JACKSONVILLE, Fla. – Fidelity National Information Services, Inc., (FIS) and Fifth Third Bank announced today that Fifth Third has selected FIS’ Advanced Commercial Banking Systems (ACBS®) to support its growing syndicated commercial loan business.
Fifth Third will deploy ACBS solutions in the back office via FIS’ Application Service Provider (ASP) solution to efficiently originate and service syndicated loans. Fifth Third will implement ACBS Origination™ and ACBS Servicing™. FIS’ ACBS Lending Solutions is an integrated family of commercial lending products that automates the entire range of commercial lending activity, from deal origination, primary syndication and Web-based deal publishing through settlement, accounting, risk management and loan trading.
“As our portfolio has grown in complexity and volume, we needed a product and a company that could grow with us and support our business efficiently,” said Richard Hillsman, Fifth Third’s managing director of Syndications. “The enhanced ability to manage our deals from origination through servicing will improve our customers’ and investors’ experiences while at the same time allow us to control our costs.”
“We are extremely pleased that Fifth Third Bank has selected FIS’ ACBS solutions for its syndications operation," said Richard Levy, president of FIS’ ACBS division. "With Fifth Third’s growth in foreign-denominated loans, complex credits and syndications, FIS’ ACBS application suite, proven experience and leadership provide invaluable support for Fifth Third’s continued growth in its syndicated loan business. Additionally, with more than 30 years of experience in providing reliable application information technology services, FIS’ ASP will enable Fifth Third to focus on its syndication business."
About Fifth Third Bancorp
Fifth Third Bancorp (NASDAQ:FITB) is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $105.8 billion in assets, operates 19 affiliates with 1,155 full-service banking centers, including 110 Bank Mart® locations open seven days a week inside select grocery stores, and 2,099 Jeanie® ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of September 30, 2006, has $215 billion in assets under care, of which it manages $32 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com.
About Fidelity National Information Services
Fidelity National Information Services, Inc. (NYSE:FIS) is a leading provider of core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage-related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 35 of the top 50 global banks, including nine of the top 10. Approximately 50 percent of all U.S. residential mortgages are processed using FIS software.
ACBS Loan Systems, a division of Fidelity National Information Services, Inc., is the leading global provider of software and technology solutions to financial institutions, on both the sell and buy sides, that participate in the commercial loan market. ACBS products automate, streamline and integrate every phase in the life a loan – origination, syndication, servicing, trading, portfolio management, reporting and analysis – from the middle market to the largest syndicated credits. Twenty of the top 25 global financial institutions, ranked by tier 1 capital, use ACBS commercial loan software. The products operate in real time in any currency. ACBS products run on Windows and IBM i-Series platforms or through an application service provider (ASP) and are licensed by more than 90 leading financial institutions.
FIS is a member of Standard and Poor’s (S&P) 500® Index and has been ranked the number one banking service provider in the world by American Banker and the research firm Financial Insights, and the number two overall financial technology provider in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 7,800 financial institutions in more than 60 countries worldwide. For more information on Fidelity National Information Services, please visit www.fidelityinfoservices.com.