- $401 Million Midwest Bank Selects BISYS Based on
Industry-Leading Technology and Product Integration -
NEW YORK, March 1 /PRNewswire/ -- BISYS, a leading provider of outsourcing
solutions for the financial services sector, announced today that it has
entered into a long-term, multiple services agreement with Illinois-based
Sterling Federal Bank. After evaluating several core processing providers,
Sterling Federal Bank selected BISYS' ABA-endorsed banking platform to provide
enterprise-wide information processing services and technology.
BISYS' core processing platform will support Sterling Federal Bank with a
flexible, open database technology infrastructure, streamlined operations, and
the advanced capabilities necessary to respond to market and consumer demands.
Sterling Federal Bank will also implement several of BISYS' integrated
ancillary solutions including data warehouse, Internet Banking, ATM and debit
card processing, safe deposit box processing, and network services.
Rita Smith, Vice President of Sterling Federal Bank, stated, "In our
search for a new provider, it was critical to find a partner that not only
offered advanced technology but also fully understood our operational
requirements. BISYS met both of those criteria. The platform's online realtime
capability as well as its integration of ancillary products made it unique
among the competition. We believe the platform's flexibility will enable
Sterling Federal Bank to maintain operational efficiencies as our customer
base grows and keep pace with technological advancements as the industry
evolves. Additionally, we were impressed with the professionalism and
technological know-how of the BISYS team. Having a solid working relationship
with a team that is technologically savvy is key to helping Sterling achieve
its strategic goals."
According to Bill Neville, President of BISYS Information Services, "BISYS
is committed to delivering innovative technology and quality services to meet
the expanding requirements of community banks. We are pleased that a long-
standing institution such as Sterling Federal Bank recognized this commitment.
Sterling's thorough evaluation of core processing providers and visit to a
BISYS client site demonstrated its dedication to finding the right partner and
the right technology for the long-term. We look forward to providing the
banking and business solutions required to support Sterling's ongoing growth."
About Sterling Federal Bank
Locally owned and managed since 1885, Sterling Federal Bank is one of the
leading institutions in Northern Illinois, offering online banking and highly
competitive deposit, loan, and investment management services. With assets of
$401 million, Sterling Federal Bank has eight branch locations in Sterling,
Rock Falls, Dixon, Morrison and Clinton, Iowa. For more information, please
visit the web site at http://www.sterlingfederal.com.
About BISYS Banking Solutions
BISYS provides banks of all sizes and charters with innovative outsourcing
solutions that support their evolving requirements. Partnering with BISYS
provides banks with state-of-the-art core banking applications integrated with
more than 80 high-demand products and services, best-practices operations, and
the guidance and expertise to achieve business objectives. BISYS' proven
technology and business leadership are why its core information processing
platform is the only one endorsed by the American Bankers Association (ABA),
through its Corporation for American Banking (CAB) subsidiary, as the
recommended solution for community banks. BISYS' TotalCS(TM) banking platform
features Open Solutions Inc(R)'s relational database core processing system,
The Complete Banking Solution(R), copyright 1992-2005, and an extensive array
of fully integrated ancillary products and services. For more information,
visit http://www.bank.bisys.com.
About BISYS
The BISYS Group, Inc. (NYSE: BSG) provides outsourcing solutions that
enable investment firms, insurance companies, and banks to more efficiently
serve their customers, grow their businesses, and respond to evolving
regulatory requirements. Its Investment Services group provides administration
and distribution services for mutual funds, hedge funds, private equity funds,
retirement plans and other investment products. Through its Insurance Services
group, BISYS is the nation's largest independent wholesale distributor of life
insurance and a leading independent wholesale distributor of commercial
property/casualty insurance, long-term care, disability, and annuity products.
BISYS' Information Services group provides industry-leading information
processing, imaging, and back-office services to banks, insurance companies
and corporate clients. Headquartered in New York, BISYS generates more than $1
billion in annual revenues worldwide. Additional information is available at
http://www.bisys.com.
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting The BISYS Group, Inc.'s operations, markets, services and
related products, prices and other factors discussed in The BISYS Group,
Inc.'s periodic filings with the Securities and Exchange Commission.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
http://www.bank.bisys.com http://www.sterlingfederal.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Bill Neville, President, BISYS Information
Services, +1-781-829-8000, or Daniel Briggs, Vice President,
Finance and Investor Relations, The BISYS Group, Inc.,
+1-212-907-6134
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