Magazine article American Banker

ISSC Enters Small-Bank Market with Outsourcing Deal in N.Y

Magazine article American Banker

ISSC Enters Small-Bank Market with Outsourcing Deal in N.Y

Article excerpt

Integrated Systems Solutions Corp.'s has entered a five-year outsourcing deal with Long Island Savings Bank.

ISSC will operate and maintain the bank's core computer applications, including loan servicing, retail banking, and customer information systems.

The deal, whose financial terms were not disclosed, is the first new business to come out of a technology alliance that ISSC formed earlier this year with Jack Henry & Associates Inc., a core processing software provider.

Through the alliance, ISSC plans to provide banks of up to $10 billion in assets with outsourcing services based on a Jack Henry software package called Silverlake.

Silverlake runs on IBM's AS/400 midrange computer, a hardware platform that has become popular among community banks because it is in many cases more flexible and economical to run than a mainframe.

Historically, ISSC has focused its marketing efforts on large banks. In this arena, it vies with a number of other major outsourcing providers, including Electronic Data Systems Corp. and Alltel Financial Services Inc., for the handful of sizable accounts that come up in any given year.

The company's largest contract made in this market was with Bank of America-Illinois - the former Continental Bank Corp. - for $500 million over 10 years.

In entering the community bank outsourcing market, ISSC will compete more regularly with the likes of Fiserv Inc., AT&T Global Information Solutions, M&I Data Services, and Bisys Group Inc.

According to George Samenuk, vice president of finance and securities at White Plains, N.Y.-based ISSC, the partnership with Jack Henry is a natural extension of a long-standing relationship between the two companies.

The partnership gives both companies the ability to expand the number of institutions to which they can sell their wares. …

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