Banking Technology

Opel Bank becomes first European lender to pick FIS Modern Banking Platform

Published

5 years ago

19 February 2020

Lee Grant

Germany-based Opel Bank has selected the FIS Modern Banking Platform, making it the first European lender to do so.

FIS unveiled the Modern Banking Platform in January

Opel Bank, founded in 1929 as Opel Finanzgesellschaft, offers financing, leasing, automobile insurance and dealer financing as well as some investment opportunities.

The bank, which has around 40,000 customers, was looking to replace its legacy platform with a digital solution with “expanded functionality, faster time to market, and a modern client experience.”

FIS introduced its Modern Banking Platform in January with the announcement of the system’s selection by New York-based Union Bank.

Opel Bank will be mirroring that implementation by also selecting FIS Digital One, an omni-channel banking solution, as well as the FIS Code Connect application programming interface (API) gateway.

The Modern Banking Platform is packaged as a front-to-back system offered on a software-as-a-service (SaaS) basis.

“We are excited to welcome Opel Bank as the first non-US user of our groundbreaking Modern Banking Platform,” says Bruce Lowthers, president of banking solutions at FIS.

“Along with Digital One and Code Connect, this new platform provides a truly modern, powerful core banking solution that will support Opel Bank well into the future.”

Andrew Beatty, senior vice president and general manager of next generation banking at FIS, told FinTech Futures last month that the vendor had been on a three-year journey when it came to creating a new banking platform.

FIS created a separate team to work on this programme of renovation, using experience from within the organisation and without.

While FIS has created a new platform, the firm is not looking to suddenly shift existing clients of its various core systems to the new platform. “Legacy is not something to be scoffed at,” Beatty said in January. “Our legacy platforms have stood the test of time.”