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Fidelity
Information Services Enables Large Outsourcing Provider to Successfully
Transmit Image Cash Letters to the Federal Reserve Banks
Using
Fidelity’s ImageCentre™ and Voyager™, DCM,
Inc. is Among First to Complete Federal Reserve Banks’ Implementation
Process for Depositing Image Cash Letters
Jacksonville,
FL
– (April 13, 2005) –
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 announced today that Fidelity’s ImageCentre™
and Voyager™
check imaging solutions are now transmitting daily image cash letters to
the Federal Reserve Banks.
Fidelity’s
client, Diverse Computer Marketers, Inc. (DCM), is one of the first
companies in the nation to successfully complete the implementation
process for depositing image cash letters. This accomplishment paves the
way for other Fidelity clients to begin the transition from paper to
electronic payments and benefit from the efficiencies afforded by the
passage of the Check 21 Act.
DCM,
a Lansing MI-based outsourcing provider, leverages ImageCentre to
service more than 40 financial institutions in the upper Midwest.
Beginning immediately, outgoing image cash letters are being created
using Voyager and transmitted daily to the Federal Reserve Banks’
FedForwardsm
image cash letter deposit service for presentment to paying banks as
images or substitute checks.
“The
advanced technology built into ImageCentre and Voyager allows us to help
our clients clear dollars faster, reduce transportation costs and
streamline backroom operations,” said Edward Chan, vice president of
DCM. Factoring in reductions in courier costs and item clearing
expenses, our first image exchange for a bank client resulted in a 70
percent reduction in item clearing and settlement costs. It is simply
more efficient and economical to send images in lieu of the physical
items.”
ImageCentre
and Voyager were developed by BankWare, a provider of check and
remittance imaging solutions that was acquired by Fidelity in April
2004. The ImageCentre suite provides financial institutions with a
completely browser-based payment processing, document management and
fraud detection solution. Voyager enables client financial institutions
to exchange check images with image exchange networks, correspondent
banks and other financial institutions.
“This
announcement is the culmination of the combined efforts of the Federal
Reserve Banks, DCM and Fidelity’s BankWare team after the completion
of a comprehensive testing and implementation process,” said Bob Darty,
group executive for Fidelity’s Integrated Financial Solutions
division. “The passage of Check 21—and the promise of electronic
image exchange—is rapidly changing the process by which checks are
delivered, cleared and settled. Our advanced and proven image-based
solutions provide financial institutions with the technology and
flexibility necessary to build a strong business case that justifies the
transition to electronic payments.”
About
Fidelity National Financial
Fidelity
National Financial, Inc., number 261 on the Fortune 500, is a provider
of products and outsourced services and solutions to financial
institutions and the real estate industry. FNF is the nation’s largest
title insurance company, with nearly 32 percent national market share,
and is also a provider of other specialty insurance products, including
flood insurance, homeowners insurance and home warranty insurance.
Through its majority-owned subsidiary Fidelity National Information
Services, Inc. (“FIS”), the Company is a leading provider of
technology solutions, processing services and information services to
the financial services and real estate industries. FIS’ software
processes nearly 50 percent of all U. S. residential mortgages, it has
processing and technology relationships with 45 of the top 50 U.S. banks
and more than 2,800 small and mid-sized U.S. financial institutions and
it has clients in more than 50 countries who rely on its processing and
outsourcing products and services. FIS also provides customized business
process outsourcing related to aspects of the origination and management
of mortgage loans to national lenders and servicers. FIS offers
information services, including property data and real estate-related
services that are used by lenders, mortgage investors and real estate
professionals to complete residential real estate transactions
throughout the U.S. More information about the FNF family of companies
can be found at www.fnf.com
and www.fidelityinfoservices.com.
About
DCM
DCM,
Inc. provides a diverse offering of in-house and outsourced solutions to
the financial services industry. With facilities and staff in Lansing,
MI, and Indianapolis, IN, DCM provides item image processing, remittance
processing, item and core system disaster recovery, and ATM solutions.
For additional information on DCM, call or visit the company’s web
site at www.dcminc.com.
This
press release contains statements related to future events and
expectations and, as such, constitutes forward-looking statements.
These forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause actual results,
performance or achievements of the Company to be different from those
expressed or implied above.
The Company expressly disclaims any duty to update or revise
forward-looking statements.
The risks and uncertainties which forward-looking statements are
subject to include, but are not limited to, the effect of governmental
regulations, the economy, competition and other risks detailed from time
to time in the “Management’s Discussion and Analysis” section of
the Company’s Form 10-K and other reports and filings with the
Securities and Exchange Commission.
“FedForward”
is a service mark of the Federal Reserve Banks.
SOURCE:
Fidelity National Financial, Inc.
CONTACTS:
Daniel Kennedy Murphy, Senior Vice President, Finance and Investor
Relations, 904-854-8120, dkmurphy@fnf.com,
or Dennis Holland,
Fidelity Integrated Financial Solutions, 972-943-2685, dennis.holland@fnf.com.
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