Bank technology stocks continued to be battered by the ill winds blowing through Wall Street last week, though a handful of issues weathered the storm.
Equity markets were hit last week with the double whammy of Federal Reserve Chairman Alan Greenspan's comments that interest may soon rise again, followed by the unfolding financial meltdown of Orange County's municipal investment fund.
Bank outsourcing firm Fiserv Inc. announced last week it had acquired for an undisclosed sum a financial imaging technology business unit from Cincinnati Bell Information Systems. The unit has developed a check image statement system now in use by a number of banks.
"With the addition of the CBIS banking unit to the Fiserv network, we will gain a valuable organization that is on the forefront of providing high-quality, technologically advanced imaging systems and services," said
Fiserv chairman George D. Dalton. "This specialized application knowledge is an excellent fit to our current item processing business and our focus on high- volume, high-velocity imaging technology."
Fiserv's stock closed at $19.25 a share Friday, down $1.50 for the week.
Credit-scoring software company Fair, Isaac & Co., Inc. announced last week that it had formed an alliance with marketing services firm Insight Technologies Corp. to provide value-added products to credit card banks and other consumer-related enterprises.
Fair Isaac officials said they are providing financial backing to Insight, as well as supplying predictive modeling and data base management service through its Dynamark subsidiary.
San Rafael, Calif.-based Fair Isaac's common stock closed at $41.75 a share Friday, up 50 cents for the week.
Technology consulting and software firm American Management Systems Inc. announced last Wednesday that it had reached an agreement with Credit Suisse to jointly develop a securities lending system.
American Management Systems officials said the Credit Suisse software will be designed to operate 24 hours a day in real time, supporting global processing in multiple currencies. The new system will running in a client-server environment using the Unix operating system.
The joint development project is slated for completion by December 1995.
Fairfax, Va.-based American Management Systems' stock closed at $16.125 a share Friday, down 25 cents for the week.