Red Hat (NYSE: RHT), the world's leading provider of open source solutions, Intel and Fidelity National Information Services (NYSE: FIS) today announced a ground-breaking real-time technology solution for the commercial and retail banking industry. FIS Profile, running on an open source stack led by Red Hat's Enterprise Linux 5, has achieved new performance benchmarks, showcasing a bank with 25 million accounts running core banking processes in real time on a single server running four of Intel's new Quad-Core Xeon Series 7300 processors.
The integrated real-time solution will represent a reliable alternative to legacy batch mainframe processing. It offers up to 10 times or more price performance based on cost per account, per month as compared to traditional processing, while maintaining the reliability and security that is a requisite for the commercial banking industry. This next-generation commercial banking platform will be on display in FIS's Jacksonville Headquarters in its customer showcase in early 2008. Several banks have already implemented the solution in production.
Robert Hunt, research director in the Retail Banking Practice at TowerGroup believes that a compelling business case exists for midtier banks to implement a single, integrated core banking system that utilizes a low-cost operation platform. Most mid-tier banks continue to process their core systems using best-of-breed mainframe-based systems developed in the 1980s, said Hunt. The hardware and software savings achievable by modernizing the core processing environment can provide banks with a significant cost advantage.
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