FIS announces addition of new components to its Modern Banking platform
By Pavithra R
Financial service technology provider FIS has announced the addition of new components to its flagship cloud-native core banking platform.
The new components, which include innovative retail lending and commercial onboarding and a growing ecosystem of third-party solutions, add to the advanced digital banking capabilities deployed by a dozen leading banks, including BMO Harris and Fifth Third Bank.
“If anything is certain in this rapidly changing banking industry, it’s that the pace of change will only accelerate in the years ahead. FIS Modern Banking Platform is built from the ground up using a highly flexible, cloud-native architecture and component-based approach that enables banks to stay ahead of market changes and confidently grow into the future. These new components continue the evolution of the platform as one of the most open, powerful, and scalable banking systems in the industry,” said Martin Boyd, President of Fintech Solutions at FIS.
Since its introduction in 2020, FIS Modern Banking Platform has rapidly expanded its available functions. The platform now provides more than 60 advanced components from FIS and a growing ecosystem of fintech partners; all enabled through the system’s open, API-based architecture that provides ease of integration to FIS’ Code Connect application gateway.
New components available on the FIS Modern Banking Platform include:
- Retail Lending: FIs using the platform can now offer a full range of secured and unsecured term loan products to their retail customers, whether in a branch, via a mobile wallet, or at point-of-sale (POS) via an intuitive, end-to-end digital user experience. The new lending components leverage advanced technology from both FIS and key partners, including Amount for origination and Telrock for collections.
- Commercial Express: This digital commercial customer onboarding and account servicing solution enables FIs’ corporate customers to self-serve their accounts through a new digital user experience. The solution includes advanced workflow, document management, and data and document repositories for commercial banking clients, enhancing their banking experience.
“The digital transformation of the global economy is enabling technology providers like FIS to not only improve the efficiency of the world’s financial infrastructure, but also bring new features and functionality to market faster than ever before possible. Features like digital lending could revolutionize the way lenders, businesses and consumers alike think about financing because it can be more specifically deployed through intuitive user experiences such as through a mobile device. FIS Modern Banking Platform provides financial institutions and their commercial clients powerful digital tools that help them manage portfolios, create and deliver new products and continue to be competitive in a rapidly evolving market,” said Stephen Greer, Senior Analyst at Celent.