• Shivalik Mercantile Cooperative Bank Ltd chooses FIS to implement a hosted solution with an aggressive delivery timescale.
• The “bank in a box” solution meets the bank’s every need, across multiple solution areas.
• This is the first cooperative bank in India to use the FIS’ Profile core banking solution.
• FIS is one of the foremost providers of hosted core banking solutions for banks globally and now launching the same proposition for banks in India.
FIS™, the world’s largest provider of banking and payments technology solutions, and a global leader in consulting and outsourcing solutions, has been selected by India’s Shivalik Mercantile Cooperative Bank Ltd to provide a completely outsourced “bank in a box” solution for the bank.
Shivalik Bank becomes the first cooperative bank in India to successfully move to FIS’ “bank in a box” Profile core banking solution. A combination of core banking, channels and payments that fulfills all of a bank’s technology needs, Profile allowed Shivalik Bank to convert in just two months, and enables the bank with a platform for the future. With Internet and SMS banking, deposit and loan products, payment solutions, ATM and POS switching, Regulatory and MIS Reporting and more included, Shivalik Bank will be better positioned for growth as all the solutions work together and are easily scalable.
“Increasingly stringent regulatory directives for cooperative banks in India require them to upgrade to more sophisticated technology and, at the same time, these banks are faced with the challenge of responding to the push by commercial banks into their customer segments. FIS’ wide breadth of solution assets offers utmost flexibility to address all the needs of this segment,” said Raja Gopalakrishnan, Group Managing Director APAC, FIS. “FIS’ proven solutions, coupled with its comprehensive in-country servicing capabilities, enabled Shivalik Bank to move to FIS’ Profile core banking in an exceptionally short time frame.”
“Shivalik Bank is pleased with the comprehensive offering delivered by FIS’ core banking solution, as well as its ease of configuration and use,” said Suveer Kumar Gupta, Chief Executive Officer, Shivalik Bank. “FIS is a world leader in core banking, and we chose the FIS ‘bank-in-a-box’ solution because it provided interoperability and scalability, supporting our expansion plans and our strategy for introducing new products and services, while remaining fully compliant with regulations.”
Shivalik Bank (shivalikbank.com) is the first multi-state cooperative bank based in the Indian state of Uttar Pradesh and has a growing network of 21 branches, with an expanding network of business correspondents.
FIS (fisglobal.com) is the world’s largest provider of banking and payments technology solutions, and a global leader in consulting and outsourcing solutions. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 110 countries. Headquartered in Jacksonville, Fla., FIS employs more than 39,000 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 434 on the Fortune 500 and is a member of Standard & Poor’s 500® Index.
Statements in this release that are not strictly historical, including any statements referring to beliefs, expectations, projections, or any other statement regarding events or developments we believe or anticipate will or may occur in the future, may be “forward-looking” statements made pursuant to the safe harbor provisions of federal securities laws. There are a number of important factors that could cause events to differ materially from those suggested or indicated by such forward-looking statements. These include, among other things, changes in general economic, business and political conditions, developmental and conversion delays or disruptions inherent with new software products and technology, and risks of reduction in revenue from the elimination of existing and potential customers due to consolidation in or new laws or regulations affecting the banking, retail and financial services industries, changes in the growth rates of the markets for our solutions, and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release, and FIS does not assume any obligation to update any forward-looking statement.