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Red Hat and FIS Deliver Next-Generation Real-Time Core Banking Platform for Intel-Based Servers
RaleighUnited States, November 14, 2007
High-reliability, low-cost platform currently runs 25 million accounts and offers new alternative for financial services customers
Red Hat (NYSE: RHT), the world's leading provider of open source solutions, Intel and Fidelity National Information Services (NYSE: FIS) today announced a ground-breaking real-time technology solution for the commercial and retail banking industry. FIS Profile, running on an open source stack led by Red Hat's Enterprise Linux 5, has achieved new performance benchmarks, showcasing a bank with 25 million accounts running core banking processes in real time on a single server running four of Intel's new Quad-Core Xeon Series 7300 processors.
The integrated real-time solution will represent a reliable alternative to legacy batch mainframe processing. It offers up to 10 times or more price performance based on cost per account, per month as compared to traditional processing, while maintaining the reliability and security that is a requisite for the commercial banking industry. This next-generation commercial banking platform will be on display in FIS's Jacksonville Headquarters in its customer showcase in early 2008. Several banks have already implemented the solution in production.
Robert Hunt, research director in the Retail Banking Practice at TowerGroup believes that a compelling business case exists for midtier banks to implement a single, integrated core banking system that utilizes a low-cost operation platform.
Most mid-tier banks continue to process their core systems using best-of-breed mainframe-based systems developed in the 1980s, said Hunt.
The hardware and software savings achievable by modernizing the core processing environment can provide banks with a significant cost advantage.
This solution offers a real breakthrough for commercial banks, said Frank Sanchez, President, Enterprise Solutions Division, Fidelity National Information Services, Inc.
While banks' legacy systems have been workhorses, they are limited in their ability to expand further, and they represent high cost real-estate in a low-cost world. We are proud to have worked with Red Hat and Intel to offer our Fidelity Profile solution that provides such great cost savings and security to customers. All banks should examine this alternative for a leap-frog improvement of performance, expandability and cost savings.
Financial services customers demand robust, reliable solutions that can meet the needs of their critical fast-paced industry, said Ed Boyajian, general manager of North American Sales at Red Hat.
When FIS approached us to work on this performance-breaking, cost-lowering solution, we knew the partnership would benefit our financial services customers. Red Hat Enterprise Linux, along with Intel and FIS solutions, provides the experience and global support required by this fast-paced, exacting 24 x 7 industry.
"Intel is excited to be working with Red Hat and FIS to develop a dynamic new platform choice for the financial services market. Intel works closely with the software community to help optimize software solutions to fully utilize the features Intel has brought to market with our latest processors, said Ram Peddibhotla, director Open Source Technology Center, Intel Corporation.
Combining Red Hat and FIS products running on our new Quad-Core Intel ® Xeon ® processors and Dual-Core Intel ® Itanium ® processors, we have a unique opportunity to deliver new levels of performance, security and cost savings to customers in the financial services sector.
The FIS Profile application, running on Red Hat Enterprise Linux 5, is currently available to customers and can be viewed by contacting an FIS representative. Future plans include incorporating JBoss open source technology into the solution.
For additional technical information, visit www.redhat.com/solutions/financial.
About Red Hat, Inc.
Red Hat, the world’s leading open source solutions provider, is headquartered in Raleigh, NC with over 50 satellite offices spanning the globe. CIOs have ranked Red Hat first for value in Enterprise Software for three consecutive years in the CIO Insight Magazine Vendor Value study. Red Hat provides high-quality, low-cost technology with its operating system platform, Red Hat Enterprise Linux, together with applications, management and Services Oriented Architecture (SOA) solutions, including the JBoss Enterprise Middleware Suite. Red Hat also offers support, training and consulting services to its customers worldwide. Learn more: http://www.redhat.com.
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