14.09.2005 13:32:00
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CSC and Fidelity Information Services Form Alliance to Offer Top-Tier Banks Innovative Services
EL SEGUNDO, Calif. and JACKSONVILLE, Fla., Sept. 14 /PRNewswire-FirstCall/ -- Computer Sciences Corporation and Fidelity Information Services (Fidelity), a division of Fidelity National Financial, Inc. , today announced they have formed an alliance for the marketing, maintenance and support of three of CSC's Hogan core banking system components. Under the 10-year agreement, CSC and Fidelity will also develop and market new Hogan offerings aimed at lowering banks' total cost of information technology (IT).
Fidelity has licensed and will maintain the three Hogan system components -- Integrated Deposits, Loans and Enterprise Profitability -- at its bank processing facilities in Little Rock, Ark. Fidelity will also be CSC's certified supplier of professional services for the three components, providing staff augmentation, data conversion, software customization, on-site support and application management.
Under the alliance, CSC and Fidelity will also offer Hogan Deposits to banks in North America and the Caribbean on an outsourced application service provider (ASP) basis. Hogan Deposits, a multicurrency, multilingual system, provides online, real-time support for all types of commercial and consumer deposit products. Under the ASP arrangement, banks can use Hogan Deposits from Fidelity's facilities, eliminating the need for clients to invest resources in IT staff and computer resources for maintenance and operation, allowing them to focus solely on their core business.
This offering is the industry's first Hogan ASP solution that provides premier banks with real-time deposit processing. The Hogan system will also be available from CSC for installation in banks' facilities through traditional software licensing agreements.
"With this alliance, Fidelity's and CSC's mutual clients will benefit from enhanced services and alternative delivery methods that provide more choices for managing their IT infrastructures," said Roger Leitner, president of the Fidelity Information Services' Enterprise Banking division. "With our combined software and banking expertise, we will offer world-class integrated and comprehensive solutions that yield real business value."
"We continually search for ways to deliver the best total solution to each of CSC's clients," said Jeffery Schwalk, vice president and managing director of CSC's Banking Solutions group. "This agreement between two committed, experienced IT leaders in the banking industry creates a powerful new set of options that will help banks reduce risk and maximize their business results."
About Fidelity National Financial
Fidelity National Financial, Inc., number 261 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. FNF is the nation's largest title insurance company, with nearly 31 percent national market share, and is also a provider of other specialty insurance products, including flood insurance, homeowners insurance and home warranty insurance. Through its majority-owned subsidiary Fidelity National Information Services, Inc. ("FIS"), the Company is a leading provider of technology solutions, processing services and information services to the financial services and real estate industries.
FIS' software processes nearly 50 percent of all U.S. residential mortgages, it has processing and technology relationships with 45 of the top 50 U.S. banks and more than 2,800 small and mid-sized U.S. financial institutions and it has clients in more than 50 countries who rely on its processing and outsourcing products and services. FIS also provides customized business process outsourcing related to aspects of the origination and management of mortgage loans to national lenders and servicers. FIS offers information services, including property data and real estate-related services that are used by lenders, mortgage investors and real estate professionals to complete residential real estate transactions throughout the U.S. More information about the FNF family of companies can be found at http://www.fnf.com/ and http://www.fidelityinfoservices.com/ .
About CSC
Founded in 1959, Computer Sciences Corporation is a leading global IT services company. CSC's mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With approximately 78,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC's own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $14.3 billion for the 12 months ended July 1, 2005. For more information, visit the company's Web site at http://www.csc.com/ .
This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward- looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.
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