- BISYS' Leading-edge Technology and Service Commitment
Guide Bank's Decision -
NEW YORK, Aug. 4 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced that it has entered into a long-term, multiple-services
outsourcing agreement with New Jersey-based NVE Bank. Following a
comprehensive evaluation of four national outsourcing vendors, the
$590 million, full-service bank selected BISYS' ABA-endorsed banking platform
to provide enterprise-wide automation, including deposit and loan processing,
commercial and business services, electronic and Internet banking, financial
services, network services, and business intelligence solutions for
profitability analysis, marketing, and data warehousing.
According to NVE president, Robert Monteith, "The broad capabilities of
BISYS' banking solution and its ability to support our ongoing growth were
major factors in our selection. We have generated excellent growth during the
past five years as we shifted the focus of our organization to a
community-based, full-service bank, so we wanted to partner with a technology
leader that provides the advancing technology required to sustain our growth.
Our thorough evaluation proved that BISYS was the only single-source for
everything we needed, such as one integrated lending system for commercial,
retail, and mortgage loans. Also, BISYS' top management was engaged in the
evaluation process early on, which gives us a high comfort level and proves
BISYS is sincerely committed to helping us achieve our business objectives."
Bill Neville, president of BISYS Information Services, reported, "NVE
recognized BISYS' unique ability to provide the leading-edge, fully-integrated
banking solution and the advancing technology required to continually enhance
its market position and to support its growth goals. NVE also clearly values
our commitment to client service and our sophisticated support infrastructure
and capabilities. We are delighted to add this forward-thinking,
technologically-savvy bank to our client roster and look forward to supporting
its near- and long-term performance, profit, and growth goals."
About NVE Bank
NVE Bank, established 115 years ago, offers an extensive range of personal
and business products. This full-service community bank maintains 11 offices
throughout Bergen County, New Jersey, with a 12th branch opening by the end of
2003. NVE Bank has $590 million in total assets. For more information, please
visit the Web site at http://www.nvebank.com.
About BISYS Banking Solutions
BISYS provides one of the most comprehensive information processing
solutions, integrating core banking applications with approximately 70 best-
of-breed ancillary products. BISYS' enterprise-wide automation supports
commercial, retail, and mortgage banking; electronic and Internet-based
transactions; branch automation; customer relationship management; data
warehousing; and executive decision-support. BISYS continually enhances the
functionality of its banking solution, which supports approximately 300 banks,
by integrating new ancillary products and advancing technologies. 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), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 20,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity
funds, and other alternative investment products with more than $650 billion
in assets. BISYS' largest group also provides retirement services to more
than 15,000 companies in partnership with 40 of the nation's leading banks and
investment management companies, and offers analytical research and
competitive intelligence through its Financial Research Corporation (FRC)
subsidiary. Through its Insurance and Education Services group, BISYS is the
nation's largest independent distributor of life insurance and the premier
provider of the support services required to sell traditional and variable
life, annuity, long-term care, and disability products. BISYS is also the
nation's seventh largest property/casualty (P&C) wholesaler and the third
largest independent wholesaler of commercial lines of P&C insurance. This
group complements its insurance distribution services with a comprehensive
compliance management solution that supports insurance and investment firms
and professionals with more than 225 certification and continuing education
training courses, and a sophisticated suite of licensing-related products and
services. BISYS' Information Services group provides information processing
and imaging solutions to more than 1,150 financial institutions. This group
also supports more than 120 insurance companies with a suite of asset
retention solutions, and provides complete program management for
corporate-sponsored cash management accounts. 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 Company's operations, markets, services and related
products, prices and other factors discussed in the Company'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.nvebank.com
CONTACT:
Bill Neville, President of BISYS Information
Services, +1-781-829-8000
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