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FIS, a provider of banking and payments technology, recently announced that it has acquired CMSI, a provider of consumer loan origination software and services. The officials from FIS said the acquisition will help the company further expand total lending offering to North American financial institutions as well as better support the lending needs of a wider range of institutions.

CMSI deals open-architecture software products and services. The products offered by the company automate the entire consumer credit process from origination, through credit analysis, and contracting for direct and indirect lenders all over the country. CMSI completely supports all consumer lending products, including Auto Retail and Lease, Home equity, RV, Marine, Credit Card, and Student Lending. Specializing in systems that combine precise business information with the latest technology has made CMSI's solutions the choice of leading financial institutions in the U.S. and Canada.  

"Lending remains the number one 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," noted Rachel Landrum, executive vice president, FIS. "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 organizations of all sizes. We believe the addition of CMSI better positions FIS to capitalize on the significant opportunities within the consumer lending space."

Meanwhile, FIS was recently selected by Microsoft (News - Alert) as a partner in the fight against cybercrime. The global companies signed a partnership agreement today at Microsoft's Cybercrime Enforcement Summit in Redmond, Wash. Under the agreement, FIS representatives will work hand-in-hand with forensic analysts, software developers and researchers at the Microsoft Cybercrime Center, which opened in November 2013. The partnership goal is to increase cooperative action between international law enforcement and private industry in order to help continuously improve the security of payments and financial transactions worldwide as well as make the Internet a safer place to do business.