Bank for Agriculture and Agricultural Co-operatives Thailand Implements FIS Core Banking Solution
Twenty-nine million accounts successfully migrated onto the FIS Profile platform in record time.
FIS is the core banking provider of choice for eight of the top 10 Thai banks.
JACKSONVILLE, Fla. & BANGKOK--(BUSINESS WIRE)-- Building on its core banking dominance in Asia and Thailand, FIS™ (NYS: FIS) , the world's largest provider of banking and payments technologies, today announced the Bank for Agriculture and Agricultural Co-operatives (BAAC) has completed the conversion onto FIS' Profile® core banking system and has fully converted the bank's 29 million accounts onto this industry-leading, real-time core platform. This new deployment firmly cements FIS' leading position in the Thai banking market, with eight of the top 10 Thai banks using FIS core banking systems.
BAAC is the premier development bank in Thailand with assets in excess of US$37 billion and a network of 1,104 branches nationwide. BAAC selected FIS' Profile with the strategic goal of improving its operational efficiency, strengthening its product set and helping enhance the quality of services the bank provides to its accountholders. The deployment was completed very successfully by FIS' strategic in-country authorized distributor − T.N. FI-Solutions Limited (TNFIS).
Mr. Luck Wajananawat, President, Bank for Agriculture and Agricultural Co-operatives, said, "The Bank for Agriculture and Agricultural Co-operatives is growing rapidly and the requirements of our expanding customer base are evolving dramatically. This means that we need an advanced core banking system that will allow us to service our customers quickly and efficiently, with minimal time-to-market for launching new products and services. We selected FIS' Profile for its proven scalability and its advanced design that allows true real-time processing. Profile is extremely flexible and we are confident that it will enable us to meet our near- and long-term strategic needs."
Profile is a highly scalable, real-time core banking system that offers banks long-term investment protection and lifetime total-cost-of-ownership benefits. Its powerful straight-through processing capability significantly reduces back-office costs and increases operational efficiency, leading to improved customer service and efficiency. FIS' Profile possesses highly sophisticated product design capabilities that incorporate business rules which allows banks to be customer-focused and nimble in bringing new, customized products to market speedily.
Raja Gopalakrishnan, group managing director for FIS Asia, said, "FIS is the leader in core banking solutions in Asia and Thailand and the successful conversion to FIS' Profile by BAAC reaffirms our sound value proposition to banks in this region. Our unique ability to deliver the combination of leading-edge core solutions and a complete set of wrap-around products and services enables our clients to increase the value they derive from their technology investments. We're honored that BAAC will leverage more than 20 years of FIS' experience in the Thai banking market to deliver the solutions that will positively impact its customers."
The Bank for Cooperatives was established in 1947 to serve as a source of funds for the cooperatives that existed in Thailand at that time. The Bank carried out its lending operations until 1966, when it was replaced by a new Bank. In 1966 the Government established the Bank for Agriculture and Agricultural Co-operatives (BAAC) as a state enterprise under the jurisdiction of the Ministry of Finance. BAAC's mission is to extend credit more widely, and directly to individual farmers as well as through farmer institutions. Today BAAC has assets in excess of US$37 billion, manages over 35 million accounts, and has a network of 1,104 branches nationwide.
FIS (NYS: FIS) is the world's largest global provider dedicated to banking and payments technologies. With a long history deeply rooted in the financial services sector, FIS serves more than 14,000 institutions in over 100 countries. Headquartered in Jacksonville, Fla., FIS employs more than 35,000 people worldwide and holds leadership positions in payment processing and banking solutions, providing software, services and outsourcing of the technology that drives financial institutions. First in financial technology, FIS tops the annual FinTech 100 list, is 425 on the Fortune 500 and is a member of Standard & Poor's 500® Index. For more information about FIS, visit www.fisglobal.com.
This news release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties that forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
Kim Snider, 904.438.6278
FIS Global Marketing and Communications
Mary Waggoner, 904.438.6282
Senior Vice President
FIS Investor Relations
KEYWORDS: United States Asia Pacific North America Florida Thailand
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