GigaSpaces Provides Distributed Caching for Webster Bank?s Mission-Critical Financial Transaction Application in Just Two Weeks.
New York, NY - GigaSpaces Technologies, a fast-growing provider of innovative, high-performance infrastructure software solutions, today announced that Webster Bank, a wholly owned subsidiary of Webster Financial Corporation holding company, has selected GigaSpaces to accelerate its mission-critical financial software. Using GigaSpaces, Webster was able to significantly improve performance of its SOA enterprise software that interfaces with Fidelity's suite of banking products. Webster was able to implement GigaSpaces in their environment within a four week timeframe.
Webster Bank (NYSE: WBS), provides consumer banking, commercial banking, mortgage banking, insurance and investment management services. Its fast rate of growth made it essential to speed up the processing speed of their transactions in order to keep up with demand. Webster selected GigaSpaces to roll out its distributed caching middleware at its central office.
Designed for open environments, GigaSpaces enables the execution of business applications with high transaction volumes over low-cost, open platforms. It increased performance at Webster Bank by an average of 900%, reducing execution time of some complex business queries from 1-2 minutes to several seconds.
With GigaSpaces, Webster Bank was able to dramatically improve customer experience at Online banking, Voice response systems and other customer facing applications. It also enabled Webster to reduce the load on their back-office mainframe.
"We were impressed with GigaSpaces' ability to accelerate transactions in Fidelity," Said Jeff Harman, VP Business System Development at Webster Bank. "Moreover, GigaSpaces' implementation was simple, fast and cost-effective."
"We are seeing tremendous demand for grid based solutions in large Financial Services companies across the globe," said Doug Rich, VP of Sales, Americas. "GigaSpaces is a cost-effective solution that enables linear scalability on demand, outstanding performance and faster delivery of value to the business."
About Webster Bank
Webster Financial Corporation is the holding company for Webster Bank, National Association and Webster Insurance. With $17.4 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 153 banking offices, 291 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation, the insurance premium finance company Budget Installment Corp., Center Capital Corporation, an equipment finance company headquartered in Farmington, Connecticut and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank, Member FDIC.
GigaSpaces provides innovative, high-performance infrastructure software solutions that deliver unparalleled dynamic scalability for high-volume transactional applications, without the overhead and complexity inherent in traditional multi-tier development and deployment environments.
Its award-winning solutions have been adopted across multiple vertical industries and are used by companies such as Nortel, Societe Generale, Hutchison 3G, Virgin Mobile, FXall and others for mission-critical applications, where the need for extreme performance, reliability and scalability necessitates an alternative to traditional tier-based architectures.
GigaSpaces was founded in 2000 and has offices in New York, London and Israel, it is a privately held company, funded by BRM Capital, Formula Vision and Intel Capital. GigaSpaces is an affiliated company of the Formula Group (NASDAQ: FORTY), Israel's largest publicly held IT group. For more information, please visit http://www.gigaspaces.com
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