PrivateBancorp Inc., a Chicago-based bank holding company with 34 branches and $12 billion in assets, will outsource some of its item processing operation and upgrade to branch capture services, payments technology provider FIS announced.
Through upgrading to FIS' item processing and branch capture solutions, PrivateBancorp's bank, The PrivateBank, will have an integrated solution that could improve its efficiency and flexibility over its current operations. The PrivateBank will also be provided FIS' centralized keying and balancing function, which can be maintained in-house.
"At The PrivateBank, we are committed to providing our clients the solutions that support their business objectives," said Elizabeth Cummings, chief information officer, PrivateBancorp, Inc. "We are pleased that, with support from FIS, we will be able to give our clients new features while maintaining our commitment to superior customer service."
Though PrivateBancorp has a longstanding relationship with FIS, the provider says the new agreement represents an entirely new line of business. The bank has already deployed FIS' core banking solution, ATM/debit card processing, consumer and business eBanking, card production services, SendPoint merchang capture, and risk and compliance products.
"FIS’ integrated solutions provide PrivateBancorp benefits that that will improve efficiency," said Randy Fluitt, executive vice president, Image and Output Solutions at FIS. "FIS will also help the bank to increase fraud detection efforts, provide an overall improvement in service to account holders and streamline its item processing operations. Because of our depth and breadth of solutions, we’re able to deliver new capabilities while improving servicing efficiencies across multiple business lines. We view this as a win-win for the bank and its clients."