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Barclays kicks off lendtech switch with Finastra

Barclays has signed a deal which will see it shift from FIS’s ACBS to Finastra’s Fusion Loan IQ, according to Fintech Futures.

Finastra acquired Loan IQ from Deutsche Bank in 2004 (for a price tag of $40 million), and re-wrote the system in Java.

The vendor has recently signed deals with Swedbank, Harmonic Fund Services and South Africa’s NedBank for the platform.

Barclays is one of many large institutions still using ACBS, though sources at Fintech Futures indicate that an industry-wide switchover to Loan IQ might be occurring.

Finastra, for its part, recently offloaded its Canadian-based Collateral Management Corporation (CMS) subsidiary to Teranet.

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