Ford Motor Credit Renews Contract With Fidelity Information Services
JACKSONVILLE, Fla., Feb. 3, 2005 -- Fidelity National Financial, Inc. , a Fortune 500 provider of products and outsourced services and solutions to financial institutions and the real estate industry, and its Fidelity Information Services ("Fidelity") division announced today the signing of a new agreement with Ford Motor Credit Company for Fidelity to provide its Advanced Lending Solutions -- Automotive Finance (ALS-AF) software.
ALS-AF is an integrated loan and lease receivables system. A key aspect of the renewal is that Fidelity will continue to process loan and lease accounts for Ford Motor Credit from Fidelity's data center in Little Rock, Arkansas. Also as part of the agreement, Fidelity will provide global support services.
Fidelity began its relationship with Ford Motor Credit in 1990 by providing automotive finance software and services. In 1998, Fidelity and Ford Motor Credit contracted to develop ALS-AF. The resulting system enabled Ford Motor Credit to integrate its North American loan and lease legacy systems onto a single platform. The extension renews the North American relationship and has also expanded the scope to include Ford Motor Credit's loan and lease portfolios in the U.K. and German markets.
Fidelity's Automotive Finance Division Managing Director, David Slider, said, "Ford Motor Credit has been an important client for Fidelity and a solid partner in developing and executing successful win-win strategies. This renewed commitment to our relationship is a testament to that success. The benefit of working with an industry leader in the development of the ALS-AF application has helped ensure in our success in our ALS-AF re-marketing efforts."
Fidelity National Financial, Inc., number 262 on the Fortune 500, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. FNF had total revenue of more than $6.2 billion and earned more than $560 million for the first nine months of 2004, with cash flow from operations of more than $925 million for that same period. FNF is the nation's largest title insurance company, with more than 30 percent national market share, and is also a provider of other specialty insurance products, including flood insurance, homeowners insurance and home warranty insurance. Through its subsidiary Fidelity National Information Services, Inc. ("FIS"), the Company is a leading provider of technology solutions, processing services and information services to the financial services and real estate industries. FIS' software processes nearly 50 percent of all U.S. residential mortgages, it has processing and technology relationships with 45 of the top 50 U.S. banks and more than 3,600 small and mid-sized U.S. financial institutions, and it has clients in more than 50 countries who rely on its processing and outsourcing products and services. FIS also provides customized business process outsourcing related to aspects of the origination and management of mortgage loans to national lenders and servicers. FIS offers information services, including property data and real estate-related services that are used by lenders, mortgage investors and real estate professionals to complete residential real estate transactions throughout the U.S. More information about the FNF family of companies can be found at http://www.fnf.com/ and http://www.fidelityinfoservices.com/ .