July 14, 2011 04:15 PM Eastern Daylight Time
JACKSONVILLE, Fla.--(BUSINESS WIRE)--FIS™ (NYSE: FIS), the world’s largest provider of banking and payments technology, today announced that Amalgamated Bank of Chicago has signed a five-year agreement for several FIS card processing and fraud protection solutions. The bank selected FIS’ industry-leading card, merchant and fraud technologies in order to enhance its customer experience as well as its consumer and commercial card processing and fraud prevention capabilities.
“We are pleased that Amalgamated Bank of Chicago has chosen to expand their relationship with FIS and are confident that combining the management of their fraud prevention, loyalty and card processing with one provider will positively impact Amalgamated Bank’s ability to better serve their customers.”
Since 1922, Amalgamated Bank of Chicago has been serving the union laborers and working class members of the Chicago area and nationwide. Amalgamated Bank selected several FIS solutions to aid in the management of their card processing and fraud efforts, including Base2000®, ScoreCard®, FIS card personalization and fulfillment, FIS Secured™, COMPROMISE MANAGER™, Merchant Processing and Fraud Alert Management.
FIS’ credit card processing solutions supports both consumer and commercial accounts, including business, corporate, fleet and purchasing cards. ScoreCard is a card loyalty solution that has proven to increase card acquisition, activation and usage of both credit and debit card programs by members. ScoreCard’s Relationship Rewards improves a financial institution’s customer loyalty and retention. With FIS’ full suite of card and fraud solutions, Amalgamated Bank will enhance its ability to provide personalized card services and bring new financial solutions to market quickly.
FIS Fraud Alert Management is a comprehensive fraud management platform that features the ability to adapt intuitively as new card and merchant data models are added. A unique attribute of the solution is its ability to synthesize credit, debit and prepaid transactions on the same platform, significantly improving accuracy through the monitoring of multiple types of cards. FIS Secured is a fraud protection program that leverages proprietary analytical tools and enhanced data mining to identify emerging fraud patterns and potential points of compromise to stop fraud runs before they occur. With the addition of these solutions, Amalgamated Bank will be able to identify potential fraudulent trends and activity before it occurs while minimizing the overall impact to legitimate cardholder spending.
“FIS’ card and merchant processing, as well as fraud solutions will bring us to a new level of efficiency. The combination of increased system flexibility, robust functionality and improved cardholder experience were all key differentiators for us,” said Jonathan Telzrow, senior vice president, Amalgamated Bank of Chicago.
“FIS has developed a platform at the forefront of credit card processing technology integrated with fraud and loyalty programs that deliver the flexibility and adaptability banks need to remain highly competitive,” said Frank D’Angelo, executive vice president, FIS Payment Solutions Group. “We are pleased that Amalgamated Bank of Chicago has chosen to expand their relationship with FIS and are confident that combining the management of their fraud prevention, loyalty and card processing with one provider will positively impact Amalgamated Bank’s ability to better serve their customers.”
FIS (NYSE: FIS) is the world’s largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 32,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. FIS is ranked 426 on the Fortune 500, is a member of Standard & Poor’s 500® Index and consistently holds a leading ranking in the annual FinTech 100 list. For more information about FIS, visit www.fisglobal.com.