Fifth Third Bank picks FIS to power digital transformation
Long-standing FIS customer, Fifth Third Bank, has selected the supplier’s Modern Banking Platform (MBP) and Unity Wealth Platform as part of a broad systems transformation.
FIS’s MBP solution is also being deployed by BMO Harris Bank
The bank is a user of FIS’s mainframe-based Systematics platform and is the second user of this legacy system to opt for MBP, following the deal with BMO Harris Bank last month.
In total, there are now five MBP takers in the public domain, with the others being US neobank Bambu; a user of FIS’s Kordoba system in Germany, Opel Bank; and FIS Profile user MUFG Union Bank.
FIS claims MBP is being written from scratch, using a microservices architecture and open API model. The majority of the development is being carried out in India, where there is now a team of 400-500.
MBP will be delivered as a managed service and is intended to allow Fifth Third Bank to accelerate its digital transformation and better serve its customers, while also bringing operational efficiencies and scale benefits.
Jude Schramm, CIO at Fifth Third Bank, says: “This is a key part of our multi-year digital transformation that is enhancing our customers’ financial lives, while empowering our employees to be more efficient and opportunistic. Additionally, combining these solutions with our existing payment processing relationship allows us to modernise our platforms while maintaining an efficient overall cost structure.”
As well as MBP and Unity, the bank expects to use other FIS and third-party components, utilising FIS Code Connect for integration.
Fifth Third is based in Cincinnati, Ohio, and boasts 1098 full-service banking centres across 11 states.
