"We faced a major business decision regarding our financial applications," Frank Sanchez, president of leveraged product development at Fidelity Information Services, said in a statement.
"Build or buy is always part of our decision process. Our decision to integrate Oracle E-Business Suite applications will enable us to deliver a common set of accounting applications, as well as expanded corporate performance management capabilities, across our core banking systems."
Oracle financial applications will be offered as an alternative to the current accounting capabilities included in Fidelitys core banking offerings. Fidelity will integrate a range of Oracle E-Business Suite applications spanning financial and corporate performance management, project management and business intelligence.
Targeted applications include Oracle Financials (encompassing General Ledger, Fixed Assets and Accounts Payable modules), Oracle Procurement, Oracle Projects and Oracle Balanced Scorecard. The integrated solution will be available through the Fidelity ASP or outsourcing delivery model, as well as through the resale of licenses to end-users.
Integrating Oracle E-Business Suite applications into Fidelity solutions is intended to allow financial institutions to deliver a global financial management system. The application integration incorporates workflow process management in support of business flows, for example, from a procurement requisition to accounts payables through to fixed assets and general ledger.
This once-and-done data entry assists in streamlining business processes and improving enterprise operational efficiencies.
Fidelity will begin delivering Oracle Financials as part of its solution in 2005.
Customers of Fidelity National Financial Inc., No. 262 on the Fortune 500, include financial institutions and the real-estate industry. The firm has made 18 technology-inspired acquisitions in the past two years, including Sanchez Computer Associates, which published a real-time, multicurrency, strategic core banking deposit and loan processing system that can be utilized on both an outsourced and in-house basis.
Last August, Fidelity bought a majority stake in Kordoba GBmbH & Co., an IT service provider for the financial services industry. It provides both outsourced and in-house core banking solutions to German savings and commercial banks. In September, Fidelity bought InterCept Inc., a provider of technology solutions to the community bank market.
Fidelitys clients have access to an Internet-based communication and feedback channel called the Client Input Process, to suggest or request new functionality and future enhancements.