Australia's Suncorp Bank Selects FIS to Consolidate its Financial Payments Switching
- Suncorp Bank employs FIS' CONNEX solution for single-platform ATM and point-of-sale (POS) switching.
- The FIS solution provides a platform to support new technologies, including EMV.
- FIS handles billions of switching transactions globally per year, underscoring its position as a payments leader with worldwide scale and reach.
JACKSONVILLE, Fla. & MELBOURNE, Australia--(BUSINESS WIRE)-- FIS™ (NYS: FIS) , the world's largest provider of banking and payments technology, today announced it successfully migrated Suncorp Bank onto the CONNEX® switching platform for POS transactions. Migration of ATM transactions is scheduled for the first half of 2013.
Suncorp Bank selected CONNEX because it manages both POS and ATM networks, supports new payment technologies and sustains the bank's continued roll out of Europay, MasterCard® and Visa® (EMV®), a global standard for inter-operation of integrated circuit cards.
"This is another successful switching implementation for FIS and we are proud to add Suncorp Bank to our growing client base of local and global transaction switching leaders," said Richard Palmer, managing director, FIS Australasia, "Suncorp is known as a technology innovator in the Australian market and we're excited to team with them in support of their initiatives. FIS is making significant market share gains in transaction switching in Australasia and around the world, which is a testament to our solutions and our expertise."
Suncorp-Metway Limited (Suncorp), part of the Suncorp Group, is Australia's fifth largest and leading regional bank. With more than $96 billion in assets, it is among the top 25 companies listed on the Australian Stock Exchange (ASX). Suncorp Bank aims to provide middle Australia with a genuine alternative to the major banks by offering the big bank capability, with the small bank connection. The implementation of this new integrated solution will provide Suncorp Bank with the technology to offer an enhanced service to its customers and a solid foundation to continue to launch new and innovative products in the future.
David Spence, Payment Systems manager, Suncorp Bank said, "We are pleased with the implementation of the CONNEX solution. The project ran really smoothly under very aggressive timelines. The FIS team worked alongside our own resources and from day one took the time to transfer their extensive knowledge to our staff. As a result, we now have a single platform enabling us exceptional performance and the in-house skills to deliver these benefits to our customers."
CONNEX is a comprehensive solution for ATM and POS terminal driving, transaction acquiring, switching and authorisation. The solution interfaces to processors and hosts and links to all major regional, national and international networks. CONNEX leverages a fault tolerant, redundant architecture to provide a robust, high volume, high availability and highly scalable switch processing environment - including the ability to run a multi-node, active-active environment to facilitate business continuity.
Suncorp Group includes leading general insurance, banking, life insurance, superannuation and investment brands in Australia and New Zealand. The Group has 16,000 employees and relationships with nine million customers. It is a Top 25 ASX listed company with $96 billion in assets. Today Suncorp is Australia's leading regional bank, largest domestic general insurance group, and second largest in New Zealand and has representation in 450 offices, branches and agencies throughout Australia and New Zealand. Suncorp Bank offers more than one million customers a strong suite of personal and business deposit and lending products through a national network of more than 240 branches and business centres and 2200 ATM access points, as well as its award-winning internet and phone banking systems.
FIS (NYS: FIS) is the world's largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 425 on the Fortune 500 and is a member of Standard & Poor's 500® Index. For more information about FIS, visit www.fisglobal.com.
Kim Snider, +1 904.438.6278
FIS Global Marketing and Communications
Mary Waggoner, +1 904.438.6282
Senior Vice President
FIS Investor Relations
KEYWORDS: Australia United States North America Australia/Oceania Florida
The article Australia's Suncorp Bank Selects FIS to Consolidate its Financial Payments Switching originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.