FNZ (company)

A group of rival banks in New Zealand formed Databank Systems Limited, a non-profit "off balance sheet" organization, to operate on what is now known as a "shared services agency" basis and provide computing resources (operational and development) for the consortium members. In just 12 years after its founding in 1967, the business, which serves more than 1,200 bank offices, became the largest non-government data processing organization in the Southern Hemisphere.

The 1969 Processing Agreement contained a list of obligations that contained the purpose of the database. The agreement, which was made between the consortium members, primarily dealt with the services and service levels that Databank would offer, as well as the restrictions that would be put in place to guarantee that the lead bank would retain ownership of any new application or system and bank competitiveness.

Founded: 2003
Headquarters: Global
Website: www.fnz.com