JACKSONVILLE, Fla. – Fidelity National Information Services, Inc. (FIS), a Fortune 500 company and a leading provider of core processing, card issuer and transaction processing services to financial institutions, today announced the availability of its integrated fraud mitigation and compliance solution – FIS Red Flag service – to help financial institutions comply with the red flag provisions of the Fair and Accurate Credit Transactions (FACT) Act. With nearly 9,000 financial institutions relying on FIS for account-opening decisions, the FIS Red Flag service – designed to help institutions manage, track and demonstrate red flag compliance by leveraging existing account decisioning solutions – is integrated with many leading banking software platforms for ease of access.
“Financial institutions have to take rapid action to meet the stringent regulatory demands of this rule and its looming November 1, 2008 compliance deadline,” said Kay Nichols executive vice president, FIS. “Our approach is to help financial institutions evaluate the ID theft prevention programs they have in place and supplement those with additional components needed for a complete solution with the least cost and hassle.”
The FIS Red Flag service is an add-on component of the FIS full account decisioning suite, including FIS QualiFile®, the leading analytics-based risk assessment and decisioning tool for new account opening; FIS ID Verification, the integrated know-your-customer compliance tool; FIS Address Analysis, an innovative new service leveraging unique data sources and analytics to detect change of address fraud; and FIS FraudFinder®, the premier new accounts fraud-prevention service. This service provides financial institutions with new monitoring and tracking capabilities to check for red flags identified by these and other services, track their disposition, and store information on individual transactions and institution policy as required by the rules. More information on the FIS Red Flag service is available at www.fisonevoice.com/RedFlag, including Web seminars on compliance as it pertains to this new rule.
Within just weeks of releasing the FIS Red Flag service, more than 200 clients have implemented this integrated, affordable solution, with most incurring no integration costs as a result of the tight coupling of the service within the existing account-decisioning processes. These institutions benefit from the ability to use existing processes and services to fulfill most red flag compliance requirements while identifying points of noncompliance and supplementing with additional integrated components where needed.
About Fidelity National Information Services
Fidelity National Information Services, Inc. (NYSE: FIS), a Fortune 500 company, is a leading provider of core processing for financial institutions; card issuer and transaction processing services; and outsourcing services to financial institutions and retailers. FIS has processing and technology relationships with 40 of the top 50 global banks, including nine of the top 10. FIS is a member of Standard & Poor’s (S&P) 500 Index and has been ranked the number one overall financial technology provider in the world by American Banker and the research firm Financial Insights in the annual FinTech 100 rankings. Headquartered in Jacksonville, Fla., FIS maintains a strong global presence, serving more than 13,000 financial institutions in more than 80 countries worldwide. For more information on Fidelity National Information Services, please visit www.fidelityinfoservices.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.