The financial technology company says its Asset Servicing Management Suite, announced Monday (Nov. 10), combines functions that had traditionally been separate, such as corporate actions processing, proxy voting, class action/operational claims and tax reclaim management.
“Asset servicing is under growing pressure. Many organizations are relying on multiple vendors which leads to fragmented data, inefficiencies, and a greater chance for mistakes,” the company said in a news release.
“This fragmented infrastructure also makes cost control harder and amplifies operational risk, which could have a negative impact on customer satisfaction. This lack of operational agility and complexity can significantly hinder the effectiveness of asset servicing operations.”
To address these challenges, FIS Asset Servicing Management Suite offers a platform that the company says offers transparency and control across the asset servicing lifecycle.
The platform can replace “the need for multiple vendors and minimizes data fragmentation, providing accurate and streamlined data to provide better insights,” the release added.
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“By automating workflows that previously required extensive manual intervention, the suite enables institutions to focus on strategic value creation rather than operational maintenance.”
The announcement comes days after FIS released quarterly earnings showing revenues driven by banking momentum and payments innovation, with adjusted revenue of $2.7 billion, up 6.3%.
“Banking exceeded our expectations in the quarter,” Chief Financial Officer James Kehoe said on a conference call with analysts, noting that revenue growth was “well above the high end of our range,” driven by strong transaction volume and digital banking activity.
CEO Stephanie Ferris added that the company operates in a $53 billion United States market that is growing 5% per year, with debit transactions rising 6%. The acceleration is coming from two priority areas for FIS: instant payments and digital currencies.
“Our payment sales have been outstanding, with 50% recurring sales growth year to date and a 5% improvement in win rates,” she said.
Also last week, PYMNTS spoke with FIS Global Head of Money Movement Jon Briggs about the changing face of moving funds.
He told PYMNTS CEO Karen Webster, “the conversation used to be about speed,” but now, speed is only the jumping off point.
For years, the central challenge was whether systems could move money in real time. That has changed. “Those questions aren’t gone,” Briggs said, “but they’re no longer the only goal.”
