- Kevin Tierney to Lead Business Line Providing Financial Services in
Nontraditional Markets -
NEW YORK, July 19 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
outsourcing solutions for the financial services sector, today announced the
formation of a new business unit focused on growth opportunities for financial
services in nontraditional markets. The new line of business, BISYS Corporate
Financial Solutions (CFS), offers services in the healthcare banking,
corporate money market, retained asset and insured deposit markets. It is the
culmination of work done over the past few years to expand and reengineer
BISYS' traditional banking platform and to create scalable back-office
services for selected segments of the financial services market.
The new unit, which is part of BISYS Information Services, will be led by
Kevin Tierney, who has assumed the role of Executive Vice President. Tierney,
who possesses more than 25 years of bank management and technology experience,
is responsible for strategic planning, new business development, and
relationship management for diverse clients requiring creative, customized
solutions that deliver high-demand banking capabilities and services. He
brings significant knowledge of the outsourced bank services market to BISYS,
having worked in executive level positions at Abington Bancorp, Inc. and
Electronic Data Systems as well as serving in numerous management capacities
ranging from strategic planning and business development to technology
deployment and service delivery at Salem Five Cents Savings Bank,
Massachusetts Automated Transfer Systems, Inc., and Mutual Services, Inc.
Tierney reported, "Over the last 10 months, several top-tier financial
services organizations have contracted with BISYS for innovative processing
capabilities. These organizations -- which now include eight Fortune 100
companies, three in the top 10 -- partnered with BISYS so they could enter new
markets while improving efficiency, reducing costs, and managing operational
risk. BISYS' strategy in this market segment has been extremely successful as
we were the first national bank outsourcer to develop and deliver a
comprehensive wholesale HSA offering for trustee banks, insurance carriers,
and third party administrators (TPAs). At the same time, we significantly
grew our asset retention services revenues, with the addition of Prudential
and five other insurance companies to our client list -- and our corporate
banking revenues also realized growth in fiscal 2005. We look for continued
contributions in FY06."
According to Bill Neville, President of BISYS Information Services, "BISYS
is known for innovation and superior client support. The nontraditional
banking space is particularly exciting because it allows us to rapidly develop
and deploy new technologies and capabilities. We then take these capabilities
and make them available to our community bank clients, which in turn, give
them a competitive advantage in their respective markets. With his extensive
banking background, Kevin Tierney is ideally suited to drive this business for
BISYS."
About BISYS Corporate Financial Solutions
Corporations wanting to raise additional capital, enter emerging markets,
and streamline inefficient financial processes look to BISYS for creative and
customized solutions. BISYS leverages its ABA-endorsed* banking platform and
almost 40-year industry experience to provide innovative account processing
and customer care services that support Health Savings Accounts (HSAs),
corporate money market accounts (CMMAs), retained asset accounts (RAAs) for
insurance companies, insured deposit sweeps for brokerage firms, and diverse
other initiatives requiring banking capabilities. Marketing, management, call
center, and regulatory services complement all BISYS' offerings, helping
corporations increase efficiency and cost savings, reduce risk, and protect
company assets.
* The American Bankers Association (ABA), through its Corporation for
American Banking (CAB) subsidiary, exclusively endorses BISYS' core
information processing solution as the recommended solution for
community banks.
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 BISYS Group, Inc.
 back to top
Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Daniel Briggs, Vice President, Finance and
Investor Relations, +1-212-907-6134, The BISYS Group, Inc.
|
