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This excerpt taken from the WBS 10-K filed Feb 27, 2007. Information
Technology Investment
During 2005, Webster converted its core systems processing to
the Fidelity Information Services, Inc. (“Fidelity”)
platform, to provide information technology, application
processing and item processing services under a ten-year
agreement. Webster is using the new software for core data
processing services, enhancing both capacity and speed for
customer benefit in consumer, commercial, mortgage and small
business accounts in Fidelity’s application service
provider environment. The migration to the new technology
platform was completed in the fourth quarter of 2005. Webster
recognized one-time conversion and infrastructure costs of
$8.1 million in 2005.
The new system enhances sale and service delivery capabilities
across Webster’s lines of business. Additionally,
leveraging the processing capacity of Fidelity’s data
centers provides Webster with the ability to continue to grow
and expand its customer base. Webster will also continue to
build out its technology capabilities with projects such as
Internet development, automated lending solutions and enhanced
cash management systems.
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