Union Bank picks FIS to underpin digital transformation
New York-based Union Bank has selected FIS and its Modern Banking Platform, including the vendor’s omnichannel Digital One system.
Union Bank, a subsidiary of Japanese financial group MUFG Bank, will use the FIS platform to co-develop and co-engineer systems that will be “core” to its banking transformation program.
The bank selected FIS following its work on PurePoint Financial digital bank, according to Steve Cummings, president and chief executive officer of Union Bank.
He adds: “We are confident that this new platform will help us deliver an exceptional client experience and enhance our competitiveness while continuing our heritage as one of the most trusted financial groups.”
FIS says that Union Bank is the first global financial institution to choose the new Modern Banking Platform.
FinTech Futures reported on this deal in August 2018, at the time thought to just be an installation of the FIS Profile system. The Profile platform was installed at PurePoint.
Built to be cloud-native, the platform will feature an “open, component-based architecture” that will enable Union Bank to “easily integrate third-party solutions and more quickly bring innovative new products to clients” while “seamlessly meeting complex regulatory requirements.”
“The new FIS Modern Banking Platform will help Union Bank meet the expectations of digitally savvy clients who expect their banking experience to be as easy and convenient as shopping online,” says Gary Norcross, FIS chairman, president and CEO.
“We are excited to bring this groundbreaking new platform to market and delighted to be chosen by Union Bank as its technology partner for its core banking transformation initiative.”
This is not the first attempt by Union Bank to modernise its tech.
In 2009, it signed for Infosys’ Finacle and the latter’s share price surged as a result. The project was estimated to cost $200 million. The bank planned to consolidate 30 different legacy systems (including Misys’ Midas and D+H’s Phoenix, both of which now reside with Finastra) and replace them with Finacle.
It was also an important project for Infosys to establish its presence in the US core banking market space. The project was halted in 2011. There was a change of CIO and COO at the bank and the new team scrapped the project.