Silvergate Bank overhauls front-to-back office tech with FIS
California’s Silvergate Bank has implemented a suite of systems from FIS in a major tech overhaul – from a new core banking system to branch, digital and mobile banking, compliance and risk.
The new core banking platform – FIS’s Horizon – will let the bank “streamline” its third party systems, such as account opening and loan servicing.
The contract was signed in Q4 2015, Banking Technology understands.
Alan Lane, CEO at Silvergate Bank, describes FIS as “an exemplary partner” throughout the project. The core conversion was “the smoothest anyone here had ever experienced”, Lane adds.
Privately held and headquartered in La Jolla, Silvergate Bank has nearly $1 billion in assets. It has operated in the San Diego area since 1988.
This year has been mixed for FIS.
Mirae Asset Securities, a subsidiary of Asia’s Mirae Asset Financial Group, selected FIS as its technology partner to launch prime brokerage, global securities lending, repo, delta one and correspondent clearing businesses in the US.
But Arab Bank (Switzerland), a private bank in Geneva, signed a long-term deal with Avaloq for the vendor’s complete business process outsourcing (BPO) services. On the way out is the legacy Ambit Private Banking system from Sungard/FIS. Arab Bank (Switzerland) has been using it for over a decade, Banking Technology understands.