FIS, the US-headquartered banking and payments technology vendor, has announced it will be providing Sainsbury’s Bank with retail banking technology.
FIS will be providing Sainsbury’s Bank with real-time core banking and back-office processing support.
The operation, which will be hosted and run by FIS in the UK, will support Sainsbury’s Bank’s transition as the bank moves its back office services from Lloyds Banking Group.
FIS’ integrated solutions will support the bank’s deposit, savings, loan and credit cards accounts, and deliver channel integration to enable customers to access their accounts through telephone, internet and mobile devices.
Mark Davey, EVP, International, FIS said of the partnership: "Sainsbury’s plans to extend their banking services will increase competition by introducing a new and exciting player to the UK banking market. FIS has unrivalled experience in core banking and financial technology outsourcing and is uniquely qualified to help them achieve their growth ambitions. The ground breaking deal is a testament to position FIS as a world leader in outsourcing and financial technology solutions."
Peter Griffiths, CEO Sainsbury’s Bank said: "Introducing our new technology partner is a major step forward in our evolution as we become a wholly owned Bank. We are delighted to be working with FIS, who are experts in their field. We are very pleased with their domain expertise and the extensive functionality delivered by their banking and payments solutions."
Sainsbury’s have confirmed their intention to acquire the 50% stake in Sainsbury’s Bank currently held by Lloyds Banking Group.