FIS has been selected by Sainsbury’s Bank as the bank’s technology partner for all its retail banking operations. Under the terms of this strategic multi-year arrangement, FIS will provide real-time core banking and back-office processing support via an outsourced model on behalf of Sainsbury’s Bank.
Announcing its Preliminary Results today, J Sainsbury plc confirmed its intention to acquire the Lloyds Banking Group 50 per cent shareholding in Sainsbury’s Bank. The announcement is the latest development in Sainsbury’s overall strategy to help its customers to Live Well For Less and at the same time grow sales and profits from complementary new business channels by leveraging the Sainsbury’s brand.
FIS will provide a fully integrated real-time core processing and back office IT solution to Sainsbury’s Bank and deliver transition support as the bank moves its back office services from Lloyds Banking Group to FIS. FIS’ integrated solutions will support the bank’s deposit, savings, loan and credit cards accounts, and deliver seamless channel integration to enable customers to access their accounts through telephone, internet and mobile devices. The entire operation will be hosted and run by FIS in the UK.
‘Sainsbury’s plans to extend their banking services will increase competition by introducing a new and exciting player to the UK banking market. FIS has unrivalled experience in core banking and financial technology outsourcing and is uniquely qualified to help them achieve their growth ambitions,” said Mark Davey, EVP, International, FIS. ‘The ground breaking deal is a testament to position FIS as a world leader in outsourcing and financial technology solutions.”
FIS is a world leader in hosted core banking solutions with long-term relationships with 40 of the world’s top 50 banks. This strategically important deal for both companies reinforces FIS’ position as a global leader in the delivery of financial services technology with the ability to provide cost effective and efficient support for organisations as they take new banking services to market.
Commenting on the announcement, Peter Griffiths, CEO Sainsbury’s Bank said ‘Introducing our new technology partner is a major step forward in our evolution as we become a wholly owned Bank. We are delighted to be working with FIS, who are experts in their field. We are very pleased with their domain expertise and the extensive functionality delivered by their banking and payments solutions.”
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