The biggest financial technology players - Fiserv, TSYS, Metavante, NCR and Diebold - are certainly feeling the industry's pain, at least when it comes to their stock prices. But the news for IT vendors is not universally bad. Many of those that play to the weaknesses exposed by the current crisis, or offer significant savings through outsourcing, are reporting business as usual, and some are reporting record quarters.

Who's coming out on top? Financially strong vendors in the areas of risk management, customer relationship management, outsourced security, integration specialists and infrastructure tools. "The vendors that are going to do well are those that are viewed as quality vendors...most important is going to be a strong capital position," says Jeanne Capachin, research vp for global banking at Financial Insights. "Also important will be having a suite of solutions that make them more recession proof."

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