Fidelity  Company Profile

Fidelity  Company Profile

  • Posted by  FreshersWorld 
    7 Jan, 2012

    Fidelity National Information Services, Inc. (NYSEFIS), also known as FNIS and FIS, is a publicly traded corporation that provides core processing for financial institutions, card issuer and transaction processing, mortgage processing services, and related information products and outsourcing.

    Fidelity National Information Services was formed on February 1, 2006 when Certegy Inc. merged with Fidelity Information Services, a subsidiary ofFidelity National Financial. Following the merger, Fidelity National Financial controlled 50.8% of the outstanding common stock of the new FIS.[1]

    In 2007 FIS acquired eFunds Corporation (EFD), adding switching and transaction management to the stable of financial products.

    The result is that FIS is a leading provider of core financial institution processing, card issuer and transaction processing services, mortgage loan processing and related information products and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 31 of the top 50 global banks, including nine of the top 10.[citation needed]

    On July 3, 2007, Certegy Check Services, part of FNIS, announced that a worker at one of its subsidiaries stole 2.3 million consumer records containing credit card, bank account and other personal information. This estimate was later increased to 8.5 million consumer records. The next month, a law firm filed for a class-action lawsuit against CCS and parent company FNIS based on the privacy breach; the firm claims that, since CCS provides check-verification services to many major U.S. stores, "consumers do not choose to use the services of these companies but rather are forced to do so".[2]

    On April 1, 2009, Fidelity National Information Services announced that it had acquired Metavante Technologies (NYSE: MV) and planned to close the deal in the third quarter. Due to Federal regulatory approval, the $4.4 billion deal was delayed, but officially closed on October 1, 2009. On October 1, 2009, Fidelity National Information Services, Inc. announced the completion of its merger with Metavante Technologies, Inc. Although the company retains the word "National" in its name, its stock is now traded under the ticker FIS, and this is also the preferred abbreviation.[3]


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