JPMorgan Chase Launches Strategic Industry Alliance With Fidelity National Information Services For Financial Institution Check Clearing
New York, May 25, 2006 -- JPMorgan Chase, a full-service provider of cash management, trade finance and treasury solutions, today announced a strategic industry alliance with Fidelity National Information Services (NYSE:FIS).
A key component of the alliance is Fidelity Payment Xchange, an end-to-end solution for image and paper cash letter receipt and presentment that enables financial institutions to exchange items with other institutions and participate in leading national exchanges. This alliance will further drive the industry toward greater adoption of image technologies resulting in improved efficiencies for all parties.
The alliance combines the strength of FIS' nationwide network of transaction centers, national archive and distributed capture solutions with JPMorgan Chase's extensive expertise in payment clearing and settlement. By joining forces, the two entities will enable financial institutions to streamline their transition from paper clearing to image exchange and more quickly take advantage of the efficiencies afforded by the passage of the Check 21 Act.
JPMorgan Chase is one of the leading check volume processors in the country, holding the number one position in U.S. dollar clearing and most recently was ranked as the number one originator of ACH Payments. The company has invested over $100 million in imaging technology. FIS is a leading provider of check imaging solutions and services, as well as core processing, EFT, eBanking, business intelligence, card services and regulatory solutions.
"With more than 50 totally image-enabled processing centers across the country, FIS has taken a prominent role in helping financial institutions make this transition as cost effectively as possible," said Randy Fluitt, executive vice president of FIS' Integrated Financial Solutions division. "The formation of alliances with major industry players such as JPMorgan Chase is one more step in the process of enabling clients to seamlessly move from paper to electronic exchange."
Carl Shishmanian, vice president and product sales manager for global check deposits for JPMorgan Chase Treasury Services, said: "Financial institutions are facing enormous pressure to keep up with the rapidly growing need to process checks more efficiently through the use of image technologies. This alliance will help hundreds of companies deal with these unprecedented changes. FIS has vast experience in the payment industry and has developed best-in-class operating principles to create this straightforward, focused solution."
About Fidelity National Information Services
Fidelity National Information Services, Inc. (NYSE:FIS) is a leading provider of core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage-related information products; and outsourcing services to financial institutions, retailers, mortgage lenders and real estate professionals. FIS has processing and technology relationships with 35 of the top 50 global banks, including nine of the top ten. Nearly 50 percent of all U.S. residential mortgages are processed using FIS software. Headquartered in Jacksonville, Florida, FIS maintains a strong global presence, serving over 7,800 financial institutions in more than 60 countries worldwide. For more information on Fidelity National Information Services, please visit www.fidelityinfoservices.com.
FIS is a majority-owned subsidiary of Fidelity National Financial Inc. (NYSE:FNF), number 248 on the Fortune 500 and a provider of outsourced products and services to a variety of industries. More information about FNF can be found at www.fnf.com.
Image Deposit Solutions
JPMorgan Chase offers a suite of innovative imaging solutions, including Image Deposit Direct and International Image Deposit Capture. With Image Deposit Direct, an easy-to-adopt desktop scanner solution, checks are scanned from any geographic location and the images are transmitted to one central account or multiple accounts. Image capture technology streamlines the check deposit process, which makes check processing more cost-effective, speeds up unpaid item returns, and accelerates funds availability. JPMorgan Chase is one of the first financial institutions to provide image deposit capture capabilities in its overseas branches, eliminating the need for clients to make additional investment or changes to their existing internal check operations.
About JPMorgan Chase
The Treasury Services (www.jpmorganchase.com/ts) business of JPMorgan Chase is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and operations in 36 countries, JPMorgan Chase Treasury Services is one of the world's largest providers of treasury management services.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.
JPMorgan Chase is licensed under U.S. Pat. Nos. 5,910,988 and 6,032,137