FIS (company)

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FIS
Public
Traded as NYSEFIS
S&P 500 Component
Industry Financial Sector
Founded 1968; 50 years ago (1968)
Headquarters Jacksonville, Florida, U.S.
Key people
Gary A. Norcross
(Chairman, President & CEO)
Products Banking Technology, Payment Technology, Processing Services, Information Based services
Revenue Increase$9.2 billion USD (2016)[1]
Decrease$1.064 1,076.3 billion USD (2013)[1]
Decrease$825.0 million USD (2013)[1]
Number of employees
52,000[2]
Website www.fisglobal.com

Fidelity National Information Services Inc., better known by the abbreviation FIS, is an international provider of financial services technology and outsourcing services. Headquartered in Jacksonville, Florida, FIS employs 52,000 people worldwide. FIS provides payment processing and banking software, services and outsourcing of the associated technology. FIS has over 20,000 clients in more than 130 countries.[3] FIS was ranked the #1 Financial Technology company on the FinTech100 in 2013 and 2014.[4]

Operations

FIS has a portfolio of products for the financial services sector, including both retail and investment banking.[5]

They include "Profile" - a banking application based on the open source GT.M—a transaction processing database engine maintained by FIS.[6]

Derivatives Utility

FIS with the acquisition of SunGard[7], has launched a Derivatives Utility in 2015 to transform Derivatives Clearing BSPT processing world-wide. This will guide derivatives clearing for futures commission merchants to save on total cost of ownership (TCO), and the ability to allow a large focus of the operations processing to FIS, freeing each merchant to focus on each of their clients. Allowing futures merchants to reduce operational risk.[8] Beginning with Barclays[9][better source needed] in 2015, Credit Suisse[10] in 2016, and Wedbush Securities one of the largest capitalized non-bank futures commission merchants in the United States, will move its operations processing and technology management to the FIS Derivatives Utility in 2018[11].

Mergers and acquisitions

Throughout its history FIS has made many acquisitions[12]

Controversies

On July 3, 2007, Certegy Check Services, part of FIS, announced that a worker at one of its subsidiaries stole 2.3 million consumer records containing credit card, bank account, and other personal information. This estimate was later increased to 8.5 million consumer records. The next month, a law firm filed a class-action lawsuit against CCS and parent company FIS based on the privacy breach; the firm claims that, since CCS provides check-verification services to many major U.S. stores, "consumers do not choose to use the services of these companies but rather are forced to do so".[28]

In August 2011, Florida based eFunds Prepaid Solutions, part of FIS, was the victim of a sophisticated cyberattack that saw hackers steal $13 million from ATMs using 22 stolen prepaid cards belonging to a single client of FIS.[29]

See also

References

  1. ^ a b c "10-K" (pdf). FIS. 28 February 2014. p. 23. Retrieved 29 November 2014.
  2. ^ "About US - FIS".
  3. ^ "About Our Company - FIS".
  4. ^ Basch, Mark: [1] American Banker, "FinTech100 Rankings by American Banker"
  5. ^ "Enterprise Financial Systems - FIS".
  6. ^ http://www.redhat.com/f/pdf/rhel/Profile_Benchmark_Results_11-17-2007.pdf
  7. ^ https://www.fisglobal.com/about-us/media-room/news-releases/2015/sungard-launches-industry-utility-to-transform-derivatives-clearing-processing-globally
  8. ^ https://www.fisglobal.com/about-us/media-room/news-releases/2015/sungard-launches-industry-utility-to-transform-derivatives-clearing-processing-globally
  9. ^ Barclays
  10. ^ https://www.fisglobal.com/about-us/media-room/news-releases/2016/credit-suisse-leader-in-global-cleared-derivatives-selects-fis-derivatives-utility
  11. ^ http://www.investor.fisglobal.com/phoenix.zhtml?c=180304&p=irol-newsArticle&ID=2325679
  12. ^ a b c d "About Our Company - FIS".
  13. ^ "Fidelity National Financial acquires Sanchez". 29 January 2004.
  14. ^ "Fidelity National Financial to acquire Aurum Technology". 9 February 2004.
  15. ^ "Fidelity National Financial acquires Bankware and Pro-Soft". 7 April 2004.
  16. ^ "Fidelity to buy InterCept; postpones IPO". 9 September 2004.
  17. ^ "Certegy shareholders agree to Fidelity merger". 27 January 2006.
  18. ^ "Media Room".
  19. ^ "FIS to Acquire Compliance Coach, Inc". Retrieved 2018-07-05.
  20. ^ "Capco - Financial Services Business and Technology Consultants".
  21. ^ "FIS To Sell 60% Equity Interest In Capco; To Receive $477 Mln In Cash Proceeds". 22 May 2017.
  22. ^ "- FIS acquisition of Platform Securities completed".
  23. ^ "FIS acquires mobile banking guru mFoundry for $120 million".
  24. ^ "FIS Completes Acquisition of Reliance Financial Corporation".
  25. ^ http://www.fisglobal.com/C029864
  26. ^ http://www.fisglobal.com/C031126
  27. ^ "FIS to Acquire SunGard".
  28. ^ "Data breach generates class action lawsuit". Network World. 2007-08-21.
  29. ^ "Coordinated ATM Heist Nets Thieves $13M". Brian Krebs. 2011-08-26.

External links

  • FIS — official site
    • Business data for FIS: Google Finance
    • Yahoo! Finance
    • Reuters
    • SEC filings
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