Jacksonville, Florida - 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 today announced the global availability of the world’s first platform independent core banking solution adapted to the Java2 Platform Enterprise Edition (J2EE) architecture and programming model. With this addition to its suite of retail banking products, Fidelity can now offer financial organisations world-wide a next generation core banking solution regardless of their preferred hardware platform.
Corebank is Fidelity’s component-based, true real-time, continuous core processing relational database, solution for global banks. The Corebank J2EE version incorporates the same wide-ranging business functionality as the mainframe version to support the global marketplace. It is a strategic banking application that supports a wide range of customer, product build, deposit, lending, and payment functionality for the retail banking environment.
The first implementation of Corebank J2EE was announced late last year with Suruga Bank Ltd adopting Corebank J2EE in order to effectively manage its customer information, deliver superior customer service, and develop diverse financial products efficiently. The project at Suruga Bank also includes IBM’s recently launched Core Systems Transformation solution (CST), a comprehensive approach to core systems renovation, which allows banks to migrate their back-office systems to modern solutions in a phased, risk-minimising manner. Corebank J2EE works within the CST framework to deliver a best-of-breed core banking application using a componentised implementation approach and exploiting the advantages of the CST transaction processing platform.
“We are delighted to be in the enviable position of launching a new technology solution to the international market – Corebank J2EE – with a customer already signed up and with an implementation project successfully moving forward,” commented Jim Wilson, president, Fidelity Information Services, International Division.
As financial services organisations look to refresh their core processing platform, Corebank’s advanced technology infrastructure provides the flexibility to accommodate future changes in business and market focus. The application architecture employed by Corebank is extremely efficient at re-using software components thereby reducing complexity, maintenance effort and development risk.
"Many banks are looking for solutions to replace legacy systems that can be introduced without delay, with significantly decreased implementation risk and that will improve operational efficiency and deliver business value quickly," said Wilson. "This solution allows financial organisations to select the system configuration most appropriate for their business strategy and system scale."
The successful completion of Corebank J2EE was achieved working in close partnership with IBM. It marks the culmination of a collaborative effort to bring a solution to the marketplace that was based on open standards and could support the entire breadth of the J2EE specification. Rather than relying on proprietary tools, Corebank has chosen to rely on IBM’s wealth of knowledge with application platform technologies. The Corebank development team continues to work closely with IBM’s Software Group to fully exploit IBM’s flagship WebSphere software and eServer hardware. Corebank’s architecture design allows the Corebank business components to remain unaffected by changes in the underlying infrastructure while continuing to exploit additional capabilities as J2EE evolves.
"We have been delivering world class core processing applications and services for over 40 years and we pride ourselves on meeting our commitments to our customers and the marketplace," added Wilson.
This development demonstrates Fidelity’s continuing commitment to deliver technology innovation and to provide best-of-breed solutions that improve the long-term competitiveness of our clients.
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