Printer Friendly

AgFirst Farm Credit Bank Selects Fidelity Information Services' ACBS Commercial Lending System.

Fidelity National Financial, Inc. , a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, and its Fidelity Information Services division today announced that AgFirst Farm Credit Bank will implement Fidelity Information Services' Advanced Commercial Banking System (ACBS) software to Farm Credit System institutions throughout the nation.

Under the agreement, AgFirst can manage assets for other Farm Credit institutions on its own system or provide access to the system via a secure Internet portal. AgFirst will offer implementation services for the software, enabling Farm Credit banks and associations to implement the system quickly and economically, and will also offer support services for the software.

"Banks and associations throughout the Farm Credit system are growing their capital markets portfolios," said AgFirst CEO Andy Lowrey. "We recognized that, like us, they needed a loan origination and servicing system capable of handling large, complex credits. That's why we negotiated an agreement with market leader ACBS to operate as an Application Service Provider (ASP) for ACBS for the System."

"We are pleased to establish this new outsourcing relationship with AgFirst, extending an outstanding existing relationship with a great customer," said Richard Levy, president of Fidelity's ACBS division. "We believe this approach will provide the means for Farm Credit organizations of all sizes to access the industry standard solution. The ACBS Deal and Loan Servicing software provides the best possible combination of reporting, risk management, loan origination and servicing capacities available today."

ACBS is a comprehensive commercial lending system offered by Fidelity Information Services. It consists of integrated modules that support the lending process from deal building through servicing and trading. The system uses a "once-and-done" workflow process that integrates origination, syndication, deal structuring, documentation, credit approval, portfolio monitoring and trading, with back-office servicing and accounting processes. These features, along with the single information source used by all components, speed the process, reduce errors and eliminate redundant effort.

"ACBS is the established leader in the commercial lending software market," said AgFirst Chief Operations Officer Jim Camp. "An increasing number of syndications in the U.S. large corporate market are arranged or serviced on ACBS, and it's used by a majority of the top U.S. banks."

"We've been very pleased with the performance of the ACBS system," said AgFirst's Mary Trotter, CPA and manager of Capital Markets/Participations Operations. "Before ACBS, we tried everything we could think of to make our loan system handle the complex business of buying, selling and servicing participations, but nothing worked as efficiently as we desired. When we saw how the ACBS system could meet our lending and operations requirements without our having to customize it, we were sold on the product."

Farm Credit banks and associations can reduce the time and costs of installing and implementing the software by taking advantage of AgFirst's implementation and support services. "We learned a lot when we installed the software in our own shop," said Trotter. "We believe our knowledge of ACBS can help other Farm Credit organizations implement the system faster and more economically than normal."

ACBS is an integrated family of commercial lending solutions that automate the entire range of commercial lending activity, from deal origination, syndication, servicing and trading through portfolio management. The products operate in real-time in any currency. ACBS products run on Windows and AS/400 platforms or through an Application Service Provider and are licensed by 71 leading financial institutions, including ABN AMRO, Bank of America, Barclays, Canadian Imperial Bank of Commerce, Dresdner Bank, GE Capital, JPMorgan Chase, PNC and Scotiabank.

Fidelity National Financial, Inc., number 262 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. The Company had total revenue of more than $7.7 billion and earned more than $860 million in 2003, with cash flow from operations of nearly $1.3 billion for that same period. FNF is a leading provider of information-based technology solutions and processing services to financial institutions and the mortgage and financial services industries through its subsidiary Fidelity Information Services, Inc. Fidelity Information Services' 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 has clients in more than 50 countries who rely on its processing and outsourcing products and services. Additionally, FNF is the nation's largest title insurance company and also provides other real estate-related services such as escrow, flood and tax certifications with life of loan monitoring, merged credit reporting, property valuations and appraisals, default management, relocation services, flood, homeowners and home warranty insurance, exchange intermediary services, mortgage loan aggregation and fulfillment, multiple listing services software, mortgage loan origination software, collateral scoring analytics and real property data. More information about the FNF family of companies can be found at http://www.fnf.com/ and http://www.fidelityinfoservices.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.

CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, Fidelity National Financial, Inc., +1-904-854-8120, or dkmurphy@fnf.com

Web site: http://www.fnf.com/ http://www.fidelityinfoservices.com/
COPYRIGHT 2004 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Geographic Code:1USA
Date:Aug 11, 2004
Words:967
Previous Article:Bankrate: CD Yields on the Rise with Fed Boosting Rates.
Next Article:Lockheed Martin Hellfire Scores Perfect 6-for-6 in British Army Live-Fire Tests.
Topics:

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters