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US-based Westwood Trust turns to FIS for multi-year outsourcing investment processing

Texas-based Westwood Trust has chosen US-based software heavyweight, FIS, for its trust and investment processing in a multi-year outsourcing deal.

Randall Root, president, Westwood Trust

Randall Root, president, Westwood Trust

Westwood will use FIS’s wealth management suite, PortfolioMARC, which is used for managing, assessing, reporting and consulting on client’s accounts.

Randall Root, president, Westwood, says: ‘After a thorough, multi-year review of the marketplace, we determined that the comprehensive trust accounting and operations outsourcing solutions set from FIS, and their strategic commitment to this market, best fit the current and future needs of Westwood Trust and our clients.’

Westwood has $5.6 billion in assets under management, and offices in Dallas, Omaha and Houston. It provides financial services to high net-worth individuals and families, foundations, endowments, corporations, public pension plans and private retirement plans; and has over 2000 clients.

The Westwood deal is on top of FIS acquiring US-based wealth management firm Reliance Financial for $110 million last year.

A year of cheer

This year has also been very busy for FIS with new deals and a major acquisition.

Last month it bought Sungard for $9.1 billion to enter the treasury and capital markets space; and opened an innovation lab in Bangalore in India as it looks to drive banking access within the country.

Also, in August 2015, Massachusetts-based Avidia Bank partnered with FIS to offer cardless ATMs to its customers; and Louisiana-based Community Trust Bank of Ruston switched from FIS’s Bankway to its Integrated Banking Services (IBS) core banking system – a move designed to halve processing costs.

July 2015 was no quieter. National Bank Holdings, a US-based holding company of a group of local community banks, implemented FIS’s IBS core banking software. In addition, it is also deployed FIS’s internet and mobile banking applications and a cheque imaging system, Check Image.

In the same month, and outside of the US, Kasikornbank (Kbank), one of the largest banks in Thailand, went live with FIS’s Profile core banking system, following a three-year modernisation project. It replaced a heavily customised version of Temenos’ TCB.

By Antony Peyton.

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