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Table of Contents
Investment Thesis ....................................................................4
Key Investment Points .............................................................4
Investment Risks......................................................................6
Introduction ..............................................................................7
Defining the Market ..................................................................8
Bank IT Spending ........................................................................................................8
Bank (Core) Processing Services .........................................12
What Is Core Banking?..............................................................................................12
Growth Opportunity: Beyond Core Systems .............................................................16
Payment Services...................................................................21
EFT/Debit Processing ................................................................................................22
Online Banking/Bill-Payment....................................................................................24
Item Processing..........................................................................................................31
International Payment Opportunity Remains Large and Untapped, but Extremely
Challenging to Penetrate ............................................................................................32
Provider Overview..................................................................37
Fidelity National Information Services and Metavante .............................................40
End Market Review.................................................................42
U.S. Market – Fragmented and Consolidating...........................................................42
International Bank Market Far More Fragmented than U.S. .....................................46
Valuation .................................................................................48
Appendix .................................................................................54
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