Banking

BMO Harris Bank picks FIS for multi-year core banking transformation

Chicago-based BMO Harris Bank has signed a multi-year core banking modernisation deal with FIS.

FIS’ Systematics legacy tech out, Modern Banking Platform in, at BMO Harris Bank

The bank will deploy the FIS Modern Banking Platform to underpin expected growth in its retail banking operations.

BMO Harris Bank is a long-standing FIS client, but will now add the vendor’s Digital One, Code Connect and back-office management services. It is understood Modern Banking Platform will replace the legacy Systematics core system at the bank, also supplied by FIS.

The bank says it sought extra support for its technology infrastructure following a domestic expansion which sees it accepting payments from all 50 US states.

Founded in 1882, BMO Harris Bank is one of the largest banking institutions in the US. It has around 600 branches, 1,300 ATMs and 14,500 staff.

It is a subsidiary of the Bank of Montreal (BMO) Financial Group, which recently announced a shift of its commercial and investment banking operations to Amazon Web Services.

“We’re focused on accelerating our mobile technology so that our banking experience is increasingly convenient and seamless,” says Victor Tung, chief technology and operations officer at BMO Harris Bank.

“Our expanded relationship with FIS will enable us to continue to launch leading digital solutions for our customers that help them make real financial progress.”

Bruce Lowthers, FIS president, says BMO Harris Bank is taking “bold steps” to meet customers’ changing needs. He describes the bank as “forward looking”.

FIS has recently expanded its payment processing capabilities, landing partnerships and acquiring licences in Malaysia, South Africa and Nigeria.

The vendor also placed an undisclosed investment in UK-based processor Modulr in April. The following month, Abu Dhabi Islamic bank selected FIS for the deployment of its Open Payment Framework.

Related: Federal appeal overturns New York block on US Fintech Charter


Most Related Links :
Business News Governmental News Finance News

Source link

Back to top button