Jacksonville, Fla. -- Fidelity National Financial, Inc., a provider of products and outsourced services and solutions to financial institutions and the real estate industry, and its Fidelity Information Services division has announced that Bank Hapoalim's U.S. branches have licensed the Fidelity Information Services' Advanced Commercial Banking System (ACBS) to support the branches' commercial lending business.
Bank Hapoalim B.M. is a $59B financial institution headquartered in Tel Aviv, Israel. Bank Hapoalim B.M., the largest bank in Israel, has a strategy to increase its international operations to 30% of its overall activities. Two of the elements to support this growth are an expanded scope of its activity in the United States and an increased investment in IT.
The ACBS initiative is designed to enhance market responsiveness while improving both efficiency and controls as volume expands. By implementing Deal and Loan Origination (DLO) and Deal and Loan Servicing (DLS), Bank Hapoalim's U.S. branches expect to streamline the lending process, eliminating many manual tasks and increasing the flexibility to originate and service complex credits for all its target markets. In addition, the ACBS solution opens the door to true business intelligence with DataMart, so Bank Hapoalim's U.S. branches will have easy access to meaningful information with which to manage their lending business.
"Our lending groups quickly recognized the value ACBS can bring to our organization,” says Shlomo Shamay, CIO of Bank Hapoalim's New York branch. “Expanding the Fidelity relationship to include ACBS is a strategic step that will enable Bank Hapoalim's U.S. branches to originate and service complex credit transactions while serving its customer base more effectively."
ACBS is an integrated family of commercial lending solutions that automates the entire range of commercial lending activity, from deal origination, syndication, servicing and trading through portfolio management. The products operate in real time managing any currency. ACBS products run on Windows and AS/400 platforms or through an Application Service Provider and are licensed by 71 leading financial institutions, including ABN AMRO, Bank of America, Barclays, Canadian Imperial Bank of Commerce, Dresdner Bank, GE Capital, JPMorgan Chase, Merrill Lynch, PNC and Scotiabank.
"We're very pleased that Bank Hapoalim's U.S. branches have selected ACBS based on our application suite, proven experience and leadership in the commercial lending market," says Richard Levy, President of Fidelity Information Services ACBS division. "With this investment in ACBS Bank, Hapoalim's U.S. branches are well positioned to quickly and safely realize the expansion of their international operations."