Organized by The Banker and the Financial Times Group, The Banker Technology Awards recognize the innovation and excellence of technical applications and services for the front, middle, and back-office functions in financial services companies and the strategies employed by these companies to effectively use technology. The awards are designed to provide financial institutions around the world with information about key business areas and the technological expertise that exists within them.
"Our âHighly Commendedâ award is a significant achievement as the competition was extremely high," said Jim Wilson, president, Fidelity Information Services, International Division. "For this category, we were considered alongside nearly 200 other entrants from the international field."
Awards were decided upon the basis of objective and results-oriented criteria by a panel of leading, highly respected industry commentators. The panel considered Fidelityâs development of its core banking solution, Corebank, and its implementation project at Suruga Bank in Japan to be an outstanding accomplishment deserving this award.
Wilson commented; "This award demanded that we demonstrate innovation in development of our solutions and prove we have applied a new technology approach over the past 12 months that is clearly accepted by a customer organization. Over this timeframe, the development of Corebank Release 4.3 has marked the delivery of a platform independent core banking solution based on IBMâs WebSphere software platform and Sun Microsystems Java2 Platform, Enterprise Edition (J2EE). This new solution is the first core processing system completely written in Java, offering a scalable core banking solution regardless of an institutionâs preferred hardware platform."
Corebank is Fidelityâs next generation, customer-centric, true real-time, relational database, continuous core processing solution for global banks. 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. Initially developed to address the Japanese marketplace, the Corebank J2EE version incorporates the same wide-ranging business functionality as the mainframe version to support the global marketplace. Key enhancements include additional interest processing parameters for rounding and accrual units, backdating improvements, extensive new lending options, and a schedule table for prioritizing incoming payments for posting to Corebank.
Suruga Bank selected Corebank J2EE in 2004 as its core system of choice as a result of the strong partnership between Fidelity and IBM Japan. The judges considered the project to be evidence of a software implementation directly aligned to the bankâs business strategy. In addition to improved customer relationship management, the bank will benefit from improved business processes that will enable it to anticipate and react quickly to changing customer and market demands.
"The aim of the awards is to provide an index to guide company executives on the leading global solutions and best practices in key business areas," said Dan Barnes, financial systems editor for The Banker. "The emphasis of the Awards has been to highlight best of breed, innovation and success in financial technology through examination of the way that solutions, service providers and strategies enable financial institutions to address various business challenges."
"Achieving âHighly Commendedâ in the IT/Business Alignment of the Year category provides global recognition that Fidelityâs technological expertise is directly in tune with financial organizationsâ business strategies."