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JACKSONVILLE, Fla. -- (December 10, 2004) -- Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, and its Fidelity Information Services Wealth Management ("FIS Wealth Management") division today announced the release of FIS Information Server 5.0. FIS Information Server 5.0 is a robust Enterprise Information Integration (EII) solution that consolidates financial data to provide an enterprise-wide, client-centric view to a financial institution's wealth management applications. FIS Information Server 5.0 aggregates data from multiple back office systems and links to established service providers such as ADP, National Financial and NSCC. This provides a consolidated, holistic and enriched view of client holdings including current and historical position, trade, bookkeeping and account balance information.
FIS Information Server 5.0 introduces aggregated data in a hierarchal structure for a complete view of household or group accounts down to client and sub-account levels. This enables organizations to establish information about the relationship between different accounts, registration types and other account holders and delivers that information to any front office wealth management application.
"The key to a successful enterprise-wide wealth management strategy is the ability to internally aggregate account data from across the financial institution and understand the relationship between them and the activity they produce," said Gordon Conlin, president of FIS Wealth Management. "A complete and accurate client view improves a firm's ability to adhere to privacy legislation, KYC, breakpoint and other compliance issues, reducing penalty costs and improving customer service," said Conlin.
FIS Information Server 5.0 stores historical data to provide a "point in time" view of all client information, including household or other relationships, holds complete position, balance and transaction information that can be viewed at any aggregated level and also maintains a complete security master.
The introduction of a hierarchal database allows for profitability analysis at the household or group level and improves the compliance review process. Mutual fund breakpoint rules are complex and differ by fund family. With increased responsibility for mutual fund commission breakpoint accuracy, financial institutions need the ability to store commission breakpoints at the fund level. FIS Information Server 5.0 provides the ability to report positions based on the fund family breakpoint rules.
FIS Information Server 5.0 is flexible and supports any financial institution seeking to optimize its wealth management infrastructure. FIS Information Server 5.0 is XML-based, supports real-time or batch feeds simultaneously and can scale to support over a million transactions per hour.
FIS Wealth Management has been the leader in providing a comprehensive wealth management platform to banks, brokerages, insurance companies and financial planners since 1989.
Fidelity National Financial, Inc., number 262 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. FNF had total revenue of more than $6.2 billion and earned more than $560 million for the first nine months of 2004, with cash flow from operations of more than $925 million for that same period. FNF is the nation's largest title insurance company, with more than 30 percent national market share, and is also a provider of other specialty insurance products, including flood insurance, homeowners insurance and home warranty insurance. Through its subsidiary Fidelity National Information Services, Inc. ("FIS"), the Company is a leading provider of technology solutions, processing services and information services to the financial services and real estate industries. FIS' software processes nearly 50 percent of all U. S. residential mortgages, it has processing and technology relationships with 45 of the top 50 U.S. banks and more than 3,600 small and mid-sized U.S. financial institutions and it has clients in more than 50 countries who rely on its processing and outsourcing products and services. FIS also provides customized business process outsourcing related to aspects of the origination and management of mortgage loans to national lenders and servicers. FIS offers information services, including property data and real estate-related services that are used by lenders, mortgage investors and real estate professionals to complete residential real estate transactions throughout the U.S. More information about the FNF family of companies can be found at www.fnf.com and www.fidelityinfoservices.com.
This press release contains statements related to future events and expectations and, as such, constitutes forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be different from those expressed or implied above. The Company expressly disclaims any duty to update or revise forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, the effect of governmental regulations, the economy, competition and other risks detailed from time to time in the "Management's Discussion and Analysis" section of the Company's Form 10-K and other reports and filings with the Securities and Exchange Commission.
SOURCE: Fidelity National Financial, Inc
CONTACTS: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, 904-854-8120, dkmurphy@fnf.com; Michelle Kersch, Corporate Communications, 904-854-5043, michelle.kersch@fnf.com.
