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Jacksonville, FL -- (March 3, 2005) -- 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 ("Fidelity") division announce an agreement with PhoneCharge, Inc., an electronic bill payment company, to co-market a suite of electronic bill pay products.
The suite is aimed at reducing infrastructure costs and streamlining the operation of payment services presently in place at companies in the automotive finance industry. By integrating access to the PhoneCharge bill payment platform via Fidelity's interface, automobile loan and lease companies will be able to streamline, upgrade and expand their payment services virtually overnight, with minimal or no capital investment.
Peter A. Bobley, president of PhoneCharge says, "the Fidelity/PhoneCharge strategic relationship will rapidly bring a much needed upgrade to automotive finance operations. Companies will be able to dramatically reduce overhead costs, lower electronic check returns, and for the first time offer consumers the opportunity of making their motor and recreational vehicle payments with a debit card."
Access to the PhoneCharge bill pay platform via Fidelity will enable consumers to pay their motor and recreational vehicle payments by credit card, debit card or electronic check via phone or the Internet. An integrated customer service program provides access to complete customer records, and a sophisticated and dependable Interactive Voice Response (IVR) element is designed to reduce live operator expense or upgrade existing IVR platforms.
Select automotive finance companies currently offer payment by credit card and, by extension of Visa and MasterCard, debit cards payments processed at a cost of approximately 2%. Companies will now benefit from a greatly reduced fixed rate through the Pulse, Star and NYCE Electronic Funds Transfer networks. One of the most effective features of the suite of bill payment services offered by Fidelity and PhoneCharge is a patent pending system known as PhoneCharge Bureau of Investigation, or PBI, which has demonstrably lowered electronic check returns by as much as 60%.
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 is the nation's largest title insurance company, with nearly 32 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, Senior Vice President, Corporate Communications, Fidelity Information Services, Inc, 904-854-5043, michelle.kersch@fnf.com
