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. The terms of the deal were not disclosed.
Founded in 1995 and headquartered in New York City, GIFTS solutions are deployed in more than 70 banks including some of the world’s largest financial institutions.
This acquisition is expected to enable FIS to offer fully integrated, licensed or ASP real-time wire transfer solution, eliminating the need for its clients to turn to other providers for these capabilities.
The licensed solution has been deployed in conjunction with a number of FIS’ core solutions. The ASP solution is already integrated with FIS’ IBS core banking platform and FIS intends to integrate it into the company’s other core solutions.
FIS Financial Solutions Group executive vice president Anthony Jabbour said FIS is a well-established leader for compliance and cash management services and we’re proud to deliver a fully integrated, wire transfer and payment solution to institutions of all sizes for their US and international operations.
"We are excited to offer our clients the expanded compliance and cash management offerings that GIFTS brings to FIS," Jabbour said.
The terms of the deal were not disclosed.
