FIS Adds Consumer Auto Finance Capabilities to Asset Finance Platform

FinTech company FIS has added U.S. consumer auto finance capabilities to its FIS Asset Finance platform.

These new capabilities join the wide spectrum of commercial, retail and wholesale finance operations globally that are already supported by the platform, FIS said in a Tuesday (Nov. 18) press release.

The enhanced FIS Asset Finance platform handles origination, servicing, collections and remarketing, according to the release.

Because the platform is software-as-a-service based and cloud native, it enhances scalability, improves operational efficiency, supports compliance efforts, and optimizes financial flexibility for banks, captives and independent lenders, the release said.

The platform automates workflows that were traditionally manual, supports the full loan and lease life cycle, and enables lenders to provide borrowers with self-service experiences across more channels, per the release.

It also enables rapid innovation via low/no-code configuration tools and provides continuous improvement through platform updates, according to the release.

“The asset finance and auto lending sectors are facing growing pressures from rising customer expectations, regulatory changes, increasing operational costs and the inefficiencies of legacy systems,” Steve Sabin, head of capital markets lending at FIS, said in the release. “By bringing powerful new lending and servicing capabilities to the global auto finance market, we’re helping our lending clients around the world to meet those challenges with confidence.”

FIS said during a Nov. 5 earnings report that its adjusted revenue rose 6.3% to reach $2.7 billion in the third quarter.

The company’s gains were driven by banking momentum and payments innovation, as artificial intelligence, core modernization and digital expansion continued to reshape its business mix, PYMNTS reported at the time.

“We’re helping clients run their business through intelligent automation, predictive insights and operational efficiencies of the back office that reduce costs and improve service delivery,” FIS CEO Stephanie Ferris said during the company’s earnings call.

FIS announced Nov. 13 that its Treasury and Risk Manager — Integrity Edition and GETPAID software solutions are now available to download from Microsoft Marketplace.

On Nov 10, the company introduced a tool aimed at improving asset servicing efficiency. The new Asset Servicing Management Suite includes corporate actions processing, proxy voting, class action/operational claims and tax reclaim management.