Who / What
Fidelity National Information Services, Inc., commonly known as FIS, is an American multinational corporation specializing in developing and providing financial technology (FinTech) solutions. They offer a comprehensive suite of products and services to various sectors within the global financial industry.
The company gained prominence for its pioneering work in automating check processing through systems like CheckFree, evolving into a leading provider of payment solutions and other digital financial services over time.
Background & History
FIS originated from its predecessor, Fidelity Check Processing Systems, Inc., which was founded to automate the declining magnetic ink character recognition (MICR) check clearing process in the US during the 1980s. The company transitioned into a broader FinTech service provider following key milestones like the acquisition of First Data by FMR Corp and its rebranding as FIS Global Payments, Inc., eventually becoming Fidelity National Information Services.
Key dates include: December 23, 2015 (acquisition by General Atlantic), December 9, 2016 (renaming to FIS from FIS Global Payments).
Why Notable
FIS is notable for its significant role in shaping the modern financial services landscape through technology innovation and automation. As a major player in payment processing systems acquired CheckFree in November 2013, expanding its reach globally.
They are recognized for their large-scale cloud computing platform offerings (e.g., FIS CloudConnect) which help banks and credit unions enhance operational efficiency and customer experience by providing modern infrastructure and services.
In the News
FIS continues to be relevant due to its core position in driving digital transformation within traditional financial institutions, especially through its payment processing giant. Their focus on cybersecurity for critical payment systems remains crucial amid increasing threats and regulatory scrutiny impacting global finance daily.
The company is often cited in discussions about outsourcing trends in banking and how large FinTech platforms like FIS are enabling smaller financial entities to compete more effectively in the digital age without building all infrastructure internally themselves.
