What is FIS?
What is FIS?
Fidelity National Information Services Inc. (FIS) is an international provider of financial services technology and outsourcing services based in Jacksonville, Florida, that employs over 55,000 people around the world. The company provides payment processing and banking software, services and outsourcing of associated technology.
Key takeaways
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Fidelity National Information Services (FIS) is a global provider of financial services technology and outsourcing solutions.
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FIS employs over 55,000 people across more than 50 countries.
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It serves retail, commercial, and institutional banking, capital markets, and insurance clients. It also provides services such as merchant services, automated clearing house processing, and information technology outsourcing.
The history of FIS
The FIS company was founded in 1968 as Systematics, a subsidiary of Alltel. Systematics was the first company to provide transaction processing services to financial institutions. In 1983, Alltel spun off Systematics as an independent company, and it was renamed Fidelity Information Services.
In 1988, FIS began offering its services to the banking industry, and by the early 1990s, they had become the largest provider of banking transaction processing services in the US. In 2000, FIS merged with Metavante Corporation, and the combined company was renamed Fidelity National Information Services.
Since then, FIS has continued to grow and expand its services, providing solutions and services to more than 20,000 institutions in over 100 countries.
Products and services
FIS has a big range of products for the financial services sector, including both retail and investment banking. One such product is Profile, a banking application based on the open source GT.M, a transaction processing database engine maintained by FIS.
According to the company, it can automate the detailed processes associated with trading, managing investment portfolios and accounting for investment assets with strategic, operational and technology solutions.
FIS promises: “Our componentized approach enables our clients to continuously transform the banking and wealth management experience, adapt to the changing interaction model and offer a differentiated customer experience.”
Partnerships and acquisitions
As of 2023, FIS had made 17 acquisitions in its history, helping broaden its reach in the industry. Some notable ones included financial technology firms Certegy in 2006, eFunds in 2007 and Metavante in 2009.
In August 2015 when it agreed to buy SunGard for $5.1bn in cash and stock. The acquisition was completed on November 30 2015.
Conclusion
Financial services company (FIS) is a leading international provider of information technology services and billing solutions. It has an over 50 year history of providing financial services and forging new relationships with financial institutions and businesses.