FIS, a provider of banking and payments technology, has acquired Gifts Software, a single source provider of integrated funds transfer, web-based cash management systems and anti-money laundering (AML) solutions.
FIS has provided commercial treasury solutions for more than 30 years and this acquisition is a move to meet the growing demand for cash management and international services among small- to mid-sized financial institutions, as well as top-tier financial institutions. With this acquisition, FIS is able to offer an integrated, licensed or application service provider (ASP) real-time wire transfer solution, eliminating the need for its clients to turn to other providers for these capabilities.
Through its existing partnership with Gifts Software, FIS has deployed the company’s wire transfer solution in a hosted environment via a transaction-based pricing model. This enables small and mid-tier institutions to benefit from the same wire transfer capabilities used by top-tier institutions. CapStar Bank is one of several banks currently using the solution in a hosted model and 10 banks are scheduled to deploy in 2011.
“We elected to use the FIS and Gifts wire transfer solution in a hosted environment for a variety of reasons,” said Jane Edwards, senior vice president (SVP), CapStar Bank. “We set some aggressive growth objectives for the bank that we believe are more attainable with this deployment model. We have a lean staff, so in order to grow by pursuing new business opportunities with large volume, wire transfer clients, we would have to add back-office staff. With FIS and Gifts, the entire wire transfer process flows automatically in real-time, with very little human interaction. This provides a clear competitive advantage for CapStar.”
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