BISYS has formed a new business unit to focus on growth opportunities for financial services in non-traditional markets such as healthcare banking, the corporate money market, and the retained asset and insured deposit markets.
BISYS describes its new Corporate Financial Solutions (CFS) unit as the culmination of work done over the past few years to re-engineer its traditional banking platform.
The new unit, which is part of BISYS Information Services, will be led by Kevin Tierney, who has assumed the role of Executive Vice President. Tierney is responsible for strategic planning, new business development, and relationship management. He previously worked in executive level positions at Abington Bancorp, Inc. and Electronic Data Systems as well as sSalem Five Cents Savings Bank, Massachusetts Automated Transfer Systems, Inc., and Mutual Services, Inc.
“Over the last 10 months, several top-tier financial services organizations have contracted with BISYS for innovative processing capabilities,” says Tierney. “These organizations which now include eight Fortune 100 companies, three in the top 10 partnered with BISYS so they could enter new markets while improving efficiency, reducing costs, and managing operational risk. BISYS’s strategy in this market segment has been extremely successful as we were the first national bank outsourcer to develop and deliver a comprehensive wholesale HSA offering for trustee banks, insurance carriers, and third party administrators (TPAs). At the same time, we significantly grew our asset retention services revenues, with the addition of Prudential and five other insurance companies to our client list and our corporate banking revenues also realized growth in fiscal 2005. We look for continued contributions in FY06.”
According to Bill Neville, President of BISYS Information Services, the non-traditional banking market is attractive because the firm can develop and deploy new technologies and capabilities. “We then take these capabilities and make them available to our community bank clients, which in turn, give them a competitive advantage in their respective markets,” he says. “With his extensive banking background, Kevin Tierney is ideally suited to drive this business for BISYS.”