|
Fidelity
Information Services Provides Sterling National Bank with Complete
Check Image Exchange Capabilities with the Federal Reserve Banks
Sterling
is Among the First to Complete the Federal Reserve Banks’
Implementation Process for Receiving Image Cash Letters
Jacksonville,
FL - (November 8, 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 its ImageCentre™
Voyager™ check imaging solution has enabled Sterling National Bank (NYSE:STL)
to send and receive images to and from the Federal Reserve Banks.
Sterling
National Bank (“Sterling”), a New York-based financial holding
company with assets of over $2 billion, began using the Federal
Reserve’s FedForwardsm service in June 2005, which allowed
it to begin transmitting image cash letters electronically. In September
2005, Sterling became the first in New York City and among the first in
the United States to begin using FedReceiptsm Plus, a Federal
Reserve service that gives banks the ability to receive their
inclearings electronically. Sterling was an early adopter of FedReceipt
Plus because both the bank and Fidelity were able to demonstrate that
they were ready, willing and able to accept a file in the FedReceipt
Plus format.
“After
we began transmitting our cash letters to the Federal Reserve as images,
we knew we wanted to move on to the next step,” said Eliot S.
Robinson, executive vice president for Sterling National Bank.
“Fidelity quickly took us through the process of preparing for the
receipt of electronic inclearings, and when the Federal Reserve
indicated they were seeking early adopters, we were ready to go. We
expect operational efficiencies that will result in measurable cost
savings, and we will also be positioned to detect fraud more quickly and
accurately.”
The
ImageCentre suite provides financial institutions with a completely
browser-based payment processing, document management and fraud
detection solution. ImageCentre Voyager enables client financial
institutions to exchange check images with image exchange networks,
correspondent banks and other financial institutions.
Voyager
provides tremendous operational efficiencies, including reduced sorter
labor costs, maintenance and supplies. Transmitting outgoing image cash
letters eliminates capture passes, outgoing item encoding and courier
fees. Receiving image cash letters eliminates a daily capture pass and
the associated correction and balancing process. And generating
electronic returns streamlines the exception handling process by
eliminating the need to pull, strip, encode and stamp return reasons
while simultaneously reducing adjustment research.
“In
addition to operational efficiencies and resulting cost savings,
Sterling will also benefit from improved funds availability as nearly
100% of their transit items can be settled the same or the next day,”
said Anthony Jabbour, executive vice president for Fidelity. “As
interest rates rise, improving funds availability for investment is
becoming a more important component of the business case for image
exchange.”
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
Sterling Bancorp
Sterling Bancorp (NYSE:STL)
is a financial holding company with assets of $2 billion, offering a
broad array of banking and financial services products. Its principal
banking subsidiary is Sterling National Bank, founded in 1929. Sterling
provides a wide range of products and services, including business and
consumer loans, commercial and residential mortgage lending ad br
okerage, asset-based financing, factoring, trade financing, equipment
leasing, corporate and consumer deposit services, trust and estate
administration, and investment management services. The Company has
operations in New York, Virginia and North Carolina and conducts
business throughout the U.S.
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”
and “FedReceipt” are either registered or unregistered trademarks or
service marks of the Federal Reserve Banks. A complete list of marks
owned by the Federal Reserve Banks is available at www.frbservices.org.
The Federal Reserve Banks do not sponsor or endorse any of the
non-Federal Reserve Bank parties or entities or their views or
services/products discuss
ed herein.
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.
|
