FIS, a US-based banking and payments technology provider, has acquired CMSI, a Maryland-based provider of consumer loan origination software and services, for an undisclosed amount.
The acquisition allows FIS to meet the consumer lending needs of North American financial institutions.
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Additionally, it creates a premier end-to-end loan life cycle management offering for direct and indirect lenders across North America.
FIS executive vice president, Rachel Landrum, said lending remains their main driver of revenue for financial institutions, yet they continue to struggle with inefficiencies created by the use of disparate and siloed lending systems and processes throughout the full loan life cycle.
"Combining CMSI’s underwriting solution automation with FIS’ closing, servicing and portfolio management capabilities creates a top-tier solution set that uniquely addresses these inefficiencies within lending organisations of all sizes.
"We believe the addition of CMSI better positions FIS to capitalise on the significant opportunities within the consumer lending space," Landrum added.
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