FirstBank Puerto Rico has awarded a seven-year outsourcing contract to FIS for full on-site operational responsibility of its IT operations and staff, to reduce costs, increase efficiencies and meet regulatory provisions.
FIS will take operational control of the bank’s IT operations such as hardware and software upgrades, application management, skilled operations personnel, help desk and desktop services.
Freeing up resources from managing IT operations will create new operational environment, which will enable the lender to benefit by re-engineering legacy business processes.
The bank can also leverage FIS’ portfolio of technologies which will offer better system functionality and enable launch of new products and services.
FIS International Solutions Group executive vice president Mark Davey said the increased operating costs and regulatory burdens of maintaining a complex IT environment are forcing institutions to outsource their IT operations.
Further, the agreement will boost FIS’ outsourcing presence in the market and create a base to launch Caribbean-based outsourced services to other banks within the Latin American and Caribbean region.
First BanCorp is the parent corporation of FirstBank, which operates as a state-chartered commercial bank in Puerto Rico, the Virgin Islands and Florida.