(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 that Webster Financial Corporation (NYSE: WBS), the largest independent bank headquartered in southern New England, has signed a five-year item processing outsourcing contract with Fidelity. Under the terms of the contract, Fidelity will handle Webster Bank's entire image item processing functions including remote capture of items, back-office balancing, statement rendering and an array of other item and check imaging services.
The item processing contract with Webster further solidifies the bank's relationship with Fidelity Information Services. In September, Webster announced that it will partner with Fidelity to use Fidelity's enterprise-wide banking, mortgage, commercial and front-end application software.
"Partnering with Fidelity for our outsourced item and image processing needs will improve our technology capabilities, decrease operating expenses and put us in a better position to leverage the opportunities afforded through Check 21. Fidelity has proven that they can serve the needs of large financial institutions with their current technologies across an organization's entire enterprise and we look forward to building a long-term relationship with them over the next several years," said Zeynep Fredrick, Executive Vice President and CIO of Webster Bank.
"We are very excited about the opportunity to be Webster's image item processing provider. Fidelity is a leading single source provider of fully integrated technology solutions for financial institutions of all sizes as evidenced by our customer base expansion with clients such as Webster Bank, Sovereign Bank and other large regional holding companies," commented Gary Norcross, President of Fidelity's Integrated Financial Solutions division. "We believe our ability to serve the needs of larger banks gives us a competitive advantage in today's market as the trend to outsource item processing continues to go upstream," Norcross concluded.
Fidelity currently serves over 3,200 clients with 53 fully image-enabled image item processing centers nationwide. The company processes approximately two billion prime pass items annually and renders 124 million statements per year.