collectively, eFunds' suite was branded as the Enterprise Payments Platform, comprising Connex, IST/Switch, DataNavigator, FraudManager and Enterprise View (see below). As a result of an alliance with IBM, these were made available in 2007 on the IBM zSeries mainframe, with support for Linux on this platform, plus IBM's WebSphere application integration middleware
and DB2 at the database level.
On the credit card side, FIS's offering is the mainframe-based Base2000, which competes with the other heavyweights, First Data and T-Sys. This stemmed from Certegy, and it covers transaction authorisation, statement generation, card issuance and customer service. Base2000 supports both consumer and commercial accounts, including business, corporate, fleet and purchasing cards. First installed in 1998, Base2000 processes more than 56 million accounts worldwide.
Cortex is Fidelity's debit card solution. It is Unix-based and also covers prepaid and credit cards (the latter being an area of overlap with Base2000). Cortex stemmed from UK-based Nomad, which, as mentioned, had been acquired by Metavante in early 2008, for $58 million. The Cortex business is a high-growth one for FIS, on the back of the shift from credit to debit cards.
The customers have become more mainstream and this part of the business was expected to grow by 30 per cent in 2010. That Cortex is fairly well-travelled is reflected in the fact that it has been integrated with a number of core banking systems, including Fidelity's Profile, plus Misys' Equation and Bankmaster, Oracle FSS's Flexcube and Temenos' T24. It also underpins a number of prepaid card providers, such as Advanced Payment Solutions in the UK.
FIS claims it can support Instant Issuance, with the production of fully personalised EMV cards in branch locations (this capability was launched for Asia in April 2010). Historically, card issuance for new and replacement credit and debit cards has taken up to two weeks. FIS's Instant Issuance product operates as a stand-alone solution or as part of the overall Cortex card management system.
Around these processing systems, FIS has other applications for fraud management and MIS. The fraud offering, Fraud Navigator, came with eFunds and is relatively low-end, so does not compete with more complex offerings from the likes of Fair Isaac and Actimize (indeed, FIS has partnered with the latter on bids and signed a partnership in 2008). Fraud Navigator is often used alongside IST.
The MIS offering, also with eFunds roots, is Data Navigator, a transaction database (Oracle), populated from near real-time or batch feeds from transaction processing systems, which is used to drive transaction enquiries, settlement and card scheme exception management. Understandably, Data Navigator has been integrated with FIS's own systems and it is a common component alongside these (Vocalink, for instance, uses it with Connex, with Data Navigator constituting an enquiry
database for UK financial institutions).
Derived from EFD, FIS also has a US risk management line including ChexSystems, a service used by more than 9000 US financial institutions. ChexSystems is built around a database of closed-for-cause bank accounts. When a new customer opens an account at a bank, the bank can query the database on whether that customer has a history of defrauding or otherwise troubling other banks with bad cheques. Another popular service is the SCAN cheque verification network for retail merchants.
Merchants use SCAN to help when deciding whether or not to accept a paper cheque for payment at the point of sale. SCAN returns a verdict on the validity of the cheque.
FIS also has the wholly-owned, Metavante-derived subsidiary, NYCE Payments Network, LLC, which has an ATM and point of sale network, plus NYCE Direct Bill Payment service, offering online bill payment via customers' deposit accounts.
And there are niche solutions such as FIS Healthcare Remittance Manager, also derived from Metavante, a data bridge between insurers and medical providers, electronically capturing, reconciling and processing US healthcare payment information.
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