UK's Sainsbury's Bank Selects FIS as Retail Banking Technology Partner
- FIS named as technology partner to Sainsbury's Bank, providing a fully outsourced real-time core banking solution, back-office processing and transition support
- Agreement underscores FIS' ability to deliver cost-efficient and next-generation financial technology services to the global marketplace
JACKSONVILLE, Fla. & LONDON--(BUSINESS WIRE)-- FIS™ (NYS: FIS) , the world's largest provider of banking and payments technology, 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."
About Sainsbury's Bank
To view our latest press releases and product information, please visit the Sainsbury's Bank online media centre at www.sainsburysbank.co.uk/media.
Sainsbury's was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury's Bank provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top Best Buy tables and regularly win awards for quality, price and service.
So far in 2013, the Bank has been awarded 'Personal Loan Provider of the Year' - Consumer Moneyfacts, 'Best Loan Provider' - Money Supermarket Supers and 'Best Credit Card for Rewards' - Moneynet.
Sainsbury's Bank has its own banking licence, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register no. 184514), except for Credit Cards and Loans where it is licensed by the Office of Fair Trading (OFT) license no. 421897. The Bank has an independent membership to the Financial Services Compensation Scheme.
For further information and general Sainsbury's Bank enquiries customers can call the freephone number on 0500 40 50 60 or visit www.sainsburysbank.co.uk.
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 35,000 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.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
Kim Snider, +1.904.438.6278
FIS Global Marketing and Communications
Mary Waggoner, +1.904.438.6282
Senior Vice President
FIS Investor Relations
KEYWORDS: United Kingdom United States Europe North America Florida
The article UK's Sainsbury's Bank Selects FIS as Retail Banking Technology Partner 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.