LOS ANGELES, Jan. 15, 2020 /PRNewswire/ -- Union Bank and
global technology leader FIS™ (NYSE: FIS) today announced a
cooperative agreement to deliver a next-generation core banking
platform to power the bank through its next iteration of digital
offerings.
Union Bank, a member of MUFG Americas Holdings, one of the 20
largest bank holding companies in the
United States, will use the FIS Modern Banking Platform to
co-develop and co-engineer systems that will be core to its banking
transformation program to drive innovation and address the evolving
needs of its clients today and into the future. FIS and Union Bank
will work together to co-engineer the new solution to meet the
bank's specific needs.
Union Bank is the first global financial institution to choose
the new Modern Banking Platform to drive innovation forward. The
platform, which also includes the FIS Digital One omnichannel
platform, will provide the bank with a range of advanced
capabilities to benefit clients, including an intuitive user
experience and integrated digital and mobile banking tools.
"Expanding on our success working with FIS on our PurePoint
Financial digital bank, we are advancing our digital-first
deposit platform across Union Bank," said Steve Cummings, President and Chief Executive
Officer of MUFG Union Bank. "We are confident that this new
platform will help us deliver an exceptional client experience and
enhance our competitiveness while continuing our heritage as one of
the most trusted financial groups."
"The new FIS Modern Banking Platform will help Union Bank meet
the expectations of digitally savvy clients who expect their
banking experience to be as easy and convenient as shopping
online," said Gary Norcross, FIS
Chairman, President and CEO. "We are excited to bring this
groundbreaking new platform to market and delighted to be chosen by
Union Bank as its technology partner for its core banking
transformation initiative."
Redefining the Union Bank Core Banking Platform
Built from the ground up to be cloud-native, the platform will
feature an open, component-based architecture that will enable
Union Bank to easily integrate third-party solutions and more
quickly bring innovative new products to clients while seamlessly
meeting complex regulatory requirements.
Through its modern architecture, the Modern Banking Platform
will advance Union Bank goals by providing:
- Speed to market. The solution is built to support open
banking through extensive application programming interfaces (APIs)
– enabling the bank to tap into the wider ecosystem of FIS and
third-party applications to deliver innovative new services to
clients.
- Ease of integration. The Modern Banking Platform is
component-based, allowing individual system components to be
upgraded or replaced without affecting other bank functions or
data.
- Personalization. The solution is designed to be client
centric and leverages the power of data analytics and artificial
intelligence to help the bank better understand the specific needs
of its individual clients and offer more personalized financial
products.
- Resiliency and scalability. The system will be designed
to be cloud-native, providing high resiliency, scalability and cost
efficiencies that come with secure cloud delivery.
- Regulatory compliance. With strong security and fraud
detection, the solution is built to help the bank meet complex and
changing regulatory requirements.
The FIS Modern Banking Platform supports the full depth and
breadth of retail and commercial deposit products, from basic
checking and savings accounts to the most complex financial
products. The platform is designed to seamlessly integrate
with other FIS solutions and provide new account onboarding,
payment processing, card management, fraud and risk management, and
global regulatory compliance – as well as unified digital services
through a modern, intuitive user interface.
Because of the flexibility of the platform's cloud-native,
component-based architecture, the bank can focus its modernization
efforts on areas that address its strategic priorities and offer
the highest potential returns.
About MUFG Union Bank, N.A.
As of September 30, 2019, MUFG Union Bank, N.A. operated 350
branches, consisting primarily of retail banking branches in the
West Coast states, along with commercial branches in Texas, Illinois, New
York, and Georgia. We provide a wide spectrum of
corporate, commercial, and retail banking and wealth management
solutions to meet the needs of our clients. We also offer an
extensive portfolio of value-added solutions for clients, including
investment banking, personal and corporate trust, global custody,
transaction banking, capital markets, and other services.
With assets of $134.7 billion, as of
September 30, 2019, MUFG Union Bank
has strong capital reserves, credit ratings and capital ratios
relative to peer banks. MUFG Union Bank is a proud member of
the Mitsubishi UFJ Financial Group (NYSE: MUFG), one of the world's
largest financial organizations with total assets of approximately
¥314.5 trillion (JPY) or $2.9
trillion (USD)¹, as of September 30,
2019. The corporate headquarters (principal executive
office) for MUFG Americas Holdings Corporation, which is the
financial holding company, and MUFG Union Bank, is in New York City. The main banking office of MUFG
Union Bank is in San Francisco,
Calif.
1 Exchange rate of 1
USD=¥107.9 (JPY) as of September 30,
2019
About FIS
FIS is a leading provider of technology solutions for merchants,
banks and capital markets firms globally. Our 55,000 people are
dedicated to advancing the way the world pays, banks and invests by
applying our scale, deep expertise and data-driven insights. We
help our clients use technology in innovative ways to solve
business-critical challenges and deliver superior experiences for
their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500®
company and a member of Standard & Poor's 500® Index.
To learn more, visit www.fisglobal.com. Follow FIS
on Facebook, LinkedIn and Twitter (@FISGlobal).
Press contact:
Diana Rodriguez
Union Bank
(213) 236-5017
diana.rodriguez@unionbank.com
Kim Snider
FIS
(904) 438-6278
kim.snider@fisglobal.com
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SOURCE Union Bank