FirstBank Puerto Rico announced Wednesday it has formalized a seven-year strategic alliance with FIS, a global provider of banking and payment technologies, to provide state-of-the-art products and services to its clients.
Through this alliance, FirstBank will have the capabilities to proactively take action on constant regulatory changes and data security requirements, integrate its systems platform, launch new initiatives and complete projects more rapidly, as well as have access to new products and services, bank officials said.
“This agreement will help us accelerate the execution of our strategic objectives and will better prepare our organization for future growth,” said FirstBank President Aurelio Alemán. “It will certainly position us at the forefront in banking technology services, resulting in additional benefits to our customers, thus, strengthening our reputation as a leader in customer service in the local financial industry.”
Starting April 1, 2013, FIS will manage FirstBank’s Data Center and will be in charge of all technology related matters. The bank will, in turn, maintain control over priorities and business opportunities, and will also retain the project management functions.
FIS serves more than 14,000 institutions in more than 110 countries and employs more than 35,000 people. Its global expertise in software and technology management, including third party platforms, will provide FirstBank access to best practices in the technology industry.
“We’re delighted to be working with FirstBank Puerto Rico,” said Marcelo Annarumma, managing director, FIS Latin America & Caribbean. “The agreement will allow us to bring our global expertise in outsourcing for Financial Institutions to bear for the benefit of FirstBank and its customers.”
The deal also gives FirstBank access to FIS’ leading portfolio of banking and payment applications as they launch new products and services and drive their business forward into new markets, he said.